Edited by Robert W. Dimand and Harald Hagemann
Chapter 21: The Economic Consequences of the Peace
The Economic Consequences of the Peace, Keynes’s best-selling denunciation of the injustice, inexpediency and infeasibility of the economics clauses of the Versailles Peace Treaty, made Keynes a world-famous and highly controversial public intellectual. He particularly drew attention to the balance of payments problems that would arise in transferring reparations equal to four times Germany’s pre-war national income. Keynes doubted that the Allies would ever succeed in obtaining even a fraction of those reparations, and warned that attempts to do so would undermine European peace.
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