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The Marshall Plan Today

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  • Eichengreen, Barry

Abstract

This paper assesses the legacy of the Marshall Plan on the occasion of the 50th anniversary of General George Marshall's historic commencement address at Harvard University. I suggest that the circumstances today are very different from those which motivated Marshall's initiative in 1947. After World War II international capital markets were repressed and demoralized; today they are flourishing. Now that international capital markets are vibrant again, the problem for policy is no longer that of the 1940s. The response developed by Marshall and his colleagues is no longer appropriate. But Marshall's key insight, that a market economy needs institutional and policy support to function effectively, is as timely today as 50 years ago.

Suggested Citation

  • Eichengreen, Barry, 1997. "The Marshall Plan Today," Center for International and Development Economics Research (CIDER) Working Papers 233611, University of California-Berkeley, Department of Economics.
    • Handle: RePEc:ags:ucbewp:233611
    DOI: 10.22004/ag.econ.233611
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    Cited by:

    1. Barry Eichengreen, 1998. "Exchange Rate Stability and Financial Stability," Open Economies Review, Springer, vol. 9(1), pages 569-608, January.
    2. Bardhan, Pranab & Mookherjee, Dilip, 1998. "Expenditure Decentralization and the Delivery of Public Services in Developing Countries," Center for International and Development Economics Research (CIDER) Working Papers 233623, University of California-Berkeley, Department of Economics.

    More about this item

    Keywords

    Financial Economics;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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