US Secretary of State George C. Marshall, delivers the commencement address at Harvard University in which he proposes the idea of a firm and formal plan for a European self-help program financed by the United States.
Marshall's speech highlighted the critical conditions in Europe after World War II and the need for US assistance to ensure political stability and peace. The Plan, is formally known as the European Recovery Program, and popularly known as the Marshal Plan significantly contributed to the economic recovery of Western Europe. Marshall was awarded the Nobel Peace Prize in 1953.
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