The Marshall Plan has been in existence for almost half of its allotted life span of four years. In Paris last week, OEEC released its second annual progress report on the state of Western Europe's economy. The 378-page report contained a justly prideful appraisal of past achievement, and a hopeful but carefully hedged prediction for the future.
In the two years since the ECAid began, Western Europe's industrial production (excluding Germany's) had risen to about 15% above the 1938 level. The dollar gap (the amount by which Europe's imports from the dollar area exceed her exports to it) had been narrowed...
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