Bìznes Inform (Jun 2023)
The Investment Aspects of the Marshall Plan Implementation
Abstract
The Marshall Plan, or the Recovery Program for Europe, was a successful and ambitious project of the United States of America to help Europe affected by World War II, which, thanks to US assistance, was able to restore and surpass the pre-war level of prosperity. The article is aimed at analyzing the investment aspects of implementation of the Marshall Plan. The article reveals the features of the Marshall Plan (history, goals, coordination, and differences from other assistance programs) and considers the investment aspects of its implementation in the annual context. Attention is mainly focused on production, agriculture and their dynamism and efficiency, as well as labor productivity. The attempt of the OEEC to study the possibilities of coordinating investments in Europe is analyzed. The role of auxiliary partner funds in local currency in the development of investment projects is disclosed. Some features of European trade and the European Payment Union are considered. The influence of the force majeure factor – the war in Korea – on reorientation of the Marshall Plan’s objectives from economic recovery to defense is disclosed. The deliberate, rational and large-scale investments helped Europe devastated by World War II to restore its prosperity and achieve prosperity. Thanks to investments, it was possible to significantly increase European production. However, the investments were used as efficiently as possible only in combination with other factors, such as: an established entrepreneurial culture, stable legislation and protection of investors’ rights, productivity growth and the use of advanced technologies in production. Studying the experience of implementing the Marshall Plan is useful given that Ukraine has also suffered significant damage as a result of russia’s military actions and will require huge efforts to restore the economy together with large-scale investments.
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