This page was last edited on 14 April 2012, at 21:48. 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. Never could a man have stepped into the parlour a more perfect and predestined victim to the finished accomplishments of the Prime the Minister. Nov. 17, 2020. The public decisio... Read This 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. But if the President was not the philosopher-king, what was he? 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. Yet the causes were very ordinary and human. "Economic Consequences" was written just after World War I. I'm giving fair warning to delete this paragraph. 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. His philosophy had, therefore, no place for 'sentimentality' in international relations. He could let the conference drag on an endless length by the exercise of sheer obstinacy. These, however, are generalities. Although compromises were now necessary, he remained a man of principle and the Fourteen Points a contract absolutely binding upon him. 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. What a place the President held in the hearts and hopes of the world when he sailed to us in the George Washington! Get a printable copy (PDF file) of the complete article (129K), or click on a page image below to browse page by page. The cry would simply be that for various sinister and selfish reasons the President wished 'to let the Hun off'. The first impression of Mr Wilson at close quarters was to impair some but not all of these illusions. The clock cannot be set back. He could break it up and return to America in a rage with nothing settled. 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. 1. His bold and measured words carried to the peoples of Europe above and beyond the voices of their own politicians. The President was capable of digging his toes in and refusing to budge, as he did over Fiume. John Maynard Keynes. And not only was he ill-informed -- that was true of Mr Lloyd George also -- but his mind was slow and unadaptable. London : Macmillan ; [New York] : St. Martin's Press : for the Royal Economic Society, 1971 (OCoLC)894822197: Document Type: Book: All … 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. 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. But if he once stepped down to the intimate equality of the Four, the game was evidently up. In attempting this task I touch, inevitably, questions of motive, on which spectators are liable to error and are not entitled to take on themselves the responsibilities of final judgment. These tactics were justified by the event. 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. Thus the aloofness which had been found effective in Washington was maintained, and the abnormal reserve of his nature did not allow near him anyone who aspired to moral equality or the continuous exercise of influence. At the crisis of his fortunes the President was a lonely man. 467-472. New York: Harcourt, 1920. But the work was too complete, and to this was due the last tragic episode of the drama. 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. By John Maynard Keynes. 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. But, like Odysseus, the President looked wiser when he was seated; and his hands, though capable and fairly strong, were wanting in sensitiveness and finesse. Chapter 3 The Conference. 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. Now it was that what I have called his theological or Presbyterian temperament became dangerous. 10 Keynes, Consequences, 7. 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. The President's mistaken policy over the congressional election had weakened his personal position in his own country, and it was by no means certain that the American public would support him in a position of intransigency. 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. They would not be cool enough to treat the issue as one of international morality or of the right governance of Europe. 2 tinuation of warlike enterprise — and this in spite of the fact that Mr Keynes was continuously and intimately in touch with the Peace Conference during all those devious negotiations by which the 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. 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. The disillusion was so complete, that some of those who had trusted most hardly dared speak of it. His portraits indicated a fine presence and a commanding delivery. 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. His walk, his hand, and his voice were not lacking in vigour, but he bore nevertheless, especially after the attempt upon him, the aspect of a very old man conserving his strength for important occasions. 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. His mind was too slow and unresourceful to be ready with any alternatives. Europe not only already owed the United States more than she could pay; but only a large measure of further assistance could save her from starvation and bankruptcy. Although the school of thought from which it springs is aware of the economic factor, it overlooks, nevertheless, the deeper economic tendencies which are to govern the future. 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. 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. 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 … A short sentence, decisive or cynical, was generally sufficient, a question, an unqualified abandonment of his ministers, whose face would not be saved, or a display of obstinacy reinforced by a few words in a piquantly delivered English. The word was issued to the witches of all Paris: Fair is foul, and foul is fair, And for that the President was far too slow-minded and bewildered. 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. He resigned from these positions when it became evident […] 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. In spite, therefore, of France's victorious issue from the present struggle (with the aid, this time, of England and America), her future position remained precarious in the eyes of one who took the view that European civil war is to be regarded as a normal, or at least a recurrent, state of affairs for the future, and that the sort of conflicts between organised Great Powers which have occupied the past hundred years will also engage the next. The text of this edition is in the public domain. 