Abstract

Prophecy for Europe

The article presents information on Marshall Plan aid to Europe by the U.S. There is no doubt after a year of Marshall Plan aid that Europe has made great economic progress. Industrial as well as agricultural production has risen, direct war damage has in part been repaired, the standard of living has nowhere deteriorated, and in some countries it has improved. All indications are that production will continue to increase in the coming year. But the picture is not as simple as it appears at first sight. When funds for the Marshall Plan were approved by the U.S. Congress, it was assumed that after roughly four years Europe would be able to stand on its own feet economically-in other words, be able to pay for its imports without dangerously lowering its living standards.