KEYNES, John Maynard.

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The Economic Consequences of the Peace. First edition of the prescient study in international economics, the work which established Keynes's reputation as a political economist. In 1919, Keynes resigned as the Treasury's principal representative at the Paris Peace Conference in protest at the reparations demanded from Germany. In The Economic Consequences of the Peace, he emphasizes a magnanimous focus on economic recovery and strongly advocates the reintegration of Germany into the European economy. "The violence of the controversy aroused... is now difficult to appreciate. Even while they were being written many of his prophecies came true and, in the light of the subsequent history, the foresight of his conclusions would be uncanny did they not proceed so inevitably from his premises" (PMM). The result is "one of the most influential books of the twentieth century" (Skidelsky, p. 384). The similarities between the approach outlined in Economic Consequences, and that subsequently implemented in the Marshall Plan of 1947, have been well observed.

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