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nydus/The Economic Consequences of the PeacePublic

John Maynard Keynes, a former British Treasury representative at the Paris Peace Conference, outlines his objections to the economic policies established by the Treaty of Versailles. He argues that the terms of the peace agreement threaten the stability of the European economic organization and risk further damaging a system already weakened by war.

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Table of Contents

Reparation

more than half of the exports found their market in the countries of the Entente nations. Of the balance, 12 per cent went to Austria-Hungary, Turkey, and Bulgaria, and 35 per cent elsewhere. Unless, therefore, the present Allies are prepared to encourage the importation of German products, a substantial increase in total volume can only be effected by the wholesale swamping of neutral markets.

German Trade (1913) According to Destination and Origin
Destination of Germany's ExportsOrigin of Germany's Imports
Million DollarsPer centMillion DollarsPer cent
Great Britain359.6514.2219.008.1
India37.651.5135.205.0
Egypt10.850.429.601.1
Canada15.100.616.000.6
Australia22.100.974.002.8
South Africa11.700.517.400.6
Total: British Empire456.9518.1491.2018.2
France197.457.8146.655.4
Belgium137.755.586.153.2
Italy98.353.979.403.0
U. S. A.178.307.1427.8015.9
Russia220.008.7356.1513.2
Roumania35.001.419.950.7
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