The Economic Consequences of the Peace — John Shaqi
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
due to Germany on private account need not be paid over, but can be held
against the various liabilities of the German Government.[24] The
effective operation of these Articles is guaranteed by the delivery of
deeds, titles, and information.[25] In the fourth place, pre-war
contracts between Allied and German nationals may be canceled or revived
at the option of the former, so that all such contracts which are in
Germany's favor will be canceled, while, on the other hand, she will be
compelled to fulfil those which are to her disadvantage.
(_b_) So far we have been concerned with German property within Allied
jurisdiction. The next provision is aimed at the elimination of German
interests in the territory of her neighbors and former allies, and of
certain other countries. Under Article 260 of the Financial Clauses it
is provided that the Reparation Commission may, within one year of the
coming into force of the Treaty, demand that the German Government
expropriate its nationals and deliver to the Reparation Commission "any
rights and interests of German nationals in any public utility
undertaking or in any concession[26] operating in Russia, China, Turkey,
Austria, Hungary, and Bulgaria, or in the possessions or dependencies of
these States, or in any territory formerly belonging to Germany or her
allies, to be ceded by Germany or her allies to any Power or to be
administered by a Mandatory under the present Treaty." This is a
comprehensive description, overlapping in part the provisions dealt with
under (_a_) above, but including, it should be noted, the new States and
territories carved out of the former Russian, Austro-Hungarian, and
Turkish Empires. Thus Germany's influence is eliminated and her capital
confiscated in all those neighboring countries to which she might
naturally look for her future livelihood, and for an outlet for her
energy, enterprise, and technical skill.
The execution of this program in detail will throw on the Reparation
Commission a peculiar task, as it will become possessor of a great
number of rights and interests over a vast territory owing dubious
obedience, disordered by war, disruption, and Bolshevism. The division
of the spoils between the victors will also provide employment for a
powerful office, whose doorsteps the greedy adventurers and jealous
concession-hunters of twenty or thirty nations will crowd and defile.
Public-domain text, read in full here on John Shaqi.
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