The President's advisers would press round him, a moment later the British experts would dribble across to learn the result or see that all was well, and next the French would be there, a little suspicious lest the others were arranging something behind them, until all the room were on their feet and conversation was general in both languages. Read Online. He resigned from these positions when it became evident […] The Old World was tough in wickedness anyhow; the Old World's heart of stone might blunt the sharpest blade of the bravest knight-errant. 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. What a great man came to Europe in those early days of our victory! We knew him to be solitary and aloof, and believed him very strong-willed and obstinate. But he had no other mode of defence, and it needed as a rule but little manoeuvring by his opponents to prevent matters from coming to such a head until it was too late. The President was like a nonconformist minister, perhaps a Presbyterian. Article. By 1914 the population of Germany was nearly seventy per cent in excess of that of France; she had become one of the first manufacturing and trading nations of the world; her technical skill and her means for the production of future wealth were unequalled. 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. The glory of the nation you love is a desirable end -- but generally to be obtained at your neighbour's expense. 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. After the Armistice of November 11th, 1918, terminating the World War I in the west front, John Maynard Keynes attended the Paris Peace Conference as a delegate of the British Treasury. His head and features were finely cut and exactly like his photographs, and the muscles of his neck and the carriage of his head were distinguished. Nations are real things, of whom you love one and feel for the rest indifference -- or hatred. The Economic Consequences of the Peace (1919) was a best seller throughout the world, published by John Maynard Keynes. He felt that the blaze of popularity which had greeted his arrival in Europe was already dimmed; the Paris Press jeered at him openly; his political opponents at home were taking advantage of his absence to create an atmosphere against him; England was cold, critical, and unresponsive. The Economic Consequences of the Peace (1919) was a best seller throughout the world, published by John Maynard Keynes. The victory was so complete that fear need play no part in the settlement. The subtlest sophisters and most hypocritical draftsmen were set to work, and produced many ingenious exercises which might have deceived for more than an hour a cleverer man than the President. The war had demonstrated that politics or at least the passions of nationalism trumped economic reasoning, and that is why politics, although Keynes may have lamented the Or he could attempt an appeal to the world over the heads of the conference. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. With all this he had attained and held with increasing authority the first position in a country where the arts of the politician are not neglected. Even after the loss of Alsace-Lorraine there was no great discrepancy between the real resources of the two countries. “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. New York: Harcourt, 1920. 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. 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. 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 The grounds of his objection to the Treaty, or rather to the whole policy of the Conference towards the economic problems of Europe, will appear in the following chapters. His arms and legs had been spliced by the surgeons to a certain posture, and they must be broken again before they could be altered. But in the intervening period the relative position had changed completely. 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. Never could a man have stepped into the parlour a more perfect and predestined victim to the finished accomplishments of the Prime the Minister. Never had a philosopher held such weapons wherewith to bind the princes of this world. We did not figure him as a man of detail, but the clearness with which he had taken hold of certain main ideas would, we thought, in combination with his tenacity, enable him to sweep through cobwebs. Keynes attended the Versailles Conference as a delegate of the British Treasury and argued for a much more generous peace with Germany. By loss of territory and other measures her population was to be curtailed; but chiefly the economic system, upon which she depended for her new strength, the vast fabric built upon iron, coal, and transport, must be destroyed. This book is available for free download in a number of formats - including epub, pdf, azw, mobi and more. One of the most important economic documents of the 20th century John Maynard Keynes, at the time a rising young economist, abruptly resigned his position as adviser to the British delegation negotiating the peace treaty ending World War I. His philosophy had, therefore, no place for 'sentimentality' in international relations. But if the President was not the philosopher-king, what was he? The news of the pearl travels fast through Kino's small village. The honest and intelligible purpose of French policy, to limit the population of Germany and weaken her economic system, is clothed, for the President's sake, in the august language of freedom and international equality. He particularly drew attention to the balance of payments problems that would arise in transferring reparations equal to four times … And in this drought the flower of the President's faith withered and dried up. 