№ 9/2022

Fìnansi Ukr. 2022 (9): 79–97https://doi.org/10.33763/finukr2022.09.079

FINANCIAL AND ECONOMIC REGULATION

NESTOR Olha ¹

¹Dolishniy Institute of Regional Research of NAS of Ukraine
OrcID ID : https://orcid.org/0000-0002-5204-4828

Features of the Marshall Plan in the context of its economic aspect, pros and cons of its implementation

Introduction. The Marshall Plan, or the European Recovery Program after World War II, was a successful U.S. project with far-reaching positive consequences.
Problem Statement. Considering that the Plan fostered the quick European recovery after the war, restoration of manufacturing, and increase in industrial capacity, it is worth addressing its peculiarities in more detail.
Purpose. The article aims to analyze the peculiarities of the Marshall Plan in the context of its economic aspect and implementation of its pros and cons.
Methods. The theoretical and methodological foundation of the research comprises the studies of leading foreign and Ukrainian researchers. Scientific problems related to the features of foreign assistance provision in the post-war period were examined with the help of the methods of critical and scientific analysis, scientific generalization, systematization, induction, and deduction.
Results. The article provides an analysis of the pros and cons of the Marshall Plan. It addresses innovative tools applied in the course of its implementation, in particular, general agreements or a “letter of commitment”, purchase permits, auxiliary partnership funds, conditional aid, drawing rights, European Payments Union, and technical assistance. An analysis of the distribution of US economic aid to Europe within the framework of the Plan was carried out across loans, aid across articles and income per capita in the participating countries. A range of recommendations for the Ukrainian “Marshall Plan” is offered.
Conclusions. The Marshall Plan was among the key events of the 1914-1990 period, which formed an unprecedented international cooperation scheme. The Plan implementation resulted in a substantial contribution of the U.S. to the recovery of World war II-torn Europe and the restoration of its industrial capacity, laying a strong foundation for European cooperation and an increase in the Europeans’ standards of living. The features of the implementation of the Marshall Plan, which most contributed to its success, were the organization of the provision of economic assistance, the encouragement of the recipient countries to their duties of active participation in reconstruction and cooperation, as well as the absence of bureaucracy and the high qualification of the team that implemented the Plan.

Keywords:foreign assistance, post-war recovery, Marshall Plan, economic assistance, recovery program

JEL: F35, N14, N22

Nestor O. . Features of the Marshall Plan in the context of its economic aspect, pros and cons of its implementation / O. Nestor // Фінанси України. - 2022. - № 9. - C. 79-97.

Article original in Ukrainian (pp. 79 - 97)

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