About: Marshall Plan is a research topic. Over the lifetime, 958 publications have been published within this topic receiving 17108 citations. The topic is also known as: The marshal plan & Marshall Aid.
TL;DR: In this article, the authors present five case studies of major fiascoes resulting from poor decisions made during the administrations of five American presidents' Franklin D. Roosevelt (failure to be prepared for the attack on Pearl Harbor), Harry S Truman (the invasion of North Korea), John F. Kennedy (the Bay of Pigs invasion), Lyndon B. Johnson (escalation of the Vietnam War), and Richard M. Nixon (the Watergate cover-up).
Abstract: PrefaceThe main theme of this book occurred to me while reading Arthur M. Schlesinger's chapters on the Bay of Pigs in A Thousand Days. At first, I was puzzled: How could bright, shrewd men like John F. Kennedy and his advisers be taken in by the CIA's stupid, pat ch work plan? I began to wonder whether some kind of psychological contagion, similar to social conformity phenomena observed in studies of small groups, had interfered with their mental alertness, I kept thinking about the implications of this notion until one day I found myself talking about it, in a seminar of mine on group psychology at Yale University. I suggested that the poor decision-making performance of the men at those White House meetings might be akin to the lapses in judgment of ordinary citizens who become more concerned with retaining the approval of the fellow members of their work group than with coming up with good solutions to the tasks at hand.Shortly after that, when I reread Schlesinger's account, I was struck by some observations that earlier had escaped my notice. These observations began to fit a specific pattern of concurrence-seeking behavior that had impressed me time and again in my research on other kinds of face-to-face groups, particularly when a qwe-feelingq of solidarity is running high. Additional accounts of the Bay of Pigs yielded more such observations, leading me to conclude that group processes had been subtly at work, preventing the members of Kennedy's team from debating the real issues posed by the CIA's plan and from carefully appraising its serious risks.Then in Joseph de Rivera's The Psychological Dimension of Foreign Policy, I found an impressive example of excluding a deviant from Truman's group of advisers during the period of the ill-fated Korean War decisions. De Rivera's comments about the group's behavior prompted me to look further into that series of decisions and soon I encountered evidence of other manifestations of group processes, like those apparently operating in the Bay of Pigs decision.By this time, I was sufficiently fascinated by what I began to call the groupthink hypothesis to start looking into a fairly large number of historical parallels. I selected for intensive analysis two additional United States foreign-policy decisions and again found consistent indications of the same kind of detrimental group processes. Later I added a case study of a president's criminal conspiracy to obstruct justice, which I now regard as the most impressive example of groupthink.This book presents five case studies of major fiascoes, resulting from poor decisions made during the administrations of five American presidents' Franklin D. Roosevelt (failure to be prepared for the attack on Pearl Harbor), Harry S Truman (the invasion of North Korea), John F. Kennedy (the Bay of Pigs invasion), Lyndon B. Johnson (escalation of the Vietnam War), and Richard M. Nixon (the Watergate cover-up). Each of these decisions was a group product, issuing from a series of meetings of a small body of government officials and advisers who constituted a cohesive group. And in each instance, the members of the policy-making group made incredibly gross miscalculations about both the practical and moral consequences of their decisions.The second section, for comparative purposes, presents two case studies of well worked out decisions made by similar groups whose members made realistic appraisals of the consequences. One of these is the course of action chosen by the Kennedy administration during the Cuban missile crisis in October 1962. This decision, made by almost the same cast of characters that had approved the Bay of Pigs invasion plan in 1961, was arrived at very carefully, in a group atmosphere conducive to independent critical thinking, unlike that which prevailed in the earlier decision. Similarly, the second counterpoint example deals with the hardheaded way that planning committees in the Truman administration evolved the Marshall Plan in 1948. These two case studies indicate that policy-making groups do not always suffer the adverse consequences of group processes, that the quality of the group's decisionmaking activities depends upon current conditions that influence the group atmosphere.n n n n n n n n n
TL;DR: Jorgenson as mentioned in this paper argues that the social importance of what economists do has profound implications for the lives of literally billions of their fellow citizens, and that there is no greater challenge for any economist than providing a coherent account of significant events to his scientific peers.
