# Germany — The Economic Consequences of the Peace character guide > Germany in The Economic Consequences of the Peace by John Maynard Keynes. **Role:** major **Also known as:** herself, its **First appearance:** 0001-the-economic-consequences-of-the-peace ## Snapshot Defeated industrial giant whose collapse Keynes treats as the hinge on which all of Europe's fragile, interdependent economy now swings. ## Who they are Germany enters the book already prostrate — its people accused of overturning the foundations on which everyone lived, yet also bound to France, Italy, and Austria by what Keynes calls hidden psychic and economic bonds. The treaty's terms threaten to complete a ruin Germany began, and Keynes insists the victors cannot destroy their victim without inviting their own. Everything in the early chapters converges on whether this nation will be allowed to work and feed itself again. ## Relationships ### [The Allies](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_allies) _rivalry_ Germany and the Allies are locked in a post-war adversarial relationship, with the Allies imposing harsh terms and Germany resisting them. ### [The Reparation Commission](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_reparation_commission) _rivalry_ Germany is in a hostile, antagonistic relationship with the Reparation Commission, which demands crushing reparations payments. ### [The French](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_french) _rivalry_ Germany and France are bitter enemies, with France seeking revenge and security at Germany's expense. ### [Clemenceau](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/clemenceau) _rivalry_ Clemenceau is Germany's most implacable foe, demanding harsh punishment and permanent weakening. ### [The Germans](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_germans) _family_ Germany and the Germans are a collective identity, with the nation representing its people's suffering and defiance. ### [Sir Eric Geddes](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/sir_eric_geddes) _rivalry_ Sir Eric Geddes, a British delegate, is a harsh antagonist to Germany, famously demanding 'squeezing the German lemon until the pips squeak.' ### [The Allies](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_allies) _rivalry_ Germany and the Allies are locked in a post-war adversarial relationship, with the Allies imposing harsh terms and Germany resisting them. ### [The French](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_french) _rivalry_ Germany and France are bitter enemies, with France seeking revenge and security at Germany's expense. ### [The Reparation Commission](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_reparation_commission) _rivalry_ Germany is in a hostile, antagonistic relationship with the Reparation Commission, which demands crushing reparations payments. ### [The Germans](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_germans) _family_ Germany and the Germans are a collective identity, with the nation representing its people's suffering and defiance. ### [The Allies](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_allies) _rivalry_ Germany and the Allies are locked in a post-war adversarial relationship, with the Allies imposing harsh terms and Germany resisting them. ### [The Reparation Commission](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/the_reparation_commission) _rivalry_ Germany is in a hostile, antagonistic relationship with the Reparation Commission, which demands crushing reparations payments. ## In the story ### [The Economic Consequences of the Peace](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/the-economic-consequences-of-the-peace) Central subject of the treaty's punitive measures, facing economic ruin and starvation. ### [I: Introductory](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/i-introductory) Germany is described as having overturned the foundations of European life, and now lies prostrate, its exhaustion evident to financial representatives. ### [Europe Before the War](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/ii-europe-before-the-war) Central industrial power whose population growth and economic transformation made it the pivot of European trade and capital. ### [Population](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/i-population) Germany's population grew from 40 million in 1870 to 68 million by 1914, requiring a transformation into an industrial machine dependent on external factors. ### [Organization](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/ii-organization) Central support of the European economic system; its coal output grew dramatically from 30 million tons in 1871 to 190 million tons in 1913; best customer of many neighbors and largest source of supply to many; invested heavily in Eastern Europe. ### [Organization](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/ii-organization) Germany was Russia's best customer and largest source of supply; Germany invested heavily in Russia. ### [Organization](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/ii-organization) Germany was Austria-Hungary's best customer and largest source of supply; Germany invested in the region. ### [IV: The Relation of the Old World to the New](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/iv-the-relation-of-the-old-world-to-the-new) Part of Central Europe whose food supply from Russia and Romania is noted as a favorable factor before the war. ### [IV: The Treaty](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/iv-the-treaty) Accepted the Fourteen Points and surrendered on agreed terms, but was subjected to punitive economic and territorial clauses. ### [V: Reparation](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/v-reparation) Subject of reparation demands; its capacity to pay is questioned. ### [Undertakings Given Prior to the Peace Negotiations](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/i-undertakings-given-prior-to-the-peace-negotiations) Germany accepted the Armistice based on the Fourteen Points and the Allied note, limiting its reparation liability. ### [The Conference and the Terms of the Treaty](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/ii-the-conference-and-the-terms-of-the-treaty) Subjected to inflated reparation demands and a Treaty that Keynes argues is economically unworkable. ### [Germany's Capacity to Pay](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/iii-germany-s-capacity-to-pay) Subject of analysis; its pre-war trade, lost assets, and reduced capacity to pay are examined. ### [The Reparation Commission](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/iv-the-reparation-commission) Subject to the Reparation Commission's authority; described as a bankrupt estate administered by creditors. ### [V: The German Counterproposals](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/v-the-german-counterproposals) Germany is the subject of the counterproposals, offering a conditional $25,000,000,000 settlement. ### [VI: Europe After the Treaty](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/vi-europe-after-the-treaty) Germany is discussed as an industrial state dependent on imports, now facing destruction of industry and inability to feed its population due to treaty terms. ### [VII: Remedies](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/vii-remedies) Germany is referenced as the debtor expected to pay reparations, with Keynes questioning its capacity. ### [Endnotes](https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/chapters/endnotes) Subject of reparation demands, occupation costs, and surrender of merchant marine. ## Links - HTML: https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters/germany - Book: https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se - All characters: https://www.betterreads.dev/discover/the_economic_consequences_of_the_peace_se/characters