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The clock cannot be set back. What a great man came to Europe in those early days of our victory! If France could seize, even in part, what Germany was compelled to drop, the inequality of strength between the two rivals for European hegemony might be remedied for many generations. These and other various causes combined to produce the following situation. In spite of everything, I believe that his temperament allowed him to leave Paris a really sincere man; and it is probable that to this day he is genuinely convinced that the treaty contains practically nothing inconsistent with his former professions. Even after the loss of Alsace-Lorraine there was no great discrepancy between the real resources of the two countries. And for that the President was far too slow-minded and bewildered. Full text Full text is available as a scanned copy of the original print version. The reply of Brockdorff-Rantzau inevitably took the line that Germany had laid down her arms on the basis of certain assurances, and that the treaty in many particulars was not consistent with these assurances. My last and most vivid impression is of such a scene -- the President and the Prime Minister as the centre of a surging mob and a babel of sound, a welter of eager, impromptu compromises and counter-compromises, all sound and fury signifying nothing, on what was an unreal question anyhow, the great issues of the morning's meeting forgotten and neglected; and Clemenceau, silent and aloof on the outskirts -- for nothing which touched the security of France was forward -- throned, in his grey gloves, on the brocade chair, dry in soul and empty of hope, very old and tired, but surveying the scene with a cynical and almost impish air; and when at last silence was restored and the company had returned to their places, it was to discover that he had disappeared. Besides, he was soon made to appear to be taking the German part, and laid himself open to the suggestion (to which he was foolishly and unfortunately sensitive) of being 'pro-German'. 0 (0 Reviews) Free Download. This is the policy of an old man, whose most vivid impressions and most lively imagination are of the past and not of the future. Before Kino and Juana return home, the news had already spread that Kino had found "The Pearl of the World," as it comes to be known. But perhaps the most decisive moment in the disintegration of the President's moral position and the clouding of his mind was when at last, to the dismay of his advisers, he allowed himself to be persuaded that the expenditure of the Allied governments on pensions and separation allowances could be fairly regarded as 'damage done to the civilian population of the Allied and Associated Powers by German aggression by land, by sea, and from the air', in a sense in which the other expenses of the war could not be so regarded. He alone both had an idea and had considered it in all its consequences. If he was met on some points with apparent generosity (for there was always a safe margin of quite preposterous suggestions which no one took seriously), it was difficult for him not to yield on others. You cannot restore Central Europe to 1870 without setting up such strains in the European structure and letting loose such human and spiritual forces as, pushing beyond frontiers and races, will overwhelm not only you and your 'guarantees', but your institutions, and the existing order of your society. Yet, if I seem in this chapter to assume sometimes the liberties which are habitual to historians, but which, in spite of the greater knowledge with which we speak, we generally hesitate to assume towards contemporaries, let the reader excuse me when he remembers how greatly, if it is to understand its destiny, the world needs light, even if it is partial and uncertain, on the complex struggle of human will and purpose, not yet finished, which, concentrated in the persons of four individuals in a manner never paralleled, made them in the first months of 1919 the microcosm of mankind. The word was issued to the witches of all Paris: Fair is foul, and foul is fair, On no other terms will he respect you, or will you prevent him from cheating you. In those parts of the treaty with which I am here concerned, the lead was taken by the French, in the sense that it was generally they who made in the first instance the most definite and the most extreme proposals. In the first place, he was a foremost believer in the view of German psychology that the German understands and can understand nothing but intimidation, that he is without generosity or remorse in negotiation, that there is no advantage he will not take of you, and no extent to which he will not demean himself for profit, that he is without honour, pride, or mercy. The Economic Consequences of the Peace As part of the British delegation to the Versailles Peace Conference after WW1 Keynes had detailed knowledge of the debates about reparations which were demanded of Germany. Was the treaty really as bad as it seemed? What, then, was his temperament? Could it be true? By pleasantness and an appearance of conciliation, the President would be manoeuvred off his ground, would miss the moment for digging his toes in and, before he knew where he had been got to, it was too late. In addition to this moral influence the realities of power were in his hands. He sees the issue in terms of France and Germany, not of humanity and of European civilisation struggling forwards to a new order. The President was not equipped with this simple and usual artfulness. With this picture of him in mind, we can return to the actual course of events. 