1. Western Europe: Economic Reconstruction

2.  Following WWII, the U.S. continued to aid western Europe with economic aid to avoid a recession and possible revolution that occurred after WWI  The Office for European Economic Cooperation (OEEC) in Paris allocated the funds of the Marshall Plan  Results of Marshall Plan: improved transportation and infrastructure; reduced trade barriers amongst w. Europe; encouraged economic cooperation  The U.S. benefited by creating a world market for American goods  1950s economic boom

3. Economic Growth  W. Germany—by 1950, exceeded pre-war production level; by 1958 it was the leading industrial nation of Europe  France, Italy, and other w. European nations experienced an “economic miracle” from 1948 to 1974  Some western European countries lacked enough workers to fill factories  Invited “guest workers from southern Europe, Spain, and Portugal to join their labor force  Many immigrants arrived in W. Europe from colonies in Africa, Asia, and the Caribbean

4. Reshaping the Global Economy  Bretton Woods Conference  GATT, the agreement, and effects  WTO and function  Define: “world economy”  Predict why the SU and Eastern Europe began economic relations with the West in the late 1960s  Function of the IMF  Function of the World Bank  The goal of the Council of Europe  Function of Benelux  European Coal and Steel Community (Monet Plan)  The Common Market or EEC function  The European Community  Significance of the European Community