The Economic Consequences of the Peace (Revised, newly composed text edition)

In ‘The Economic Consequences of the Peace’, John Maynard Keynes offers a poignant analysis of the aftermath of World War I and the Treaty of Versailles. Published in 1919, Keynes presents a stark warning about the potential disastrous consequences of the peace settlement reached in Paris. He criticizes the shortsightedness and vengefulness of the Allied powers, particularly France and Britain, emphasizing the interconnectedness of European nations and the dire implications of crippling Germany and Austria-Hungary economically. Keynes, who participated in the Paris Peace Conference and was a member of the Supreme Economic Council, provides a firsthand account of the atmosphere in post-war Europe. He paints a vivid picture of the disconnect between the frivolous scene in London, seemingly oblivious to the continent’s tremors, and the palpable sense of impending catastrophe in Paris. The author laments the decision-making process, portraying it as a tragicomedy with leaders like Wilson and Clemenceau wearing masks, their actions both charged with global consequences and yet seemingly inconsequential.