In 1920, after the first World War, John M. Keynes wrote “The Economic Consequences of the Peace” on\u00a0his dissatisfaction with the Treaty of Versailles and calls out to those who are drafting the treaty to think of the potential economic consequences it would have on Germany and Europe as a whole. Keynes was an established economist in England and most notably\u00a0would revolutionize the ideas seen in macroeconomics. \u00a0Throughout the chapter Keynes writes in a style of urgency and fear as he sees the stability of Europe at risk.<\/p>\n
Right from the beginning of the chapter, Keynes believes the treaty does not promote the idea of ‘good neighbors’ for the defeated states. \u00a0He believes the\u00a0arrangement reached in Paris was not based on the future of economics in Europe, but rather on political folly ((Keynes,\u00a0Economic Consequences of Peace)) . \u00a0After such a dramatic and long war, it seems that the victorious states wanted to extensively\u00a0punish those who stood against them in the so called ‘heat of the moment’, without taking account of its long-term effects. \u00a0Keynes goes on to express how European countries\u00a0have become economically interdependent on each other and how this treaty would\u00a0disrupt\u00a0each\u00a0country’s economy ((Keynes,\u00a0Economic Consequences of Peace)) . \u00a0With declining trade and commerce comes a lower standard of living, or even the possibility of starvation. \u00a0On the topic of starvation, Keynes makes the statement, ” Men will not always die quietly”, inferring that revolution and instability could develop in certain countries.<\/p>\n
Keynes is very concerned with how the treaty will specifically effect Germany, stating that those who sign this treaty will be responsible for the death of millions of Germans. \u00a0The treaty would cause Germany to lose\u00a0all of its colonies, merchant fleet and foreign investments ((Keynes,\u00a0Economic Consequences of Peace)) . \u00a0In basic economic terms, the demand of the German people will become greater than what can be supplied according to Keynes. \u00a0He predicts that Germany will regress in its industrial development, and as a result negatively impact the rest of Europe.<\/p>\n
I find this reading to be related to the discussion we had in class about the effects of propaganda. \u00a0It seems that the allied powers could not forgive the countries they had defeated and still viewed them as barbarians or inhuman.<\/p>\n
Were the conditions in the Treaty of Versailles towards Germany too harsh after WWI? \u00a0Do wars need propaganda?<\/p>\n
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In 1920, after the first World War, John M. Keynes wrote “The Economic Consequences of the Peace” on\u00a0his dissatisfaction with the Treaty of Versailles and calls out to those who are drafting the treaty to think of the potential economic … Continue reading