Modern Age - Winter 2017 - 29

THE MARSHALL PLAN

Instead, the ERP era witnessed a dismantling of market controls
in Western Europe, the restoration of price and exchange-rate
stability, and balanced budgets. These changes came about in
large part because ERP administrators pressured government
officials "to decontrol and liberalize even when they wished to
do otherwise." Formally and informally, the ERP imposed conditions for the receipt of U.S. aid, which pressured governments
to accept strategies "that had more market orientation and less
directive planning in the mix." While foreign aid can be "a cushion
to make reform possible," it cannot substitute for reform itself or
for necessary structural changes.
The key figures associated with the Marshall Plan did not support the nationalization of industries. George C. Marshall and
Lucius Clay, for example, lobbied against British schemes to
nationalize Ruhr valley coal industries. "This was the price that the
U.S. charged for its aid," DeLong and Eichengreen affirm. "The
demand that European governments trust the market came from
the highest levels of the Marshall Plan administration."
DeLong and Eichengreen cogently argue that the ERP is best
understood as a structural adjustment program that had its
greatest impact through its contribution to the reform of political economy. That the ERP's chief administrator was not a U.S.
government official but businessman Paul Hoffman, a Republican who had turned around the Studebaker car company, was
significant. Hoffman had been recommended for the post by
Senator Vandenberg, who had wanted to keep ERP control out of
the hands of the federal bureaucracy.46

I

n a sense, the ERP was a large-scale U.S. intervention that productively undermined governmental intervention. Interestingly

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Modern Age - Winter 2017

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