As the war-torn nations of Europe
faced famine and economic crisis in the wake of
World War II, the United States proposed to rebuild
the continent in the interest of political stability
and a healthy world economy.
On June 5, 1947,
in a commencement address at Harvard University,
Secretary of State George C. Marshall first called
for American assistance in restoring the economic
infrastructure of Europe. Western Europe responded
favorably, and the Truman administration proposed
legislation. The resulting Economic Cooperation
Act of 1948 restored European agricultural and
industrial productivity.
Credited with preventing
famine and political chaos, the plan later earned
General Marshall a Nobel Peace Prize.
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