The Economic Consequences of the Peace
John Maynard Keynes, then a rising young economist, participated in the Paris Peace Conference in 1919 as chief representative of the British Treasury and advisor to Prime Minister David Lloyd George. He resigned after desperately trying and failing to reduce the huge demands for reparations being made on Germany. The Economic Consequences of the Peace is Keynes' brilliant and prophetic analysis of the effects that the peace treaty would have both on Germany and, even more fatefully, the world.
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Allied and Associated Allied Governments allowed Alsace-Lorraine America amount Annex annual Armistice Article Associated Powers Austria Austria-Hungary bearer bonds Belgian Belgium believe Britain British Bulgaria capacity to pay capital ceded cent civilian claims clauses Clemenceau coal cost currency damage debt demand economic effect enemy estimate Europe European excess exchange exports figure force foreign Fourteen Points France French frontiers future German Government Germany Germany's capacity gold Hungary imports increase indemnity industrial interest investments issue Italy labor League of Nations less liability loans loss material ment millions nomic output Paris payment Peace Poland population possible pre-war present Treaty President President's Prime Minister production provisions Reichsbank Reparation Chapter Reparation Commission representatives Rhine Russia Saar securities Serbia substantial supplies surplus surrender territory tion tons trade United Kingdom Upper Silesia wealth whole
Page 256 - Treaty, decisions at any meeting of the Assembly or of the Council shall require the agreement of all the Members of the League represented at the meeting.
Page 256 - The Assembly may from time to time advise the reconsideration by members of the League of treaties which have become inapplicable and the consideration of international conditions whose continuance might endanger the peace of the world.
Page 53 - The Allied and Associated Governments, however, require, and Germany undertakes, that she will make compensation for all damage done to the civilian population of the Allied and Associated Powers and to their property...
Page 257 - The Members of the League undertake to respect and preserve as against external aggression the territorial integrity and existing political independence of all Members of the League. In case of any such aggression or in case of any threat or danger of such aggression the Council shall advise upon the means by which this obligation shall be fulfilled.
Page 63 - Third, there can be no leagues or alliances or special covenants and understandings within the general and common family of the League of Nations; Fourth, and more specifically, there can be no special, selfish economic combinations within the League and no employment of any form of economic boycott or exclusion except as the power of economic penalty by exclusion from the markets of the world may be vested in the League of Nations itself as a means of discipline and control...
Page 62 - A free, open-minded, and absolutely impartial adjustment of all colonial claims, based upon a strict observance of the principle that in determining all such questions of sovereignty the interests of the populations concerned must have equal weight with the equitable claims of the Government whose title is to be determined.
Page 216 - In case either during the occupation or after the expiration of the fifteen years referred to above the Reparation Commission finds that Germany refuses to observe the whole or part of her obligations under the present Treaty with regard to reparation, the whole or part of the areas specified in Article 429 will be re-occupied immediately by the Allied and Associated forces.
Page 63 - Third, every territorial settlement involved in this war must be made in the interest and for the benefit of the populations concerned, and not as a part of any mere adjustment or compromise of claims amongst rival states...