Marshall Plan encouraged European nations to work together for economic recovery after World War II (1939-1945). In June 1947, the United States agreed to administer aid to Europe if the countries would meet to decide what they needed. The official name of the plan was the European Recovery Program. It is called the Marshall Plan because Secretary of State George C. Marshall first suggested it.
The Marshall Plan began in April 1948, when Congress established the Economic Cooperation Administration (ECA) to administer foreign aid. Seventeen nations formed the Organization for European Economic Cooperation (OEEC) to assist the ECA and develop cooperation among its members. The United States sent about $13 billion in food, machinery, and other products to Europe. Aid ended in 1952.
In 1961, the Organisation for Economic Co-operation and Development (OECD) succeeded the OEEC. Twenty nations, including the United States and Canada, formed the OECD to promote the economic growth of member nations and aid developing areas.
See also Europe (History) ; Foreign aid ; Marshall, George C. ; Organisation for Economic Co-operation and Development (OECD) ; Truman, Harry S. (The Marshall Plan) .
