The Marshall Plan was thought up by State Department officials William L. Clayton and George F. Kennan in particular. It was named after the Secretary of State George Marshall, who emphasized the need for such a recovery plan during his address to Harvard University in 1947.

On this day, June 5th, in 1947, the Marshall Plan was implemented in order to help Europe rebuild after World War II.

At the time, the U.S. was booming while Europe was still severely struggling. The United States attempted to rebuild the European economies and to stop Soviet communism ideas from spreading. The Marshall Plan lasted for four years. Although the same plan was made to the Soviet Union and its allies, these nations did not accept the aid.