The Effects on World Trade
In 1947, the threat of economic collapse was a major issue. The aftermath of war, combined with the effects of natural disasters that struck the continent, was devastating. Since European factories could not produce enough goods to satisfy people's needs, Europeans imported large amounts of products and raw materials from the US, whose industries remained untouched by the war. The US economy thrived but Europe experienced a serious trade imbalance. The threat of economic collapse across Europe affected the stability of many nations.
In considering the requirements for the rehabilitation of Europe the physical loss of life, the visible destruction of cities...was correctly estimated, but it has become obvious during the recent months that this visible destruction was probably less serious than the dislocation of the entire fabric of the European economy.For the past ten years conditions have been highly abnormal. The feverish preparation for war and the more feverish maintenance of the war effort engulfed all aspects of national economies."
~ George C. Marshall