Word: eca
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Dates: during 1950-1959
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...Advisory Group and ECA officials have also emphasized that a modern army needs sound ledgers as well as firepower. Korean commanders no longer receive lump sums of money for their troops, in the old warlord tradition. They are learning the most painful lesson of a democratic army-how to take a budget...
Picking Up the Pieces. South Korea's progress has been economic as well as military, but the ECA officials who watch Korea's economy have not performed as effectively as the Military Advisory Group. Until last January ECA and the State Department mission did little but cluck disapprovingly at the financial shenanigans of the South Korea government. Meanwhile inflation ran rampant, and most of the republic's industry, government-run since its confiscation from the Japanese, lay unproductive. By the beginning of this year the Korean won, valued at 15 to the dollar in 1945, had dropped...
...voice was that of Paul Hoffman, head of ECA. He spoke in Washington to a group of businessmen. His words were for the impatient, the decriers, the calamity howlers. "If the Marshall Plan had not been in effect you would have had part of Western Europe at least under the domination of the Kremlin and we would have spent much more for increased defense than we have spent for the Marshall Plan. Now, if we carry on a smart, resourceful cold war, the kind of war free people can carry on, Russia will be contained...
...help the pattern become reality, the Atlantic Council set up a new, permanent, overall executive committee, to be headed-by tacit consent among the Allies-by an American. (Suggested for the job: onetime Under Secretary of State Robert A. Lovett, ECA Troubleshooter Averell Harriman, General Ike Eisenhower.) The members of the new committee-their diplomatic rank will be that of deputies to the Foreign Ministers-will run the cold war and integrate the West's defenses for a hot war if it should come...
What do the Nationalists now ask of the U.S.? First of all, further economic aid: a $30 million currency stabilization fund, which would release their own gold for economic development, and another $20 million, worth of economic assistance up to June 30, when the present ECA program ends. After that, Governor Wu has a simple formula: $10 million a month in American economic aid until Formosa can get on its feet...