It was proposed and established by Senator (later President) John F. Kennedy in 1960, as a voluntary overseas aid scheme for young people to participate in. The idea was to counter the popular perception that the USA was only interested in protecting it's own interests and only got involved in the outside world in a military capacity- college students and graduates were encouraged to sign up for work with charities and aid programmes in the Third World, to help poor people get out of poverty and improve their community infrastructure.
The Peace Corps exists to this day, and has so far enlisted 200,000 young people since it's foundation, who have worked in 139 countries. So yes, it can be considered to have been a success.
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