\. " . I (, ,' / t (. THE ECONOMIC CONSEQUENCES OF THE PEACE BY JOHN MAYNARD KEYNES, C.B. .ELLOW OF KING'S COLLEGE, CAMBRIDGE Bl 3898 NEW YORK HARCOURT, BRACE AND 234 . EUROPE AFTER THE TREATY . have already described the losses, by war and under the Armistice surrenders, to the transport system of Germany. But even so, 'Germany's position, taking account of her power of replace- . ment by manufacture, is probably not so serious _ as that of some...