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zero growth (EO, 04)<br />The characteristic of an economy m a STATIONARY STATE. CLASSICAL ECONOMISTS feared the movement of the economy to stationarity, excepting John Stuart MILL who was willing to approve of no growth, providing that there was a satisfactory income distribution. In modern advanced economies this has been suggested as a goal on the grounds that growth of the GROSS NATIONAL PRODUCT generates SOCIAL coSTS in the form of pollution, congestion and more arduous work, as well as running down non-renewable resources too rapidly. Zero growth is often expressed as a condemnation of all growth rather than an attack on particular undesirable economic activities. However, changes to more environmentally-friendly production techniques make economic growth more acceptable.<br /><em>See also:</em> Club of Rome
Marshall Plan (N1, 02)<br />US AID to sixteen coun tries of Western Europe proposed by General George Marshall, US Secretary of State, which, in the form of economic and military grants and loans, amounted to $16.4 billion in the period 1948-52. Western Europe's loss of overseas investments, the ending of much of its trade with Eastern Europe and the decline in its TER MS OF TRADE necessitated outside help. In 1946, la rge European balance of payments deficits required immediate US assistance consisting of shipfrom generous: more was given after the plan than during the period of its operation. The Marshall Plan hoped to create a new international order by linking Europe, North America and the Third World. The USA would purchase raw materials from less developed countries which would then be able to buy expor ts from Western Europe. The economic plight of East European countries after 1989 has prompted demands for a simila r ma jor aid initiative.<br /><em>See also:</em> European Bank for Reconstruction and Development <br /><em>Reference</em><br />Hogan, M.L {1987) The M arshall Plan: America, Britain and the Reconstruction of West ern Europe, 1947-52, Cambridge and New York: Cambridge University Press.<br /> Wexler, L {1983) The M arshall Plan Revisited: The European Recovery Pro gram in Economic Perspective, Westport, CO: Greenwood.
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<strong>Guarantor (or guaranty agency)</strong> – A state or private nonprofit organization that has an agreement with the U.S. Secretary of Education to administer the FFEL Program. The MDHE is Missouri' s state-designated guaranty agency.
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