The Economic Consequences of the PeaceKeynes, John Maynard
History
The Economic Consequences of the Peace
Keynes, John Maynard
Economic history -- 1918-1945; Treaty of Versailles (1919 June 28); World War, 1914-1918 -- Economic aspects
If, in addition to this loan for the purchase of food and materials, a
guarantee fund were established up to an equal amount, namely
$1,000,000,000 (of which it would probably prove necessary to find only
a part in cash), to which all members of the League of Nations would
contribute according to their means, it might be practicable to base
upon it a general reorganization of the currency.
In this manner Europe might be equipped with the minimum amount of
liquid resources necessary to revive her hopes, to renew her economic
organization, and to enable her great intrinsic wealth to function for
the benefit of her workers. It is useless at the present time to
elaborate such schemes in further detail. A great change is necessary in
public opinion before the proposals of this chapter can enter the region
of practical politics, and we must await the progress of events as
patiently as we can.
4. _The Relations of Central Europe to Russia_
I have said very little of Russia in this book. The broad character of
the situation there needs no emphasis, and of the details we know almost
nothing authentic. But in a discussion as to how the economic situation
of Europe can be restored there are one or two aspects of the Russian
question which are vitally important.
From the military point of view an ultimate union of forces between
Russia and Germany is greatly feared in some quarters. This would be
much more likely to take place in the event of reactionary movements
being successful in each of the two countries, whereas an effective
unity of purpose between Lenin and the present essentially middle-class
Government of Germany is unthinkable. On the other hand, the same people
who fear such a union are even more afraid of the success of Bolshevism;
and yet they have to recognize that the only efficient forces for
fighting it are, inside Russia, the reactionaries, and, outside Russia,
the established forces of order and authority in Germany. Thus the
advocates of intervention in Russia, whether direct or indirect, are at
perpetual cross-purposes with themselves. They do not know what they
want; or, rather, they want what they cannot help seeing to be
incompatibles. This is one of the reasons why their policy is so
inconstant and so exceedingly futile.
Public-domain text, read in full here on John Shaqi.
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