Étienne Mantoux

Who was Étienne Mantoux?

Étienne Mantoux was a French economist, born in Paris. He was the son of Paul Mantoux. 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' beliefs about the consequences of the Treaty of Versailles for Germany as expressed in The Economic Consequences of the Peace were wrong.

In opposition to Keynes he held that justice demanded that Germany should have paid for the whole damage caused by World War I, 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. 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.