The Economic Consequences of the Peace
One of the most important economic documents of the 20th century
John Maynard Keynes, at the time a rising young economist, abruptly resigned his position as adviser to the British delegation negotiating the peace treaty ending World War I. Frustrated and angered by the Allies' focus on German war guilt, Keynes predicted that the vindictive reparations policy, which locked Germany into long-term payments, would not only stifle the German economy for another generation but leave Europe in ruins.
Published in 1919, Keynes's The Economic Consequences of the Peace aroused heated debates throughout Europe; his remarkably prescient conclusions were frequently cited by German leaders during the decades between the wars. Keynes's well-reasoned yet impassioned arguments, peppered with biting portraits of the statesen involved in the peace treaty—including Llyod George, Georges Clemenceau, and Woodrow Wilson—brought him immediate fame.
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From the Trade Paperback edition.
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III The Psychology of Society
IV The Relation of the Old World to the New
I Undertakings given prior to the Peace Negotiations
II The Conference and the Terms of the Treaty
III Germanys Capacity to pay
IV The Reparation Commission
V The German CownterProposals
1 The Revision of the Treaty
2 The Settlement of InterAlly Indebtedness
3 An International Loan
4 The Relations of Central Europe to Russia
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Allied and Associated Allied Governments allowed Alsace-Lorraine American amount Annex annual Armistice Article Associated Powers Austria Austria-Hungary bearer bonds Belgian Belgium believe British Bulgaria capacity to pay capital ceded cent claims clauses Clemenceau coal commodities Conference consequences cost Council countries currency damage debts demand economic effect enemy estimate Europe European exchange exports figure force foreign former Fourteen Points France France’s French frontiers future German Government German nationals Germany Germany’s capacity gold Hungary imports increase indemnity industrial interest investments Italy Keynes Keynes’s labor League of Nations less Lloyd George loans Lorraine loss million Paris Poland political population possible pre-war present Treaty President President’s Prime Minister production provisions raw materials Reichsbank Reparation Chapter Reparation Commission representatives Russia Saar securities Serbia settlement substantial supplies surplus surrender territory tons trade United Kingdom Upper Silesia wealth whole