The Marshall Plan: History's Most Successful Structural Adjustment Program
AbstractThe post-World War II reconstruction of Western Europe was one of the greatest economic and foreign policy successes of this century. `Folk wisdom' assigns much of the credit to the Marshall Plan, which transferred some $13 billion of US aid to Europe between 1948 and 1951. We examine the economic effects of the Marshall Plan, and find that it was too small to have significantly accelerated recovery by financing private investment, speeding the repair of infrastructure or easing commodity bottlenecks. None the less, we conclude that the conditions attached to Marshall aid contributed significantly to Western Europe's rapid growth after World War II, by pushing Europe's `mixed economies' in a direction that left them with a mixture of more `market' and fewer controls.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 634.
Date of creation: May 1992
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Other versions of this item:
- DeLong, J. Bradford & Eichengreen, Barry, 1991. "The Marshall Plan: History's Most Successful Structural Adjustment Program," Department of Economics, Working Paper Series qt3b1108bj, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- J. Bradford De Long & Barry Eichengreen, 1991. "The Marshall Plan: History's Most Successful Structural Adjustment Program," NBER Working Papers 3899, National Bureau of Economic Research, Inc.
- J. Bradford De Long and Barry Eichengreen., 1991. "The Marshall Plan: History's Most Successful Structural Adjustment Program," Economics Working Papers 91-184, University of California at Berkeley.
- J. Bradford De Long & Barry Eichengreen, 1993. "The Marshall Plan: History's Most Successful Structural Adjustment Programme," J. Bradford De Long's Working Papers _109, University of California at Berkeley, Economics Department.
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
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