Modern Age - Winter 2017 - 27

THE MARSHALL PLAN

Soviet practice in relation to Eastern Europe was worse than
neglectful: while the United States was providing nearly $13 billion
to assist Western Europe, the Soviet Union extracted about the
same amount in resources from its Eastern European satellites,
while depriving them of political freedom and economic opportunity. Niall Ferguson writes that "to West Europeans struggling
to make ends meet," the Marshall Plan "was the most visible
manifestation of American good will-and a mirror image of the
Soviet policy of mulcting Eastern Europe."43
Vernon A. Walters, an assistant to Averell Harriman (the ERP's
special representative in Europe) and later ambassador to the
United Nations, declared that "the most important achievement
of the Marshall Plan was not so much the material aid it gave as
the rekindling of hope, the rekindling of energy."44 This renewed
confidence was not a merely spiritual asset. The psychological
impact of the Marshall Plan probably prevented a Communist victory in Italy's parliamentary elections in May 1948; and, although
it remained a force in European political life, Communism as a
real threat to democratic institutions diminished-most apparently in France, Germany, and Italy.
The Marshall Plan has been criticized for its reliance on central
planning and for its interference with European markets. Wilhelm
Röpke, Ludwig von Mises, and other economists who favor free
markets with minimal regulations have offered thoughtful critiques, as have a range of diplomatic and economic historians.
In reply, however, conservatives can justifiably claim that inflexible opposition to all plans-to all government intervention-is
imprudent. Readers of Modern Age will recall the sensible comment
the English philosopher Michael Oakeshott made in response to
F. A. Hayek's The Road to Serfdom: a policy that ab initio rejects all
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Modern Age - Winter 2017

Table of Contents for the Digital Edition of Modern Age - Winter 2017

Contents
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Modern Age - Winter 2017 - Contents
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