1^  He alone amongst the Four could speak and understand both languages, Orlando knowing only French and the Prime Minister and President only English; and it is of historical importance that Orlando and the President had no direct means of communication. But as soon, alas, as he had taken the road of compromise, the defects, already indicated, of his temperament and of his equipment, were fatally apparent. At last the work was finished; and the President's conscience was still intact. Compromise was inevitable, and never to compromise on the essential, very difficult. He could have preached a sermon on any of them or have addressed a stately prayer to the Almighty for their fulfilment; but he could not frame their concrete application to the actual state of Europe. The figure and bearing of Clemenceau are universally familiar. Although the term has been used (and abused) to describe many things over the years, six principal tenets seem central to Keynesianism. He did not remedy these defects by seeking aid from the collective wisdom of his lieutenants. Keynes, John Maynard, The Economic Consequences of the Peace (1919), Chapter 2 Chapter II EUROPE BEFORE THE WAR II.1 BEFORE 1870 different parts of the small continent of Europe had specialized in their own products; but, taken as a whole, it was substantially self-subsistent. Although Clemenceau might curtly abandon the claims of a Klotz or a Loucheur, or close his eyes with an air of fatigue when French interests were no longer involved in the discussion, he knew which points were vital, and these he abated little. Summary of John Maynard Keynes' "The Economic Consequences of the Peace" "The Economic Consequences is a book written by J. M. Keynes, who was an economist. The victory was so complete that fear need play no part in the settlement. He resigned from these positions when it became evident […] In tracing the practical details of the peace which he thought necessary for the power and the security of France, we must go back to the historical causes which had operated during his lifetime. Get an answer for 'Explain the "economic consequences of the peace" that John Maynard Keynes warned about as an outcome of the Treaty of Versailles. These, however, are generalities. Europe was in complete dependence on the food supplies of the United States; and financially she was even more absolutely at their mercy. But it will be easier to appreciate the true origin of many of these terms if we examine here some of the personal factors which influenced their preparation. London: Macmillan, 1919. Before the Franco-German war the populations of France and Germany were approximately equal; but the coal and iron and shipping of Germany were in their infancy, and the wealth of France was greatly superior. The first impression of Mr Wilson at close quarters was to impair some but not all of these illusions. Read Online. He was by no means a business man or an ordinary party politician, but a man of force, personality, and importance. His seat in the room in the President's house, where the regular meetings of the Council of Four were held (as distinguished from their private and unattended conferences in a smaller chamber below), was on a square brocaded chair in the middle of the semicircle facing the fire-place, with Signor Orlando on his left, the President next by the fire-place, and the Prime Minister opposite on the other side of the fire-place on his right. Published just months after the Versailles Treaty was signed, The Economic Consequences of the Peace is a devastating critique of allied leaders and the reparations they imposed on Germany and Austria in the aftermath of World War I. He could let the conference drag on an endless length by the exercise of sheer obstinacy. "Economic Consequences" was written just after World War I. I'm giving fair warning to delete this paragraph. He had one illusion -- France; and one disillusion -- mankind, including Frenchmen, and his colleagues not least. The treaty would be altered and softened by time. About The Economic Consequences of the Peace. If only the President had not been so conscientious, if only he had not concealed from himself what he had been doing, even at the last moment he was in a position to have recovered lost ground and to have achieved some very considerable successes. It would mean a campaign in which the issues would be clouded by every sort of personal and party consideration, and who could say if right would triumph in a struggle which would certainly not be decided on its merits. Never had a philosopher held such weapons wherewith to bind the princes of this world. The enemy peoples trusted him to carry out the compact he had made with them; and the Allied peoples acknowledged him not as a victor only but almost as a prophet. Now it was that what I have called his theological or Presbyterian temperament became dangerous. The Economic Consequences of the Peace by Thorstein Veblen Political Science Quarterly, 35, pp. Thus day after day and week after week he allowed himself to be closeted, unsupported, unadvised, and alone, with men much sharper than himself, in situations of supreme difficulty, where he needed for success every description of resource, fertility, and knowledge. It is a type of which there are not now in England and Scotland such magnificent specimens as formerly; but this description, nevertheless, will give the ordinary Englishman the distinctest impression of the President. His principles for the peace can be expressed simply. Besides, it is impossible month after month, in intimate and ostensibly friendly converse between close associates, to be digging the toes in all the time. But more serious than this, he was not only insensitive to his surroundings in the external sense, he was not sensitive to his environment at all. Then began the weaving of that web of sophistry and Jesuitical exegesis that was finally to clothe with insincerity the language and substance of the whole treaty. A moment often arrives when substantial victory is yours if by some slight appearance of a concession you can save the face of the opposition or conciliate them by a restatement of your proposal helpful to them and not injurious to anything essential to yourself. And its population was adjusted to this state of affairs. The clue once found was illuminating. 10 Keynes, Consequences, 7. