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The Marshall Plan Today


  • Barry Eichengreen.


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

  • Barry Eichengreen., 1997. "The Marshall Plan Today," Center for International and Development Economics Research (CIDER) Working Papers C97-090, University of California at Berkeley.
  • Handle: RePEc:ucb:calbcd:c97-090

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    References listed on IDEAS

    1. Frankel, Jeffrey, 1987. "Obstacles to International Macroeconomic Policy Coordination," Department of Economics, Working Paper Series qt2vv7z9cr, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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    3. Barry Eichengreen and Jurgen von Hagen., 1995. "Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule," Center for International and Development Economics Research (CIDER) Working Papers C95-056, University of California at Berkeley.
    4. Kenen,Peter B., 1995. "Economic and Monetary Union in Europe," Cambridge Books, Cambridge University Press, number 9780521558839, March.
    5. Buiter, Willem H. & Corsetti, Giancarlo & Pesenti, Paolo, 1996. "Interpreting the ERM Crisis: Country-Specific and Systemic Issues," CEPR Discussion Papers 1466, C.E.P.R. Discussion Papers.
    6. C. Randall Henning, 1994. "Currencies and Politics in the United States, Germany, and Japan," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 15.
    7. George Alogoskoufis & Richard Portes, 1990. "International Costs and Benefits from EMU," NBER Working Papers 3384, National Bureau of Economic Research, Inc.
    8. Eichengreen, Barry, 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers 233202, University of California-Berkeley, Department of Economics.
    9. Patrick Bolton & Mathias Dewatripont, 1994. "The Firm as a Communication Network," The Quarterly Journal of Economics, Oxford University Press, vol. 109(4), pages 809-839.
    10. Haas, Peter M., 1992. "Introduction: epistemic communities and international policy coordination," International Organization, Cambridge University Press, vol. 46(01), pages 1-35, December.
    11. C. Fred Bergsten & C. Randall Henning, 1996. "Global Economic Leadership and the Group of Seven," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 45.
    12. Farrell, Joseph & Gibbons, Robert, 1989. "Cheap talk can matter in bargaining," Journal of Economic Theory, Elsevier, vol. 48(1), pages 221-237, June.
    13. Peter B.. Kenen, 1990. "The Coordination of Macroeconomic Policies," NBER Chapters,in: International Policy Coordination and Exchange Rate Fluctuations, pages 63-108 National Bureau of Economic Research, Inc.
    14. Holtham, Gerald & Hughes Hallett, Andrew, 1987. "International Policy Cooperation and Model Uncertainty," CEPR Discussion Papers 190, C.E.P.R. Discussion Papers.
    15. Goldstein, Judith, 1988. "Ideas, institutions, and American trade policy," International Organization, Cambridge University Press, vol. 42(01), pages 179-217, December.
    16. Eichengreen, Barry & Ghironi, Fabio, 1995. "European Monetary Unification: The Challenges Ahead," CEPR Discussion Papers 1217, C.E.P.R. Discussion Papers.
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    JEL classification:

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


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