[S5.5 E08] The Politics of Humiliation

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In his book, The Economic Consequences of the Peace, economist John Maynard Keynes warned against the humiliation of Germany at the end of World War I. Keynes argued that if you deal with Germany by humiliating it and draining it of any economic possibilities, keeping it lost underground as it were, there will be instability all across Europe and there will be social uprisings and all the rest of it. So what Keynes was predicting in a way was the sort of social instability that started to become very apparent almost immediately after the Versailles conference in 1923 when Hitler launched his coup attempt in the Munich beer Hall. And it was generally laughed at and said this was kind of a very amateurish operation and that therefore didn't go very far. And Hitler got arrested and was sentenced to jail for five years, but got out after five months. But nobody took this seriously. And this seems to me to be one of the lessons which comes from reading Keynes on The Economic Consequences of the Peace and living through the 20th Century that too many have not actually recognized the significance of this dimension to the conflicts which are going on around us.

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#war #peace #humiliation #capitalism