Competition with Russia, China revives need for soft power
Fox News
Competing with Russia and China means the U.S. needs to bring back what worked in post-war Europe -- the Marshall Plan. It rebuilt nations and aided our economy.
Daniel P. Runde is a Senior Vice President at the Center for Strategic and International Studies.
The plan was targeted toward economic recovery and rebuilding institutions in 16 countries and was in effect from April 1948 to December 1951, costing the American taxpayers up to $13.3 billion (amounting to $150 billion in 2020). The Marshall Plan was designed to rebuild Europe and push back against the Soviet Union, creating political and socioeconomic stability needed for these states to sustain democratic and market institutions. In many ways, the Marshall Plan can be described as an act of enlightened self-interest as it created strong and strategically vital partners in Europe while providing key market access to U.S. businesses.
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