Last Updated：2026/01/01
Sentence
To
be
sure,
the
Treaty
of
Versailles
was
not
a
Carthaginian
peace
as
many
contemporaries,
most
notably
John
Maynard
Keynes,
believed.
Germany
was
not
crippled
as
an
economic
power.
It
remained
the
most
populous
state
in
Europe,
its
industrial
potential
was
largely
intact,
and
with
the
demise
of
the
Habsburg,
Ottoman,
and
Russian
empires
Eastern
Europe
was
now
populated
by
small,
fragile
states.
While
on
the
surface
reparations
seemed
to
impose
a
huge
burden
on
Germany’s
public
finances,
Weimar’s
inflation
and
the
speculation
that
came
with
it
led
to
a
substantial
net
flow
of
capital
into
Germany.
Quizzes for review
To be sure, the Treaty of Versailles was not a Carthaginian peace as many contemporaries, most notably John Maynard Keynes, believed. Germany was not crippled as an economic power. It remained the most populous state in Europe, its industrial potential was largely intact, and with the demise of the Habsburg, Ottoman, and Russian empires Eastern Europe was now populated by small, fragile states. While on the surface reparations seemed to impose a huge burden on Germany’s public finances, Weimar’s inflation and the speculation that came with it led to a substantial net flow of capital into Germany.
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