Confronted with an economy in ruins in the aftermath of the Second World War, European leaders implemented a massive recovery program to rebuild European industries with support from the United States. As COVID-19 wreaks havoc today, the European Commission is calling for a new, self-funded Marshall Plan to address the consequences of the pandemic once it is under control. This should be more than just a large injection of capital into the economy. Just as the original Marshall Plan accelerated European integration, invested in industrialization, and led to a strategic alliance against Soviet aggression, a Marshall Plan for today’s economy should invest in technology, promote digital free trade, and align its industrial strategy with allies such as the United States and Japan to resist the growing economic and security threats posed by China.
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