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Keynes's <i>Economic Consequences of the Peace</i> after 100 Years
  • Keynes's Economic Consequences of the Peace after 100 Years
  • Polemics and Policy
  • Edited by Patricia Clavin, Giancarlo Corsetti, Maurice Obstfeld, Adam Tooze
  • Coming soon
  • Expected online publication date: October 2023
  • Print publication: 31 October 2023
  • View description
    The Economic Consequences of the Peace is one of the most famous books in the history of economic thought. It is also one of the most polemical. Published as a response to what Keynes saw as the grave errors of the Treaty of Versailles, the book predicted that war reparations and other harsh terms imposed on Germany would lead to its collapse, which in turn would lead to devastating consequences for Europe and the wider world. Predictions that we now know to have been all too accurate. Keynes's Economic Consequences of the Peace after 100 Years brings together an international team of experts to assess the legacy of Keynes's best-selling work. It compiles a series of wide-ranging chapters, exploring the varied influence of his ideas and policy contributions. Written in an accessible style, it recovers the importance of this history and examines the continued relevance of Keynes's controversial book.
  • 15 - The Return of Depression Economics: Paul Krugman and the Twenty-First-Century Crisis of American Democracy
  • Edited by Richard Bourke, University of Cambridge, Quentin Skinner, Queen Mary University of London
  • Book: History in the Humanities and Social Sciences
  • Published online: 08 December 2022
  • Print publication: 22 December 2022, pp 354-378
  • View extract

    Summary

    Paul Krugman is one of the most influential commentators in twenty-first-century America. His authority rests on his status as a Nobel prize-winning economist, but his appeal to millions of American readers derives from his ability to narrate the crises of contemporary American liberalism as dramatic history. By his own account Krugman as a young person was fascinated by the idea of a total social science inspired by the science fiction of Isaac Asimov. As he discovered as a College student in the early 1970s that synthesis of historical and social knowledge does not exist. Krugman became an economist out of disappointment with history. That disappointment was both intellectual – history’s failure to provide succinct causal explanations - and political – history’s tendency towards overdetermined fatalism as opposed to pragmatic simplification. It might be said that in his writings as a public intellectual Krugman has been reaching for the overview that eluded him as a young man. Economics, politics and history mingle freely in his work. This, however, has not led to a stable synthesis. As Krugman has become more deeply engaged in politics, it is the framing assumptions of his economics, the neoclassical synthesis forged at MIT after World War II, that have been put in question.

  • Introduction to Part III
  • from Part III - The Moral Economy of War and Peace
  • Edited by Michael Geyer, University of Chicago, Adam Tooze, Yale University, Connecticut
  • Book: The Cambridge History of the Second World War
  • Published online: 05 June 2015
  • Print publication: 23 April 2015, pp 414-421
  • View abstract

    Summary

    The Second World War marks the transition to a new mode of warfare, one in which scientific and technical knowledge transformed the fighting of war. Most historical studies have focused on the outputs of national R&D systems and asked what made them succeed or fail. Instead, this chapter highlights the global character of these developments and their disrespect for the temporal end of the war. It explores national innovation systems as individual experiments within a larger landscape of war-relevant R&D. Second World War research crystallized a societal configuration that had been forming since the second industrial revolution. Knowledge and its bearers were understood as the key agents of change in the new social order. The theorists of knowledge economies were looking at post-1945 America, which meant they were observing that setting where the fullest effects of wartime R&D mobilization carried forward into the post-war order.
  • 1 - The economics of the war with Nazi Germany
  • from Part I - Political Economy
  • Edited by Michael Geyer, University of Chicago, Adam Tooze, Yale University, Connecticut
  • Book: The Cambridge History of the Second World War
  • Published online: 05 June 2015
  • Print publication: 23 April 2015, pp 27-55
  • View extract

    Summary

    This chapter explores how the major powers of Europe and the USA mobilized their economies when war came in 1939, and how at the end of the Second World War they once again wrestled with the problem of how to restore economic peace. Viewed in terms of strictly economic metrics it is conventional to draw a sharp line in 1945 separating the troubled interwar era from the 'post-war' era of triumphant growth. In terms of economic success the difference is undeniable. But the moniker of 'post-war' is seriously misleading when applied to the 1950s, a period of intense military confrontation in the early Cold War and violent decolonization struggles. Alongside the famous welfare state initiatives of the 1940s, the warfare states that had first taken shape in the First World War were more entrenched than ever. Recognizing this casts new light on the nature of the 'post-war' international economic order.
The Cambridge History of the Second World War
  • The Cambridge History of the Second World War
  • Volume 3, Total War: Economy, Society and Culture
  • Edited by Michael Geyer, Adam Tooze
  • Published online: 05 June 2015
  • Print publication: 23 April 2015
  • View description
    The conflict that ended in 1945 is often described as a 'total war', unprecedented in both scale and character. Volume 3 of The Cambridge History of the Second World War adopts a transnational approach to offer a comprehensive and global analysis of the war as an economic, social and cultural event. Across twenty-eight chapters and four key parts, the volume addresses complex themes such as the political economy of industrial war, the social practices of war, the moral economy of war and peace and the repercussions of catastrophic destruction. A team of nearly thirty leading historians together show how entire nations mobilized their economies and populations in the face of unimaginable violence, and how they dealt with the subsequent losses that followed. The volume concludes by considering the lasting impact of the conflict and the memory of war across different cultures of commemoration.
  • 14 - The war of the villages
  • from Part II - The Social Practice of Peoples’ War, 1939–1945
  • Edited by Michael Geyer, University of Chicago, Adam Tooze, Yale University, Connecticut
  • Book: The Cambridge History of the Second World War
  • Published online: 05 June 2015
  • Print publication: 23 April 2015, pp 385-412
  • View abstract

    Summary

    This chapter on seaborne transport in the Second World War pursues four thematic lines of development. First, in accordance with the scope of the conflict, it places the history of transport on a global and often globally interlocked scale. Second, to capture the distinctive challenges of the Second World War, the chapter compares the two world war experiences. Third, while the story of the maritime Allied nations dominates, it comprehends Axis cross-sea traffic. Finally, the chapter places the experience of the war within a broader temporal perspective which looks back to pre-war maritime infrastructures of knowledge, expertise, networks and installations and forward to the post-war maritime consequences of five years of global war at sea. Two matters cloud any discussion of global transport in the Second World War. One is the ultimate victory of the Allies. The other is the cornucopia of statistics trumpeted in nearly all the histories of that triumph.

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