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The European Recovery Program, more commonly known as the Marshall Plan, was a U.S. initiative to promote Europe's economic recovery in the aftermath of the Second World War. Between 1948 and 1952, the U.S. distributed approximately 13.3 billion U.S. dollars between the non-communist states of Western Europe, including Greece and Turkey. Notable exceptions from this aid were Spain, due to Franco's unpopularity in the U.S. (although this changed with the Pact of Madrid in 1953), and Finland, who opted out as they did not want to strain relations with the Soviet Union. While money was roughly split between nations based on population size, larger, industrialized countries received a disproportionately higher share of the aid as it was believed their success would trickle down to smaller states.

Economic insignificance?

The term "Marshall Plan" has become something of a synonym for economic recovery plans in recent decades, yet the modern consensus is that the economic impact of the original was fairly overstated at the time. This investment of capital did help, but European recovery was well underway before the first installments were paid by the U.S, and it was European integration which laid the groundwork for recovery. Unlike the period following the First World War, the victorious powers had learned that cooperation between former adversaries, rather than punishment and reparations, would be the key to future success. It was the ideological influence of the Marshall Plan had the largest impact; Western European business structures became more Americanized, international trade barriers and tariffs were removed, and the transition to more capitalist economies eventually led to the most prosperous period ever recorded in European history, known as the "Golden Age" (1950-1973).

The Molotov Plan

The initial proposal, made by George C. Marshall, actually invited the Soviet Union and Eastern Bloc states to take part in the offer, although this was a token gesture that U.S. knew would never be accepted. The Marshall Plan was announced in June 1947, just a few months after the Truman Doctrine; this was where the U.S. pledged to contain communist expansion across the globe, and is often regarded as the beginning of the Cold War. Not only did the Soviet Union reject the U.S. proposal, but Moscow also forbade any other Eastern Bloc country from taking part; instead the Soviets launched the Molotov Plan, which consolidated their economic power in the Eastern Bloc. While this plan initially rewarded Poland and Czechoslovakia for rejecting Americanization, the heavy reparations placed on the Axis powers meant that it was of little benefit to the likes of East Germany, Hungary, or Romania. Nonetheless, as the Marshall Plan changed the economic direction of Western Europe throughout the Cold War, the Molotov Plan helped shape communist economic development in the East. Eventually both plans developed into much larger endeavors, as the Mutual Security Act of 1951 saw American economic influence stretch beyond Europe, and the Council for Mutual Economic Assistance (COMECON) did the same for the Soviet Union.