The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 21: The Economic Consequences of the Peace

Robert W. Dimand

Abstract

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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