This paper reviews "The Economic Consequences of the Peace" by John Maynard Keynes, written in the immediate economic aftermath of World War I.
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Paper Summary:
This paper explains that "The Economic Consequences of the Peace" is an important text for understanding Keynesian philosophy as viewed in an international, as well as a national perspective and to understand Keynes from the point of view of his early development as a economist. The author points out that these proposals were unique and radical solutions to the conventional assumption that the loser of a war must be economically ravaged in reparation for its ills. The paper relates that Keynes believed that the existence of the "Great War" debts was a menace to financial and political stability everywhere; therefore, the debt must be forgiven, contrary to conventional economic wisdom at this time.
From the Paper:
"Another key aspect of later Keynesian theory was the need for maintaining economic infrastructures, rather than breaking them in revenge, and that cash infusions in the short run reap dividends for all in the long run. Keynes always took a long term rather than a short-term view of economic policies. The current policies against Germany only satisfied short-term emotions, but could cause long-term economic destruction of a major power and thus injure the world."
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