Modern Age - Winter 2017 - 28

MODERN AGE

WINTER 2017

planning is itself doctrinaire, rationalistic, too certain, and overly
constraining.45
With regard to economic planning, the salient question is
whether interventions bring about reforms that make markets
freer, prompting robust increases in GDP, or instead burden
economies with high taxes, excessive regulation, protectionist
trade barriers, and massive debt, leading to throttled innovation
and slow growth. Some of the most trenchant analysis of the
Marshall Plan provides evidence of its value as conservative economic reform. In a careful study of the ERP's achievements and
their likely causes, two economic historians, J. Bradford DeLong
and Barry Eichengreen, have determined that the program's
investment in Western Europe, while considerable, was not
large enough to account completely for the recovery. Restoring
infrastructure, replacing capital stock, and breaking commodity
bottlenecks were all helpful-but they were not the factors that
contributed the most to impressive GDP growth in these years.
What the Marshall Plan accomplished to telling effect was to
"alter the environment in which economic policy was made."
Postwar politicians, especially Communist and Socialist ministers,
who remembered the Great Depression and mistrusted market
forces, were eager to embrace regulation and governmental controls. But by attaching conditions to aid, the ERP pushed Western
Europe's postwar mixed economies in a more market-oriented
direction, with fewer controls. "Had European political economy
taken a different turn," these two economists point out, "recovery might have been hobbled by clumsy allocative bureaucracies
that rationed scarce foreign exchange and placed ceiling prices
on exportables to protect the consumption of urban working
classes."
28 				moder nagejour nal .com



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Modern Age - Winter 2017

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Contents
Modern Age - Winter 2017 - Cover1
Modern Age - Winter 2017 - Cover2
Modern Age - Winter 2017 - Contents
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