Word: eca
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Dates: during 1950-1959
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...which was once called isolationist, this week closed its books on history's greatest single act of international generosity: the Marshall Plan. In 45 months, ECA spent $12 billion-the equivalent of $80 apiece for every man, woman & child in the U.S.-to heal Europe's war wounds, to start up factories, and to rescue from fear, apathy and poverty millions of Europeans and Asians. Biggest beneficiaries: Britain, $2.8 billion,* France $2.3 billion, Germany and Italy $1.3 billion each. Tiny Holland-with an even $1 billion - got more than the whole of Asia...
...Though ECA is ended, the spending goes on under a new name and with a new purpose. The new outfit (headed by Averell Harriman) is the Mutual Security Agency; key word in MSA is "security" as "economic" was in ECA. In 1952, MSA will spend $6 billion, mostly in arms, in Europe alone. The U.S. taxpayer will hardly notice the difference...
...loan to Britain in July 1946 was not an ECA transaction...
...Italian government, without laying himself open to charges of interference. One push in the other direction, appreciated by Italians: his efforts to get the terms of the Italian peace treaty relaxed. An indefatigable salesman for the U.S., Dunn is always on hand to dedicate a new bridge built by ECA funds, to present a shipload of toys from the American Legion, or a snow plow from the citizens of Jersey City to an Alpine village...
...only daughter of Andrew Mellon (he is now divorced and remarried). He served a couple of terms in the Maryland and Virginia legislatures, devoted himself to managing the Mellon interests for twelve years. An old friend of W. Averell Harriman, he became Harriman's deputy as roving ECA ambassador to Europe, and later chief of the ECA mission in France. Bruce knows the French economy as few Frenchmen do. With a politician's touch, he gets on superbly with France's politicians. He speaks perfect French, owns a trained musical ear, an art connoisseur...