Secretary of State George C. Marshall enters Harvard University on June 5, 1947, to address the graduating class. Within days, the 12-minute speech became famous as the Marshall Plan.

“I need not tell you that the world situation is very serious …” Marshall said. He described the widespread breakdown in Europe’s economy. “Our policy is directed not against any country or doctrine,” he stressed, “but against hunger, poverty, desperation, and chaos.” A massive reconstruction program was desperately needed, Marshall said. But, he added, “Before the United States government can proceed much further … there must be some agreement among the countries of Europe as to the requirements.”

The initiative, he insisted, “must come from Europe.” A month later, European leaders met in Paris to develop a regionwide plan for reconstruction. By the end of the summer, 18 nations formed the Organization for European Economic Cooperation. (© OECD)