Comparison of Keynes and Versailles Treaty/Wilson’s Fourteen Points

As the founder of his eponymous economic school of thought, John Maynard Keynes contributed many influential theses on the economics of his day.  Nowhere is this more notable than in 1920’s The Economic Consequences of Peace, his controversial criticism of the Treaty of Versailles.  Keynes asserted that the Treaty would do little other than prolong and perhaps exacerbate the period of postwar unrest in Europe, noting that “the Treaty includes no provisions for the economic rehabilitation of Europe” (Keynes).  Instead, the major powers responsible for the Treaty (i.e. France, the United Kingdom, the United States) used it to advocate their own national interests.  With the exception of the U.S., who primarily viewed the Treaty as means of implementing President Wilson’s somewhat unrealistically idealistic Fourteen Points, Keynes argued that the aforementioned nations utilized the Versailles Treaty to reprimand Germany for the damage it caused during WWI , particularly by crippling its economy.  Keynes’ ultimate qualm about these tactics was that because Germany, a formerly thriving industrial nation, had become so firmly established as a staple of European industry and commerce, its virtual elimination from this economic community would cripple not only Germany, but all of Europe.  Although this excerpt did not offer any explicit alternatives to the Versailles Treaty, Keynes was noted several years later (1933) as an advocate of “economic nationalism…the autonomy which individual states had gained over policy as a result of the collapse of a unified international economy” (Mazower, 137).  It is then perhaps reasonable to infer that in the wake of this interwar economic crisis, Keynes felt that a Europe composed of economically independent states would be more stable than the tightly interdependent economic climate that dominated the decades prior.