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← Keynes Was Right
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Question
What was the central economic argument Keynes made about the Versailles reparations in *The Economic Consequences of the Peace*?
1
Germany had the economic capacity to pay but lacked the political will; the Allies should have imposed strict enforcement mechanisms
2
The reparations figure was multiples of what Germany could sustainably transfer, and the transfer mechanism (exports) was blocked by Allied protectionism
3
Reparations should have been paid in kind (goods and equipment) rather than cash, which Germany could not access
4
The correct figure was approximately one-third of what was demanded, which Germany could have paid over 20 years
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