The Economic Consequences of the Peace

"The Economic Consequences of the Peace," written by British economist John Maynard Keynes in 1919, critiques the Treaty of Versailles after World War I. Keynes argued that the harsh reparations and economic penalties imposed on Germany would devastate its economy, leading to instability in Europe. He believed that these punitive measures would hinder Germany's recovery, harming not just the German people but also the broader European economy. Keynes emphasized that fostering cooperation and rebuilding, rather than punishing defeated nations, would be essential for lasting peace and economic stability in the post-war world.