The Marshall Plan Today
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Resumen
Descripción
This paper assesses the legacy of the Marshall Plan on the occasion of the 50th anniversary of
General George Marshall's historic commencement address at Harvard University. I suggest
that the circumstances today are very different from those which motivated Marshall's
initiative in 1947. After World War II international capital markets were repressed and
demoralized; today they are flourishing. Now that international capital markets are vibrant
again, the problem for policy is no longer that of the 1940s. The response developed by
Marshall and his colleagues is no longer appropriate. But Marshall's key insight, that a market
economy needs institutional and policy support to function effectively, is as timely today as 50
years ago.