Word: eca
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Dates: during 1940-1949
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...ECA's boss, Paul Hoffman, was a happy man. After arguing over the matter for weeks, the 16 Marshall Plan nations and Western Germany agreed among themselves last week on how to whack up ECA's $4,875,000,000 (see INTERNATIONAL). It was one of the few times in recent history that the European nations had agreed on anything. Hoffman dared to hope that that cooperation, born out of desperation, was a milestone on the road to economic sanity...
With that milestone passed, ECA sized up its accomplishments. Even while Europe argued over how to divide allotments, ECA had approved shipments to Europe totaling $1.49 billion. The major allotments had been for wheat ($230 million), coal ($128 million), petroleum ($127 million), cotton ($111 million), nonferrous metals ($89 million), meat ($64 million), industrial equipment ($48 million), tobacco ($26 million...
Administrator Hoffman was reasonably well pleased with the results. Despite mistakes and the awkwardness to be expected in getting any such vast plan started, ECA was generally doing what it was supposed to do. Without ECA, Hoffman declared, France and Italy "would have been in the hands of the Communists six months...
...ECA was a shot in the arm and a steadying influence which was lifting Europe back on its feet...
...almost all types of steel. Even alloy steels, relatively plentiful a few months ago, are again scarce. With current allocations calling for 6.2 million tons (out of 66 million tons annual production) the pinch will become painful about November. How much tighter would it get? Some estimates, including ECA needs and other export requirements, put the total set aside at 16 million tons. If so, production of such consumer goods as autos and refrigerators would probably have...