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Unformatted text preview: History Study Guide: Final Exam 05/05/2008 13:38:00 Chapter 15 Marshall Plan: During Trumans predsidency, Dean Archeson encouraged him to take an active role in rebuilding the economics of Western Europe so in March 1948, Congress approved the European Recovery Program aka The Marshall Plan. It funneled $13 billion into the economics of Western Europe over a period of 5 years. It helped revitalize Europes economy and provided an outlet for U.S. products. From Book: made available billions of dollars in aid to European states. John Maynard Keynes: Had a great economic theory. He favored macroeconomic policies to increase productivity and argued for an active role for government in priming the pump of economic growth. The government should be responsible for the control and regulation of economy with the goal of ensuring full employment for its people. Governments could and should check inflation and eliminate boom and bust cycles, incurring deficits by spending beyond revenues if necessary. From Wikipedia: Theory by which the government would use fiscal and monetary measures to mitigate the adverse effects of economic recessions , depressions and booms . He is one of the fathers of modern theoretical macroeconomics . Common Market: Established by the European Coal and Steel Community (ECSC). These same people created the European Economic Community (EEC) and committed themselves to broadening the integration of markets (coal, steel, etc). It aimed to establish among its member states a free movement of labor and capital, the restrictions on trade, common investment practices, and coordinated social welfare programs. Soon Great Britain (previously opposed) became a member along with the United States Iron Curtain: Nikita Krushchev: head of the communist party, declared Stalin as incompetent and cruel. After five year of jockeying for power among Stalins former lieutenants, Khrushchev emerged victorious and assumed the office of Premiere of the Soviet Union. Under Khrushcehv, Soveit Cold War strategies changed into offerin friendship treaties and military advice. He clashed with Kennedy in Vienna over recognizing East Germany. He decided to install nuclear missiles in Cuba. Castro also supported him in telling him to follow through in striking the U.S. with missiles from Cuba when Kennedy had strictly told him it would provoke a full U.S. nuclear attack against the Soviet Union....
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