Marshall Plan May Not Have Been Key To Europes Reconstruction
from the St Louis Fed
– this post authored by Paulina Restrepo-Echavarria, Senior Economist; and Brian Reinbold, FRED Data Engineer
On the morning of May 9, 1945, Europe awoke at peace but also in financial ruins. Per-capita gross domestic product (GDP) had fallen to 30% of U.S. per-capita GDP in 1945 from 63% in 1933.
World War II decimated Western Europe’s economy. To finance the reconstruction of Europe, an American initiative called the Marshall Plan was instituted, and the International Bank for Reconstruction and Development (IBRD) – now known as the World Bank – was created.
Source: http://econintersect.com/pages/contributors/contributor.php?post=202107070518
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