HISTORY
WORLD WAR I AND THE RUSSIAN REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Germany should just print money in order to pay reparations.
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The British should give up all of its colonies.
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The peace treaty was too harsh and would limit economic growth.
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Countries should raise tariffs and stop trading with each other.
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Detailed explanation-1: -Keynes’s main charge against the negotiators at Versailles was that they did not understand the importance of the “economic problems of Europe” and, instead, got lost in politics and politicking. They did not know economics, and thus the reparations imposed on Germany had no scientific basis.
Detailed explanation-2: -As part of the British delegation to the Versailles Peace Conference after WW1 Keynes had detailed knowledge of the debates about reparations which were demanded of Germany. He believed the demands on defeated Germany were too harsh and he resigned his government position and wrote this book explaining his reasons.
Detailed explanation-3: -He felt that inductive reasoning provided the general premises upon which deduction had to be based and that deduction resulted in generalizations or laws which then had to be tested by inductive procedures. Keynes outlived his son, economist John Maynard Keynes, by three years.
Detailed explanation-4: -The Economic Consequences of the Peace (1919) is a book written and published by the British economist John Maynard Keynes.