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9 Libertarian Papers 1 (2017)

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LIBERTARIAN   PAPERS


            KEYNES AND THE FIRST WORLD WAR

            EDWARD W. FULLER AND ROBERT C. WHITTEN*


                                    War  has been the only means of really
                                improving  employment  that is respectable.
                                     -John  Maynard Keynes, Keynes's Lectures

                                     Peace  and not war is the father of all
                                     things... Peace builds, war destroys.
                                              -Ludwig  von Mises, Sodaksm



1. Introduction

      IN JANUARY   1919, after the unprecedented  bloodshed  of the First
World  War had  finally ceased, leaders of the allied governments congregated
at the Paris Peace Conference to restore world peace. The dwindling ranks of
classical liberals warned the allied governments that a just and durable peace
must  be based  on  the free market  economy   and genuine  national self-
determination. The allies embraced the rhetoric of classical liberalism, but
they ignored the substance. The allied governments used the peace treaties to
permanently  enshrine British and French imperial war gains. They created
new  nation-states by government  coercion, and established the League of
Nations to enforce the new status quo under the guise of collective security.


    *Edward W. Fuller, MBA, is a graduate of the Leavey School of Business at Santa
Clara University. Robert C. Whitten, PhD, is a retired research scientist for NASA and
the SETI Institute.
    CITATION INFORMATION FOR THIS ARTICLE:
    Edward W. Fuller and Robert C. Whitten. 2017. Keynes and the First World War.
Libertanan Papers. 9 (1): 1-37. ONLINE AT: libertarianpapers.org. THIS ARTICLE IS subject to
a Creative Commons Attribution 3.0 License (creativecommons.org/licenses).


1


VOL. 9, No. 1 (2017)

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