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” ― John Maynard Keynes, The Economic Consequences of the Peace This book is available for free download in a number of formats - including epub, pdf, azw, mobi and more. Hover through the fog and filthy air. Clemenceau gained a reputation for moderation with his colleagues in council by sometimes throwing over with an air of intellectual impartiality the more extreme proposals of his ministers; and much went through where the American and British critics were naturally a little ignorant of the true point at issue, or where too persistent criticism by France's allies put them in a position which they felt as invidious, of always appearing to take the enemy's part and to argue his case. Keynes attended the Versailles Conference as a delegate of the British Treasury and argued for a much more generous peace with Germany. Thus it came to pass that the President countermanded the George Washington, which, in a moment of well-founded rage, he had ordered to be in readiness to carry him from the treacherous halls of Paris back to the seat of his authority, where he could have felt himself again. Clemenceau was by far the most eminent member of the Council of Four, and he had taken the measure of his colleagues. The Economic Consequences of the Peace is Keynes' brilliant and prophetic analysis of the effects that the peace treaty would have both on Germany and, even more fatefully, the world. The paragraph "Post War Settlement" should not be in this article, since it appears to be describing World War II, not World War I. His fellow-plenipotentiaries were dummies; and even the trusted Colonel House, with vastly more knowledge of men and of Europe than the President, from whose sensitiveness the President's dullness had gained so much, fell into the background as time went on. This page was last edited on 14 April 2012, at 21:48. [1] But speech and passion were not lacking when they were wanted, and the sudden outburst of words, often followed by a fit of deep coughing from the chest, produced their impression rather by force and surprise than by persuasion. The Economic Consequences of the Peace, by 1. Instead of giving Danzig to Poland, the treaty establishes Danzig as a 'free' city, but includes this 'free' city within the Polish customs frontier, entrusts to Poland the control of the river and railway system, and provides that 'the Polish government shall undertake the conduct of the foreign relations of the free city of Danzig as well as the diplomatic protection of citizens of that city when abroad.'. What a place the President held in the hearts and hopes of the world when he sailed to us in the George Washington! He carried no papers and no portfolio, and was unattended by any personal secretary, though several French ministers and officials appropriate to the particular matter in hand would be present round him. These tactics were justified by the event. By John Maynard Keynes. Although compromises were now necessary, he remained a man of principle and the Fourteen Points a contract absolutely binding upon him. The first three describe how the economy works. Yet the causes were very ordinary and human. It was commonly believed at the commencement of the Paris conference that the President had thought out, with the aid of a large body of advisers, a comprehensive scheme not only for the League of Nations, but for the embodiment of the Fourteen Points in an actual treaty of peace. He not only had no proposals in detail, but he was in many respects, perhaps inevitably, ill-informed as to European conditions. As the President had thought nothing out, the Council was generally working on the basis of a French or British draft. A Keynesian believes that aggregate demand is influenced by a host of economic decisions—both public and private—and sometimes behaves erratically. One could not despise Clemenceau or dislike him, but only take a different view as to the nature of civilised man, or indulge, at least, a different hope. In the language of medical psychology, to suggest to the President that the treaty was an abandonment of his professions was to touch on the raw a Freudian complex. Chapters IV, V, and VI can be safely skipped entirely. He spoke seldom, leaving the initial statement of the French case to his ministers or officials; he closed his eyes often and sat back in his chair with an impassive face of parchment, his grey-gloved hands clasped in front of him. The President's attitude to his colleagues had now become: I want to meet you so far as I can; I see your difficulties and I should like to be able to agree to what you propose; but I can do nothing that is not just and right, and you must first of all show me that what you want does really fall within the words of the pronouncements which are binding on me. And not only was he ill-informed -- that was true of Mr Lloyd George also -- but his mind was slow and unadaptable. Whether you need an overview of The Economic Consequences of the Peace or a detailed summary of the book for a college project or just for fun, Readcentral.com brings you the book-wise summaries of The Economic Consequences of the Peace for free. His age, his character, his wit, and his appearance joined to give him objectivity and a defined outline in an environment of confusion. He had to take up, therefore, a persistent attitude of obstruction, criticism, and negation, if the draft was to become at all in line with his own ideas and purpose. John Maynard Keynes. But the League, even in an imperfect form, was permanent; it was the first commencement of a new principle in the government of the world; truth and justice in international relations could not be established in a few months -- they must be born in due course by the slow gestation of the League. And if he were defeated, would not the final peace be far worse than if he were to retain his prestige and endeavour to make it as good as the limiting conditions of European politics would allow him? But the President was set. But, apart from tactics, the French had a policy. Besides, any open rupture with his colleagues would certainly bring upon his head the blind passions of 'anti-German' resentment with which the public of all Allied countries were still inspired. We had indeed quite a wrong idea of the President. The Economic Consequences of the Peace, Keynes’s best-selling denunciation of the injustice, inexpediency and infeasibility of the economics clauses of the Versailles Peace Treaty, made Keynes a world-famous and highly controversial public intellectual. What had happened to the President? He was too conscientious. “The Economic Consequences of the Peace is almost certainly Keynes’s most accessible book which has been read for pleasure by non-economists as much as by economists themselves. Clemenceau had been clever enough to let it be seen that he would swallow the League at a price. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. In so far as the main economic lines of the treaty represent an intellectual idea, it is the idea of France and of Clemenceau. 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