[The Economic Consequences of the Peace by John Maynard Keynes]@TWC D-Link book
The Economic Consequences of the Peace

CHAPTER V
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But potash before the war represented 0.6 per cent of Germany's export trade, and about $15,000,000 in aggregate value.
Besides, France, having secured a potash field in the territory which has been restored to her, will not welcome a great stimulation of the German exports of this material.
An examination of the import list shows that 63.6 per cent are raw materials and food.

The chief items of the former class, namely, cotton, wool, copper, hides, iron-ore, furs, silk, rubber, and tin, could not be much reduced without reacting on the export trade, and might have to be increased if the export trade was to be increased.

Imports of food, namely, wheat, barley, coffee, eggs, rice, maize, and the like, present a different problem.

It is unlikely that, apart from certain comforts, the consumption of food by the German laboring classes before the war was in excess of what was required for maximum efficiency; indeed, it probably fell short of that amount.

Any substantial decrease in the imports of food would therefore react on the efficiency of the industrial population, and consequently on the volume of surplus exports which they could be forced to produce.


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