The plan that was initiated in 1948 to aid the economic recovery of Europe post-World War II is known as the Marshall Plan. Officially titled the European Recovery Program, this American initiative provided over $13 billion in economic assistance to help rebuild European economies. The goal was to foster political stability, prevent the spread of communism, and facilitate trade between Europe and the United States. It played a crucial role in revitalizing Western European countries, leading to a period of significant growth and prosperity.