On April 3, 1948, U.S. President Harry S. Truman signs into law the Foreign Assistance Act, commonly known as the Marshall Plan. Named after U.S. Secretary of State George C. Marshall, the program channeled more than $13 billion in aid to Europe between 1948 and 1951. Meant to spark economic recovery in European countries devastated by World War II, the plan also saved the United States from a postwar recession by providing a broader market for American goods. However, because the USSR prevented countries like Poland and Czechoslovakia from participating, the plan also contributed to the raising of the “Iron Curtain” between Eastern and Western Europe.
President Harry Truman signs Marshall Plan
On this day in 1948, President Harry S. Truman signs the Economic Assistance Act, which authorized the creation of a program that would help the nations of Europe recover and rebuild after the devastation wrought by World War II. Commonly known as the Marshall Plan, it aimed to ...read more