United States Economic Policy and International Relations

By Raymond F. Mikesell | Go to book overview

CHAPTER 15
The Marshall Program in Operation

THIS CHAPTER will be devoted to a brief discussion of the operation of the European Recovery Program with special emphasis upon the relationship of the Marshall program to certain American domestic economic and foreign political interests and objectives.1 Chapter 16 will be devoted to an evaluation of the progress of the European Recovery Program in the realization of its objectives, together with a discussion of the outlook for aid to Western Europe in relation to the defense program. In order to set the stage for this discussion, we shall begin with a review of Europe's economic position at the end of 1947.


The Economic Position of Europe at the End of 1947

The explanation of the economic crisis in Europe in 1947, two years after hostilities had ceased and after large outpourings of American aid, must be found in a complex of internal and external factors, some shortrun and some fundamental in nature. Statistics of production and income alone do not reveal the magnitude of Europe's problem. In fact, in a number of fields European recovery, particularly outside of Germany, was much more rapid during the two years following the end of World War II than it was for a similar period after World War I.2 The adverse short--term factors in the European situation in 1947 were (1) the crop failures on the Continent and the severe winter which interfered with production and transportation in Britain and on the Continent, (2) the near breakdown of intra-European trade caused by payments difficulties, (3) the shortage of coal caused by the low level of German production, (4) the price inflation in Europe coupled with an administration of rationing and price controls which made farmers unwilling to sell their produce to the cities, and (5) the price inflation in the United States which greatly reduced the purchasing power of Europe's gold and dollar

____________________
1
For an excellent and comprehensive account of the ERP, see Howard S. Ellis, The Economics of Freedom, Harper, New York, 1950.
2
For example, European industrial production (excluding Germany) was 83 per cent of the 1913 level in 1920, and 95 per cent of the 1938 level in 1946-1947. A Survey of the Economic Situation and Prospects of Europe, Economic Commission for Europe, Geneva, March, 1948, p. 16.

-253-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
United States Economic Policy and International Relations
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 341

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.