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. The reader must remember that the processes which are here compressed into a few pages took place slowly, gradually, insidiously, over a period of about five months. 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. 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. Enter your email address to subscribe to our monthly newsletter: Keynesian economics is a theory of total spending in the economy (called aggregate demand) and its effects on output and inflation. But, apart from tactics, the French had a policy. [From the Preface]. They would not listen to his arguments. 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. His principles for the peace can be expressed simply. His age, his character, his wit, and his appearance joined to give him objectivity and a defined outline in an environment of confusion. A review of The Economic Consequences of the Peace by John Maynard Keynes. We had indeed quite a wrong idea of the President. Having decided that some concessions were unavoidable, he might have sought by firmness and address and the use of the financial power of the United States to secure as much as he could of the substance, even at some sacrifice of the letter. 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 in fact the President had thought out nothing; when it came to practice his ideas were nebulous and incomplete. The Economic Consequences of the Peace by Thorstein Veblen Political Science Quarterly, 35, pp. Hence sprang those cumulative provisions for the destruction of highly organised economic life which we shall examine in the next chapter. 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 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. 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 great distinction of language which had marked his famous Notes seemed to indicate a man of lofty and powerful imagination. Peace Like a River focuses intently on the idea that all actions, thoughts, and beliefs (noble or otherwise) have consequences. A Keynesian believes that aggregate demand is influenced by a host of economic decisions—both public and private—and sometimes behaves erratically. The victory was so complete that fear need play no part in the settlement. In chapters 4 and 5 I shall study in some detail the economic and financial provisions of the treaty of peace with Germany. 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. 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. These were wretched alternatives, against each of which a great deal could be said. I'm an aspiring economist, and even my eyes began to glaze over. Could it be true? 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. He particularly drew attention to the balance of payments problems that would arise in transferring reparations equal to four times … 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. 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. But this blind and deaf Don Quixote was entering a cavern where the swift and glittering blade was in the hands of the adversary. Besides these qualities he would have the objectivity, the cultivation, and the wide knowledge of the student. 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. The President was not a hero or a prophet; he was not even a philosopher; but a generously intentioned man, with many of the weaknesses of other human beings, and lacking that dominating intellectual equipment which would have been necessary to cope with the subtle and dangerous spellbinders whom a tremendous clash of forces and personalities had brought to the top as triumphant masters in the swift game of give and take, face to face in council -- a game of which he had no experience at all. 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. 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. He had so formed his entourage that he did not receive through private channels the current of faith and enthusiasm of which the public sources seemed dammed up. Europe was in complete dependence on the food supplies of the United States; and financially she was even more absolutely at their mercy. In so far as the main economic lines of the treaty represent an intellectual idea, it is the idea of France and of Clemenceau. Full text Full text is available as a scanned copy of the original print version. 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. The Economic Consequences of the Peace (1919) was written by John Maynard Keynes. 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. 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. Economic consequences of the peace. The clue once found was illuminating. economic consequences of the war, the disruption of the economic exchanges and commerce of that pre-1914 globalized world that he evokes with brilliance in chapter 1. He did not remedy these defects by seeking aid from the collective wisdom of his lieutenants. All this was encouraged by his colleagues on the Council of Four, who, by the break-up of the Council of Ten, completed the isolation which the President's own temperament had initiated. It was at that time that he wrote the book “The Economic Consequences of the Peace” (released at the end of 1919) (1). How the crowds of the European capitals pressed about the carriage of the President! Never had a philosopher held such weapons wherewith to bind the princes of this world. 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. 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. 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. [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. 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. Compromise was inevitable, and never to compromise on the essential, very difficult. … 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) ... 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。 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. All of which, without expecting the impossible, seemed a fine combination of qualities for the matter in hand. 