Étienne Mantoux
Étienne Mantoux was a French
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

 economist and son of Paul Mantoux
Paul Mantoux
Paul Mantoux was a historian and has written about the industrial revolution in Great Britain.He was a Co-Founder of the Graduate Institute of International Studies and interpreter for Georges Clemenceau at the Paris Peace Conference in 1919.-Works:* La Révolution industrielle au XVIIIe siècle...

. He is probably best known for his book The Carthaginian Peace, or the Economic Consequences of Mr. Keynes published two years after it was completed and one year after his death. In it, he sought to demonstrate that much of John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...

' beliefs about the consequences for Germany of the Treaty of Versailles
Treaty of Versailles
The Treaty of Versailles was one of the peace treaties at the end of World War I. It ended the state of war between Germany and the Allied Powers. It was signed on 28 June 1919, exactly five years after the assassination of Archduke Franz Ferdinand. The other Central Powers on the German side of...

 as expressed in The Economic Consequences of the Peace
The Economic Consequences of the Peace
The Economic Consequences of the Peace is a book written and published by John Maynard Keynes. Keynes attended the Versailles Conference as a delegate of the British Treasury and argued for a much more generous peace. It was a bestseller throughout the world and was critical in establishing a...

were wrong.

In opposition to Keynes he held that justice demanded that Germany should pay for the whole damage caused by the war, and he set out to prove that many of Keynes' forecasts were not verified by subsequent events. For example, Keynes believed European output in iron would decrease but by 1929 iron output in Europe was up 10% from the 1913 figure. Keynes predicted that German iron and steel output would decrease but by 1927 steel output increased by 30% and iron output increased by 38% from 1913 (within the pre-war borders). Keynes also argued that German coal mining efficiency would decrease but labour efficiency by 1929 had increased on the 1913 figure by 30%. Keynes contended that Germany would be unable to export coal immediately after the Treaty but German net coal exports were 15 million tons within a year and by 1926 the tonnage exported reached 35 million. He also put forward the claim that German national savings in the years after the Treaty would be less than 2 billion marks: however in 1925 the German national savings figure was estimated at 6.4 billion marks and in 1927 7.6 billion marks. Keynes also believed that Germany would be unable to pay the 2 billion marks-plus in reparations for the next 30 years, but Mantoux contends that German rearmament spending was seven times as much as that figure in each year between 1933 and 1939.

Mantoux was killed in action eight days before Germany unconditionally surrendered on 7 May 1945 whilst fighting with the Free French Forces
Free French Forces
The Free French Forces were French partisans in World War II who decided to continue fighting against the forces of the Axis powers after the surrender of France and subsequent German occupation and, in the case of Vichy France, collaboration with the Germans.-Definition:In many sources, Free...

 in Bavaria
Bavaria, formally the Free State of Bavaria is a state of Germany, located in the southeast of Germany. With an area of , it is the largest state by area, forming almost 20% of the total land area of Germany...



  • "La Théorie générale de M. Keynes" par Etienne Mantoux, Revue d’économie politique, vol. 51, no 6, novembre-décembre 1937, pp. 1559-1590. Paris: Librairie Sirey, 1937.
  • The Carthaginian Peace, The Economic Consequences of Mr Keynes, Oxford University Press, 1946, xvii+210pp. (written in English)
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