![]() ![]() Yet economists who have analyzed the Keynesian stimulus effect on Western Europe’s revival have generally concluded that it was modest. This fact underlies the belief that the dollars were the source, or at least the primary source, of this achievement. During that period, the 16 Marshall countries rebuilt and recovered rapidly, increasing output nearly 60 percent. Those sums were indeed substantial: in current dollars, about $160 billion between 19. The fundamental error made by advocates of new Marshall Plans, however, is to presume that the essence of the original one was simply the application of vast sums of government money. ![]() Then there was a Marshall Plan for war-ravaged Syria 3Īnd, most recently, a Marshall Plan for Ukraine 4Īnd for those thinking a Green New Deal insufficient, there is even a Marshall Plan for Planet Earth. During the Great Financial Crisis, it was a Marshall Plan for Greece and Southern Europe 1ĭuring the Arab Spring revolts, a Marshall Plan for the Middle East. ![]()
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