Abstract: Dale Jorgenson has bestowed a great honor and no small challenge by inviting me to give this lecture: a great honor because of the distinguished list of economists who have preceded me; a challenge because of the standard they have set, and because there is no greater challenge for any economist than providing a coherent account of significant events to his scientific peers. I am sometimes asked by friends about the differences between academic life and life as a public official. There are many. Two stand out. First, as an academic, the gravest sin one can commit is to sign one’s name to something one did not write. As a public official it is a mark of effectiveness to do so as often as possible. Second, as an academic, if a problem is too hard and does not admit of a satisfactory solution, there is an obvious response: work on a different problem. That is not a luxury that one has in government. I have been reminded of this often in recent years as we have grappled with financial crises in a number of what had previously been considered emerging markets with unrestrained futures. Anyone who doubts the social importance of what economists do should consider the debates surrounding these crises. Hundreds of millions of people who expected rapidly rising standards of living have seen their living standards fall; hundreds of thousands if not millions of children have been forced to drop out of school and go to work; hundreds of billions of dollars of apparent wealth has been lost; the stability of large nations as nations has been called into question; and the United States has made its largest nonmilitary foreign-policyrelated financial commitments since the Marshall Plan. Almost all the issues involved in understanding, preventing, and mitigating these crises are the stuff of economics courses and research: fixed versus flexible exchange rates, moral hazard and multiple equilibria, speculation and liquidity, fiscal and monetary policies, regulation and competition. What economists think, say, and do has profound implications for the lives of literally billions of their fellow citizens. Whether it is discussing the role of derivatives in signaling exchange-rate commitments with Chinese Premier Zhu Rongji, or discussing an NBER working paper on inflation targeting with the Brazilian central bank governor Arminio Fraga, or discussing alternative approaches to bankruptcy law with Indonesia’s economic team, or optimal debt durations with the Mexican authorities, I am consistently struck by the impact of the kind of research discussed at the AEA meetings. The future well-being of the world’s people in large part will depend on how the ongoing process of global integration works out. This is a strong statement, but one that is supported by the global economy’s post-World War I failure and its post-World War II success. Central to global integration is financial integration: the flow of funds and of capital across international borders. And as the events of the late 1920’s and early 1930’s remind us, central to global disintegration can be international financial breakdowns. Today, I want to reflect on the issue of global financial integration in light of the dramatic and largely unpredicted events of recent years. It is perhaps a good time for reflection: there has been enough repair that priority can shift from * U.S. Department of the Treasury, 1500 Pennsylvania Avenue, Washington, DC 20005. This lecture reflects many things I have learned from experiences I have shared with colleagues in the United States government and governments around the world. I thank Brad DeLong, Marty Feldstein, Stephanie Flanders, Ken Rogoff, Andrei Shleifer, and Ted Truman for useful comments and suggestions. I am especially grateful to Nouriel Roubini and Stephanie Flanders for valuable discussions and assistance in the preparation of this lecture. The usual disclaimer applies.
TL;DR: The Organisation for European Economic Cooperation (OEEC) as mentioned in this paper was founded to promote policies designed to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus to contribute to the development of the world economy.
Abstract: Founded in 1961 to replace the Organisation for European Economic Cooperation (OEEC), which was linked to the Marshall Plan and was established in 1948. The change of title marks the Organisation’s altered status and functions: with the accession of Canada and USA as full members, it ceased to be a purely European body, and at the same time added development aid to the list of its priorities. The aims of the organization are to promote policies designed to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus to contribute to the development of the world economy; to contribute to sound economic expansion in Member as well as non-member countries in the process of economic development; and to contribute to the expansion of world trade on a multilateral, nondiscriminatory basis in accordance with international obligations.
TL;DR: In this paper, the evolution of money in Western Europe Bank Money Bimettalism and the Emergence of the Gold Standard are discussed. But the main focus of the paper is on the development of the European financial system.
Abstract: Introduction and Chronologies I: MONEY Evolution of Money in Western Europe Bank Money Bimettalism and the Emergence of the Gold Standard II: BANKING English and Scottish Banking French Banking German Banking Italian and Spanish Banking III: FINANCE Government Finance Private Finance, Individuals and Families Private Finance: The Corporation Foreign Investment: Dutch, British, French, and German Experience to 1914 Transfer Cases Foreign Lending: Political and Analytical Aspects Financial Crises IV: THE INTERWAR PERIOD War Finance, Reparations, War Debts German Postwar Inflation The Restoration of the Pound to the Par Stabilization of the Franc The 1929 Depression The 1930s V: AFTER WORLD WAR II German Finance in and after World War II Lend-Lease, the British Loan, the Marshall Plan European Financial Integration Europe in the World Financial System
TL;DR: The Marshall Plan and the New Deal: from New Era designs to New Deal synthesis as discussed by the authors is a classic example of transnationalism in the context of European integration and the origins of the Marshall Plan.
Abstract: Introduction Toward the Marshall Plan: from New Era designs to New Deal synthesis 1. Searching for a 'creative peace': European integration and the origins of the Marshall Plan 2. Paths to plenty: European recovery planning and the American policy compromise 3. European union or middle kingdom: Anglo-American formulations, the German problem, and the organizational dimension of the ERP 4. Strategies of transnationalism: the ECA and the politics of peace and productivity 5. Changing course: European integration and the traders triumphant 6. Two worlds or three: the sterling crisis, the dollar gap, and the integration of Western Europe 7. Between union and unity: European integration and the sterling-dollar dualism 8. Holding the line: the ECA's efforts to reconcile recovery and rearmament 9. Guns and butter: politics and diplomacy at the end of the Marshall Plan Conclusion America made the European way Bibliography Index.