Publication Date


Document Type

Working Paper


Professor John Hall

Journal of Economic Literature Classification Codes

B1, B22, B31

Key Words

Fascism, Great Depression, John Maynard Keynes, Paris Peace Conference, Treaty of Versailles


This inquiry seeks to establish that a host of problems could have been averted had we paid attention to Keynes. In the view of Keynes (2013, pp. 23-28), the Versailles Treaty was unnecessarily punitive towards Germany. He explains that the terms negotiated during the Paris Peace Conference were at odds with the agreement that took place during the Armistice when both sides decided to lay down their weapons and end fruitless battling. Consequently, following the Wall Street Crash of 1929, Germany registered as one of the most nations most tragically affected by the Great Depression. This is partially because of what Keynes (2013, pp. 23-30) foresaw through the Treaty of Versailles. He believed Germany would be in an extremely vulnerable position because of the extensive reparation costs. With high inflation and other signs of instability, Germany was left unprotected and no other nation proved willing to assist, leaving space for the far-right parties to make their way into power.


© Saidhbhe Quigley

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