Academic Decathlon : Economics with COMPLETE SOLUTION

When did the Cold War officially start and end? - September 2, 1945 (the official end of WWII) and December 26, 1991 (the official dissolving of the Soviet Union) How did the US economy organize production? - It relied on markets How did the USSR economy organize production? - It relied on centralized government control How was the USSR formed? - The Russian Revolution of 1917 led by Vladimir Lenin and the Bolshevik party forced Tsar Nicholas out of power What was the Marshall Plan? - A plan by the US to give $13 billion in financial aid to Western European countries, mostly in the form of annual grants from 1948-51 What was the Economic Cooperation Agency? - A US board operated in Europe that decided if countries would receive aid from the Marshall Plan What was the Council for Mutual Economic Assistance? - The Soviet version of the Marshall Plan for Eastern Europe What was the impact of the Marshall Plan? - It was one of the most successful foreign aid programs in history however the hard winter in 1947 may have overstated the postwar crisis and the concentration of the economic destruction in Germany means that Europe probably would have recovered even without it