As the war-torn nations of Europe faced famine and
economic crisis in the wake of World War II, the United States proposed to
rebuild the continent in the interest of political stability and a healthy
world economy. On June 5, 1947, in a commencement address at Harvard
University, Secretary of State George C. Marshall first called for American
assistance in restoring the economic infrastructure of Europe. Western Europe
responded favorably, and the Truman administration proposed legislation. The
resulting Economic Cooperation Act of 1948 restored European agricultural and
industrial productivity. Credited with preventing famine and political chaos,
the plan later earned General Marshall a Nobel Peace Prize.
The Economic Cooperation Act of 1948, April 3, 1948, page
1, General Records of the United States Government, National Archives and
Records Administration [S.2202, 80th Congress, 2nd Session, Public Law 472,
Chapter 169].
You can read 2 complete pages of the Act:
