(1948–51) U.S.-sponsored program to provide economic aid to European countries after World War II. The idea of a European self-help plan financed by the U.S.
was proposed by George Marshall in 1947 and was authorized by Congress as the European Recovery Program. It provided almost $13 billion in grants and loans to 17 countries and was a key factor in reviving their economies and stabilizing their political structures. The plan's concept was extended to less-developed countries under the Point Four Program.
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