Monday, June 07, 2004

Marshall Plan

For anyone who's in the mood for a bit of long reading, this paper by DeLong and Eichengreen is an excellent overview of the Marshall Plan.

And, after reading it, you'll understand that the clowns in office are utterly unable to implement such a thing.

...shorter DeLong and Eichengreen: The success of the Marshall plan was less a consequence of the direct aid or investment, and more a consequence of its role in establishing successful market based mixed economies and financial stability. The aid helped to provide the conditions which allowed for the establishment a kind of "social contract" which eased conflict between various interest groups in the economy.