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. Victory would only have been possible to one who had always a sufficiently lively apprehension of the position as a whole to reserve his fire and know for certain the rare exact moments for decisive action. The Economic Consequences of the Peace (1919) was written by John Maynard Keynes. THE writer of this book was temporarily attached to the British Treasury during the war and was their official representative at the Paris Peace Conference up to June 7, 1919; he also sat as deputy for the Chancellor of the Exchequer on the Supreme Economic Council. At the Council of Four he wore a square-tailed coat of a very good, thick black broadcloth, and on his hands, which were never uncovered, grey suede gloves; his boots were of thick black leather, very good, but of a country style, and sometimes fastened in front, curiously, by a buckle instead of laces. After all, it was harder to de-bamboozle this old Presbyterian than it had been to bamboozle him; for the former involved his belief in and respect for himself. Keynes attended the Versailles Conference as a delegate of the British Treasury and argued for a much more generous peace. Chapter 3 The Conference. In chapters 4 and 5 I shall study in some detail the economic and financial provisions of the treaty of peace with Germany. 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. But it is doubtful how far he thought these characteristics peculiar to Germany, or whether his candid view of some other nations was fundamentally different. He could take the high line; he could practise obstinacy; he could write Notes from Sinai or Olympus; he could remain unapproachable in the White House or even in the Council of Ten and be safe. He not only had no proposals in detail, but he was in many respects, perhaps inevitably, ill-informed as to European conditions. To make assurance certain the President was coming himself to set the seal on his work. Where, therefore, British and American interests were not seriously involved their criticism grew slack, and some provisions were thus passed which the French themselves did not take very seriously, and for which the eleventh-hour decision to allow no discussion with the Germans removed the opportunity of remedy. Much in it which now seemed so vital would become trifling, and much which was impracticable would for that very reason never happen. The first glance at the President suggested not only that, whatever else he might be, his temperament was not primarily that of the student or the scholar, but that he had not much even of that culture of the world which marks M. Clemenceau and Mr Balfour as exquisitely cultivated gentlemen of their class and generation. The President was not equipped with this simple and usual artfulness. The politics of power are inevitable, and there is nothing very new to learn about this war or the end it was fought for; England had destroyed, as in each preceding century, a trade rival; a mighty chapter had been closed in the secular struggle between the glories of Germany and of France. They were also very risky, especially for a politician. Not infrequently Mr Lloyd George, after delivering a speech in English, would, during the period of its interpretation into French, cross the hearth-rug to the President to reinforce his case by some ad hominem argument in private conversation, or to sound the ground for a compromise -- and this would sometimes be the signal for a general upheaval and disorder. The clue once found was illuminating. The almost unanimous voice of the French and British Press could be anticipated. But, if ever the action of a single individual matters, the collapse of the President has been one of the decisive moral events of history; and I must make an attempt to explain it. About The Economic Consequences of the Peace. He allowed himself to be drugged by their atmosphere, to discuss on the basis of their plans and of their data, and to be led along their paths. In placing the river system of Germany under foreign control, the treaty speaks of declaring international those 'river systems which naturally provide more than one state with access to the sea, with or without transhipment from one vessel to another'. 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. Get a printable copy (PDF file) of the complete article (129K), or click on a page image below to browse page by page. The conditions seemed favourable beyond any expectation. 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. 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. It was a long theological struggle in which, after the rejection of many different arguments, the President finally capitulated before a masterpiece of the sophist's art. Although compromises were now necessary, he remained a man of principle and the Fourteen Points a contract absolutely binding upon him. By. 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. His thought and his temperament were essentially theological not intellectual, with all the strength and the weakness of that manner of thought, feeling, and expression. The clock cannot be set back. The grounds of his objection to the Treaty, or rather to the whole policy of the Conference towards the economic problems of Europe, will appear in the following chapters. To see the British Prime Minister watching the company, with six or seven senses not available to ordinary men, judging character, motive, and subconscious impulse, perceiving what each was thinking and even what each was going to say next, and compounding with telepathic instinct the argument or appeal best suited to the vanity, weakness, or self-interest of his immediate auditor, was to realise that the poor President would be playing blind man's buff in that party. THE ECONOMIC CONSEQUENCES OF THE PEACE, by JOHN MAYNARD KEYNES. Caught up in the toils of the Old World, he stood in great need of sympathy, of moral support, of the enthusiasm of masses. 