THE HEMISPHERE: Dollars & Deficits

Until President Truman shelved the idea at Rio last summer, Latin America had hoped there would be a Marshall Plan for the Western Hemisphere, too. Last week, Latin America learned how substantially it would benefit from a plan designed almost exclusively for the reconstruction of Europe.

Under the plan sent to Congress by Harry Truman, the U.S., in effect, would supply dollars to Europe to buy goods from Latin America. The plan provided that Latins shoulder part of the trade deficit themselves by grants and credits to Europe. But U.S. dollars spent in dollar-short Latin America on goods for Europe might...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!