ANALYSIS OF THE FEATURES OF THE MARSHALL’S PLAN IMPLEMENTATION AND THE PROSPECTS OF UKRAINE ECONOMY RESTORATION ON ITS BASIS

Abstract

The article examines the essence, features and approaches used for the practical implementation of the Marshall Plan. The Marshall Plan was a joint effort between the United States and Europe and among European nations working together. Prior to formulation of a program of assistance, the United States required that European nations agree on a financial proposal, including a plan of action committing Europe to take steps toward solving its economic problems. The main motives and directions on which efforts were directed at its realization are analyzed that includes expansion of European agricultural and industrial production, trade stimulation between European countries and between Europe and the rest of the world, restoration of currency stability, budget financing, and general improvement of the financial system of European countries. Investigated that the implementation of the plan took place with the participation of two organizations (agencies), they were the U.S.-managed Economic Cooperation Administration (ECA) and the European-run Organization for European Economic Cooperation. Effectiveness evaluation of the Marshall’s Plan in terms of the dynamics of gross domestic product of different recipient countries is held. The main recipients were Great Britain, France, Italy, and Germany that had shown the greatest effectiveness over the years of the Marshall’s Plan existence. So, German society has been able to ensure rapid GDP growth up to 84.5%. This became the basis for further effective development of the country’s economy. The basic principles of the Marshall Plan, which Ukraine needs to take into account in the potential implementation of such a plan to restore the domestic economy and infrastructure, are highlighted. The framework of a possible financing mechanism for such a plan is outlined. The basic principles of its realization are offered and substantiated.