The Treaty of Versailles — 100 Years Later

“German reparations received too much attention in the aftermath of the war. This was due in large part to John Maynard Keynes and his highly influential book The Economic Consequences of the Peace. Keynes’s entire analysis of the reparations problem was fatally flawed, for it was based on a mercantilist theory called the transfer problem. Economic science shows that the transfer problem does not exist.1 Keynes’s mercantilist analysis of the reparations problem incited the Germans, and has misled economists and historians ever since.”

A Lesson for the Future

“The First World War and the Paris Peace Conference led to Nazism in Germany, fascism in Italy, militarism in Japan, extremism in the Middle East, and communism in Russia, China, Korea, and Vietnam. What must be learned from the war and peace settlement? Here is the most important lesson: the free market economy is the only way to lasting world peace.”

https://mises.org/wire/treaty-versailles-%E2%80%94-100-years-later

SEE:

World War I as Fulfillment: Power and the Intellectuals

 

The anti-Christian economics of John Maynard Keynes

 

“Keynes was the extraordinarily pernicious and malignant figure…”-Rothbard

 

The disaster of and brainwashing from economic ignorance [ Keynesian mathematics that treats people as cattle] vs. human action [Austrian economics]