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60 Years of Marshall Plan Aid – A Critical Appraisal from an Austrian Perspective

Author

Listed:
  • Josef Haas

    (Oesterreichische Nationalbank)

Abstract

Marking the 60th anniversary of the Marshall Plan Speech, which was delivered on June 5, 1947, this paper looks back on the evolution of one of the most important and probably most successful economic programs of recent history – the European Recovery Program (ERP). The famous speech George C. Marshall2 Marshall , then U.S. Secretary of State, gave in front of Harvard faculty members and students 60 years ago, outlined his concept of a comprehensive economic program designed to aid the reconstruction of post-war Europe, which was stricken with hunger, poverty and desperation. This marked the beginning of a momentous economic assistance program under which 16 European states and the Free Territory of Trieste benefited from economic aid in the amount of roughly USD 17 billion between 1948 and 1953. Of this amount, about USD 1.1 billion went to Austria, either in the form of goods or grants, whereas most other Western European countries received U.S. aid in the form of loans. The reason Austria was treated as a special case was primarily its geographically exposed location between East and West.

Suggested Citation

  • Josef Haas, 2007. "60 Years of Marshall Plan Aid – A Critical Appraisal from an Austrian Perspective," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 126-139.
    • Handle: RePEc:onb:oenbmp:y:2007:i:2:b:7
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    File URL: https://www.oenb.at/dam/jcr:63f33924-1126-4528-b576-bb4f7251b517/mop_2007_2_haas_tcm16-59019.pdf
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    Citations

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    Cited by:

    1. christoph Eder & Martin Halla, 2016. "The Long-lasting Shadow of the Allied Occupation of Austria on its Spatial Equilibrium," HiCN Working Papers 230, Households in Conflict Network.
    2. Christian Ochsner & Felix Roesel, 2020. "Migrating Extremists," The Economic Journal, Royal Economic Society, vol. 130(628), pages 1135-1172.

    More about this item

    Keywords

    Marshall Plan; reconstruction of post-war Europe; U.S. aid.;
    All these keywords.

    JEL classification:

    • F35 - International Economics - - International Finance - - - Foreign Aid

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