World War II left Europe economically bankrupt, politically paralyzed, and spiritually sick. In contrast, we find today—thanks to the leaven of the Marshall Plan and other U. S. assistance, and the self-help and mutual-help measures of Western European countries—a vastly improved Continent of Europe.

First, economic collapse has been avoided. The mills, plants, and shops in most countries are humming as they never did before. The current output of industry in Western Europe is roughly forty per cent larger than in 1938, and sixty per cent above that of 1947. Agriculture has likewise shown encouraging improvement. The volume of intra-European trade which had come to a virtual standstill in 1947 has sharply increased until it is now over one-third higher than that of the pre-war era. The dollar deficit in Europe has been substantially reduced from a peak of $7 billion and, except for the special requirements of the post-Korean rearmament program, it would probably have been brought into manageable proportions by 1951.