![]() In order to avoid permanent dependence on foreign aid, the country’s ability to survive had to be restored.Economic chaos had to be prevented in order to stop communism.Austria was one of the areas of conflict in the worsening East-West conflict (Cold War).Large parts of the country bordered directly on the communist sphere of influence.The victorious states of the Second World War were present in the country as occupying powers.In the European context, Austria – like Germany – occupied a special position: The urgently needed revitalization of the (peace) economy, primarily industrial production, failed mainly due to a lack of raw materials. In the Soviet zone of occupation (eastern Austria), the existing industrial plants were systematically dismantled by the Soviets, who claimed the former “German property” as compensation for the war damage incurred.Īfter the end of the Second World War, Austria was considered “unviable”.Īdded to this was the country’s political and social division along the border between the Soviet occupation zone and the rest of the country. While the USA feared the danger of a communist takeover of power for Austria – as with its eastern neighbors – Moscow saw an imperialist conspiracy in the increasing economic aid from the West, above all from the USA. To this day, the ERP fund makes a significant contribution to Austrian economic development. ![]() The funds accumulated as part of the Marshall Plan were transferred from the USA to Austria in 1961 (“ERP Fund”). It also laid the first foundations for the European unification process. It may also have saved Austria from a division of the country in the early Cold War. The program was a complete success and made a significant contribution to the great economic boom in Europe after the Second World War. ![]() ![]() In the years after 1945, Europe was badly affected by the Second World War. The war damage was enormous, the economy was devastated. The bare essentials were lacking, especially food and raw materials. The American reconstruction program was intended to help the Western European economy to get back on its feet through self-initiative.Īustria received the Marshall Plan aid mainly in the form of goods that were sold in Austria. The proceeds from these sales were invested in special accounts. These funds were used to grant loans to Austrian commercial enterprises in order to promote growth, productivity and employment. Marshall, who received the Nobel Peace Prize in 1953 for his initiative. The Marshall Plan is named after its initiator, U.S. The official name was the “European Recovery Program” (ERP). aid program for 16 Western European countries between 19. ![]()
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