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. But above all, if he were defeated, would he not lose the League of Nations? [From the Preface]. Full text Full text is available as a scanned copy of the original print version. Economic consequences of the peace. He had one illusion -- France; and one disillusion -- mankind, including Frenchmen, and his colleagues not least. By John Maynard Keynes. Europe was in complete dependence on the food supplies of the United States; and financially she was even more absolutely at their mercy. But the work was too complete, and to this was due the last tragic episode of the drama. Chapter 3: The Conference→ 41274 The Economic Consequences of the Peace — Chapter 2: Europe Before the War John Maynard Keynes Before 1870 different parts of the small continent of Europe had specialised in their own products; but, taken as a whole, it was substantially self-subsistent. But, apart from tactics, the French had a policy. ... 每当我捧起他的The Economic Consequences of the Peace，我都会觉得特别幸福，能读到他的书，即是幸福的一个理由。 认识凯恩斯的时候我十七岁。 The bad news: Most of the book is spectacularly boring to read, as Keynes deluges us with economic figures. To his horror, Mr Lloyd George, desiring at the last moment all the moderation he dared, discovered that he could not in five days persuade the President of error in what it had taken five months to prove to him to be just and right. 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. 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. Nov. 17, 2020. His mind was too slow and unresourceful to be ready with any alternatives. [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. (1920) The Peace of Versailles by J.M. Could it be true? DEddy 02:11, 3 May 2008 (UTC) The Political Consequences of the Peace Compromise was inevitable, and never to compromise on the essential, very difficult. Yet the causes were very ordinary and human. The public decisio... Read This Thus instead of saying that German Austria is prohibited from uniting with Germany except by leave of France (which would be inconsistent with the principle of self-determination), the treaty, with delicate draftsmanship, states that 'Germany acknowledges and will respect strictly the independence of Austria, within the frontiers which may be fixed in a treaty between that state and the principal Allied and Associated Powers; she agrees that this independence shall be inalienable, except with the consent of the council of the League of Nations', which sounds, but is not, quite different. And was not this, after all, by far the most important issue for the future happiness of the world? 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.'. THE writer of this book was temporarily attached to the British Treasury during the war and was their official representative at the Paris Peace Conference up to June 7, 1919; he also sat as deputy for the Chancellor of the Exchequer on the Supreme Economic Council. It was at that time that he wrote the book “The Economic Consequences of the Peace” (released at the end of 1919) (1). 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. … In many ways The Economic Consequences of the Peace is a stand-out volume in Keynes’s wider oeuvre.” (LSE Review of Books, blogs.lse.ac.uk, November 20, 2019) The German terror still overhung us, and even the sympathetic public was very cautious; the enemy must not be encouraged, our friends must be supported, this was not the time for discord or agitations, the President must be trusted to do his best. 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? I HAVE a vivid recollection of walking up Whitehall in the early summer of 1919, when we were all tired of reading the tiny daily increments of news and views in the papers concerning the proceedings at Versailles, and getting confirmation of the rumor that the … Hence the necessity of 'guarantees'; and each guarantee that was taken, by increasing irritation and thus the probability of a subsequent revanche by Germany, made necessary yet further provisions to crush. Thus, as soon as this view of the world is adopted and the other discarded, a demand for a Carthaginian peace is inevitable, to the full extent of the momentary power to impose it. The first three describe how the economy works. It happens, however, that it is not only an ideal question that is at issue. As the President had thought nothing out, the Council was generally working on the basis of a French or British draft. I'm an aspiring economist, and even my eyes began to glaze over. American efforts and motives during the peace process permeates the book. There can seldom have been a statesman of the first rank more incompetent than the President in the agilities of the council chamber. Immediately download the The Economic Consequences of the Peace summary, chapter-by-chapter analysis, book notes, essays, quotes, character descriptions, lesson plans, and more - everything you need for studying or teaching The Economic Consequences of the Peace. 