The Economic Consequences of the Peace

The Economic Consequences of the Peace by John Maynard Keynes is a sharp critique of the Treaty of Versailles and the punitive settlement imposed after the First World War. Keynes argues that the peace terms ignored economic reality, endangered European recovery, and confused revenge with durable political order.

Readers interested in economics, modern history, diplomacy, and the aftermath of war will find The Economic Consequences of the Peace urgent and influential. Keynes writes as both analyst and witness, combining financial argument with portraits of the leaders who shaped the settlement. The book remains important because it shows how economic policy can become moral hazard, and how a badly designed peace may prepare the ground for future crisis.