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The '''Marshall Plan''' (officially the '''European Recovery Program''' or '''ERP''') was a system of American economic aid to Western Europe after [[World War II]] that played a major role in the economic recovery, modernization, and unification of Europe. In three years 1948-51 the ERP gave away $12.4 billion (about 5% of the 1948 GDP of $270 billion) for modernizing the economic and financial systems and rebuilding the industrial and human capital of war-torn Europe, including Britain, Germany, France and Italy and smaller nations.  It required each government to set up a national economic plan, and for the countries to cooperate in terms of financial and trade flows. The money was not a loan and there was no repayment. Washington spent such vast sums because it thought it was cheaper than the rearmament that isolationism or rollback would entail. In the long run, the logic went, a prosperous Europe would be more peaceful, and would make its main trading partner, the US, more prosperous.  

The '''Marshall Plan''' (officially the '''European Recovery Program''' or '''ERP''') was a system of American economic aid to Western Europe after [[World War II]] that played a major role in the economic recovery, modernization, and unification of Europe. In three years 1948-51 the ERP gave away $12.4 billion (about 5% of the 1948 American GDP of $270 billion) for modernizing the economic and financial systems and rebuilding the industrial and human capital of war-torn Europe, including Britain, Germany, France and Italy and smaller nations.  It required each government to set up a national economic plan, and for the countries to cooperate in terms of financial and trade flows. The money was not a loan and there was no repayment. Washington spent such vast sums because it thought it was cheaper than the rearmament that isolationism or rollback would entail. In the long run, the logic went, a prosperous Europe would be more peaceful, and would make its main trading partner, the US, more prosperous.  

With the Marshall Plan the years 1948 to 1952 saw the fastest period of growth in European history, returning many of the devastated countries to stability.  

The Marshall Plan played a major role in the [[Cold War]] by restoring Western Europe to prosperity and strengthening the opponenets of Communism.  With the Marshall Plan the years 1948 to 1952 saw the fastest period of growth in European history, returning many of the devastated countries to stability.  

When the [[Joseph Stalin]], Communist dictator of the Soviet Union refused to participate or allow any of his satellites in eastern Europe participate, the plan became exclusive to western Europe. Europe split along East-West lines that defined the [[Cold War]].  Named after U.S. Secretary of State [[George Marshall]], the plan was designed and operated by State Department officials, especially [[Dean Acheson]] in 1947 and began in 1948 when the Republican-controlled Congress authorized the program and the money. The Marshall Plan ended in late 1951, when it gave way to the Mutual Security Program, which combined economic and military aid.  

When the [[Joseph Stalin]], Communist dictator of the Soviet Union refused to participate or allow any of his satellites in eastern Europe participate, the plan became exclusive to western Europe. Europe split along East-West lines that defined the [[Cold War]].  Named after U.S. Secretary of State [[George Marshall]], the plan was designed and operated by State Department officials, especially [[Dean Acheson]] in 1947 and began in 1948 when the Republican-controlled Congress authorized the program and the money. The Marshall Plan ended in late 1951, when it gave way to the Mutual Security Program, which combined economic and military aid.