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 figure and bearing of Clemenceau are universally familiar. In November 1918 the armies of Foch and the words of Wilson had brought us sudden escape from what was swallowing up all we cared for. The enemy had laid down his arms in reliance on a solemn compact as to the general character of the peace, the terms of which seemed to assure a settlement of justice and magnanimity and a fair hope for a restoration of the broken current of life. The paragraph "Post War Settlement" should not be in this article, since it appears to be describing World War II, not World War I. Prudence required some measure of lip service to the 'ideals' of foolish Americans and hypocritical Englishmen; but it would be stupid to believe that there is much room in the world, as it really is, for such affairs as the League of Nations, or any sense in the principle of self-determination except as an ingenious formula for rearranging the balance of power in one's own interests. Keynes, Author of "The Economic Consequences of The Peace" in Everybody's Magazine, September, pp. Thus, if he threw down the gage publicly he might be defeated. 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. For a peace of magnanimity or of fair and equal treatment, based on such 'ideology' as the Fourteen Points of the President, could only have the effect of shortening the interval of Germany's recovery and hastening the day when she will once again hurl at France her greater numbers and her superior resources and technical skill. But the President was not capable of so clear an understanding with himself as this implied. 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. New York: Harcourt, Brace, and Howe, Inc. 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. The Economic Consequences of the Peace is now reissued by Keynes’ publisher of choice with a new introduction from Michael Cox, one of the major figures in the field of International Relations today. His age, his character, his wit, and his appearance joined to give him objectivity and a defined outline in an environment of confusion. The local priest learns, as well as the doctor who refused to treat Coyotito.When the doctor learns, he tells the patient that he is treating that he must treat Coyotito for a scorpion sting. What had happened to the President? London: Macmillan, 1919. But this blind and deaf Don Quixote was entering a cavern where the swift and glittering blade was in the hands of the adversary. By what legerdemain was this policy substituted for the Fourteen Points, and how did the President come to accept it? After all he was a man who had spent much of his life at a university. The cry would simply be that for various sinister and selfish reasons the President wished 'to let the Hun off'. Keynes constantly frets that perceived vengeance wrought unto the Germans only invites future destruction to the 8 John Maynard Keynes, The Economic Consequences of the Peace (Lanham: Start Classics, 2014), 55 - 56 9 Keynes, Consequences, 56. Thus it was that Clemenceau brought to success what had seemed to be, a few months before, the extraordinary and impossible proposal that the Germans should not be heard. You can also read the full text online using our ereader. Therefore you must never negotiate with a German or conciliate him; you must dictate to him. 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. He resigned from these positions when it became evident that hope could no longer be entertained of substantial modification in the draft Terms of Peace. According to this vision of the future, European history is to be a perpetual prize-fight, of which France has won this round, but of which this round is certainly not the last. 467-472. When President Wilson left Washington he enjoyed a prestige and a moral influence throughout the world unequalled in history. Besides these qualities he would have the objectivity, the cultivation, and the wide knowledge of the student. The disillusion was so complete, that some of those who had trusted most hardly dared speak of it. After a display of much principle and dignity in the early days of the Council of Ten, he discovered that there were certain very important points in the programme of his French, British or Italian colleague, as the case might be, of which he was incapable of securing the surrender by the methods of secret diplomacy. THE writer of this book was temporarily attached to the British Treasury during the war and was their official representative at the Paris Peace Conference up to June 7, 1919; he also sat as deputy for the Chancellor of the Exchequer on the Supreme Economic Council. In his The Economic Consequences of the Peace, published in December 1919, Keynes predicted that the stiff war reparations and other harsh terms … What weakness or what misfortune had led to so extraordinary, so unlooked-for a betrayal? But buried in the conference, stifled in the hot and poisoned atmosphere of Paris, no echo reached him from the outer world, and no throb of passion, sympathy, or encouragement from his silent constituents in all countries. The answer to these questions is difficult and depends on elements of character and psychology and on the subtle influence of surroundings, which are hard to detect and harder still to describe. Was the treaty really as bad as it seemed? Keynes, J.M. 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. 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. The Economic Consequences of the Peace by Thorstein Veblen Political Science Quarterly, 35, pp. 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. 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. Read by Graham McMillan. The President's slowness amongst the Europeans was noteworthy. 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. 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