Immediate Effects
At the end of the war, millions of people were homeless, the European economy had collapsed, and much of the European industrial infrastructure had been destroyed. The Soviet Union, too, had been heavily affected. In response, in 1947, U.S. Secretary of State George Marshall devised the "European Recovery Program", which became known as the Marshall Plan. Under the plan, during 1948-1952 the United States government allocated US$13 billion (US$135 billion in 2012 dollars) for the reconstruction of Western Europe.
Read more about this topic: Aftermath Of World War II
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“Trade and commerce, if they were not made of India-rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way; and, if one were to judge these men wholly by the effects of their actions and not partly by their intentions, they would deserve to be classed and punished with those mischievous persons who put obstructions on the railroads.”
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