The Marshall Plan, officially known as the European Recovery Program, was politically and economically significant as it aimed to rebuild war-torn Europe after World War II. Proposed by U.S. Secretary of State George C. Marshall in 1947, the plan provided over $12 billion (approximately $100 billion today) to Western European nations to help restore their economies. Politically, it aimed to curb the spread of communism by stabilizing economies and promoting democratic governance. The plan fostered economic cooperation among Western nations, leading to the establishment of the Organization for Economic Cooperation and Development (OECD), and significantly contributed to Europe’s rapid recovery and long-term prosperity.