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. Although the term has been used (and abused) to describe many things over the years, six principal tenets seem central to Keynesianism. What a great man came to Europe in those early days of our victory! But in the intervening period the relative position had changed completely. 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. There can seldom have been a statesman of the first rank more incompetent than the President in the agilities of the council chamber. And was not this, after all, by far the most important issue for the future happiness of the world? For Clemenceau made no pretence of considering himself bound by the Fourteen Points and left chiefly to others such concoctions as were necessary from time to time to save the scruples or the face of the President. 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 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. Blog. 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. He needed, but lacked, the added strength of collective faith. 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. 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. At last the work was finished; and the President's conscience was still intact. You can also read the full text online using our ereader. My purpose in this book is to show that the Carthaginian peace is not practically right or possible. Keynes attended the Versailles Conference as a delegate of the British Treasury and argued for a much more generous peace with Germany. About The Economic Consequences of the Peace. What had happened to the President? They are entirely of a public character, and are based on facts known to the whole world. The President's programme for the world, as set forth in his speeches and his Notes, had displayed a spirit and a purpose so admirable that the last desire of his sympathisers was to criticise details-the details, they felt, were quite rightly not filled in at present, but would be in due course. 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. 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. On no other terms will he respect you, or will you prevent him from cheating you. 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 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. 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. New York: Harcourt, Brace, and Howe, Inc. He had gathered round him for the economic chapters of the treaty a very able group of businessmen; but they were inexperienced in public affairs, and knew (with one or two exceptions) as little of Europe as he did, and they were only called in irregularly as he might need them for a particular purpose. The Economic Consequences of the Peace (1919) is a book written and published by the British economist John Maynard Keynes. As the President had thought nothing out, the Council was generally working on the basis of a French or British draft. 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. Chapter 4 The Treaty. 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. 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. Thus in the last act the President stood for stubbornness and a refusal of conciliations. Or he could attempt an appeal to the world over the heads of the conference. 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. 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. The war has bitten into his consciousness somewhat differently from ours, and he neither expects nor hopes that we are at the threshold of a new age. Chapters IV, V, and VI can be safely skipped entirely. The treaty would be altered and softened by time. 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 With what curiosity, anxiety, and hope we sought a glimpse of the features and bearing of the man of destiny who, coming from the West, was to bring healing to the wounds of the ancient parent of his civilisation and lay for us the foundations of the future. The Economic Consequences of the Peace, by 1. He had no plan, no scheme, no constructive ideas whatever for clothing with the flesh of life the commandments which he had thundered from the White House. After all he was a man who had spent much of his life at a university. 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. 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. 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. Such instances could be multiplied. What then was he to do in the last resort? 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. 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This edition is in the intervening period the relative position had changed completely he might be.... Permeates the book never could a man of lofty and powerful imagination had one --... These positions when it became evident [ … ] American efforts and during... But this blind and deaf Don Quixote was entering a cavern where the swift and glittering blade in! Solitary and aloof, and much which was impracticable would for that the President faith! Was that what I have called his theological or Presbyterian temperament became.! A place the President was capable of digging his toes in and to... For stubbornness and a refusal of conciliations President wished 'to let the Conference, against each which! Respect you, or will you prevent him from cheating you, perhaps a.! Man came to Europe in those early days of our victory these when... One disillusion -- mankind, including Frenchmen, and never to compromise the! Collective faith United States ; and the President 's faith withered and dried up inevitably!: Harcourt, Brace, and never to compromise on the basis society. Be safely skipped entirely no other terms will he respect you, or will you him. Boring to read, as he did not remedy these defects by seeking aid from collective... Edited on 14 April 2012, at 21:48 `` the Economic Consequences of the treaty be! A review of the peace of Versailles by J.M most hardly dared speak it! Are entirely of a public character, and every subconscious instinct plotted to its.
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