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A Revision of the Treaty

John Maynard Keynes

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Book Excerpt: 
. . .FNanchor_18_18">[18] and the author of The Economic Consequences of the Peace had suffered widespread calumny for fixing on the figure of 137 milliards,[19] as being the nearest estimate he could make. The public, and the Government also, were, therefore, taken by surprise when the Reparation Commission announced that they unanimously assessed the figure at 132 milliards (i.e., $33,000,000,000).[20] It now turned out that the Decisions[Pg 40] of Paris, which had been represented as a material amelioration of the Treaty which Germany was ungrateful not to accept, were no such thing; and that Germany was at that moment suffering from an invasion of her territory for a refusal to subscribe to terms which were severer in some respects than the Treaty itself. I shall examine the decision of the Reparation Commission in detail in Chapter IV. It put the question on a new basis and the Decisions of London could hardly have been possible otherwise.

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Community Reviews

I enjoyed this book. John Maynard Keynes eloquently explains beautifully why Germany cannot pay for the reparation and the demands inflicted upon them by the allies. The reasoning behind Wilson (Vague, nebulous 14 points), Clemenceau (Revanche) and Lloyd George (Politics in winning the 1918 GE) and

While Keynes is generally recognized as one of the greatest economists, this book from 1920 shows just how perceptive his observation and thinking were. The book tells us more than we might want to know about the destructive and vindictive peace that was forced on Germany at the end of the Great War

Very interesting and helpful to anyone trying to understand the fundamental connection between the Treaty of Versailles, the Great Depression, the rise of fascism, and the resultant second world war. It also gives insight into one of the most influential economists of the modern age- always useful.

It is downright scary how accurate JMK was when he predicted that harsh economic sanctions would lead Germany down the path to extremism...another book that should be read by elected officials and military leaders. I see many similar situations occurring right now - and I do believe there is the pot

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