"The Treaty includes no provisions for the economic rehabilitation of Europe, nothing to make the defeated Central Empires into good neighbours, nothing to stabilise the new States of Europe." This damning critique of one of history's best-known peace treaties by a little-known UK Treasury official keeps shaping popular understandings of the accord's legacy. John Maynard Keynes published The Economic Consequences of the Peace (1919) during the Paris Peace Conference, painting its chief outcome, the Treaty of Versailles, as not just flawed, but a harbinger of yet more conflict. The Carthaginian peace terms imposed on Germany, Keynes argued, augured revenge. But is this the full story? Were the treaty's consequences as dire as Keynes suggested, or has the economist's indictment, seemingly prophetic in retrospective terms, overshadowed key dynamics that played out during negotiations, but are now forgotten? To delve into this complex history, we are joined by two distinguished guests: historian Margaret MacMillan, the author of Peacemakers: The Paris Peace Conference of 1919 and Its Attempt to End War (2001), and veteran French diplomat and former guest on the podcast Gérard Araud, who is very familiar with the intricacies of such international negotiations and the author of Nous Étions Seuls (2023), a history of French diplomacy between both world wars. The episode explores the treaty's immediate and longer-term consequences, how it aimed to reshape Europe, and why it remains one of the most misunderstood agreements in modern history. Did the treaty plant the seeds of World War II, or has its popular critique left out some important context? As always, please rate and review Uncommon Decency on whatever platform you use, and send us your comments or questions either on Twitter at @UnDecencyPod or by email at [email protected]. Consider supporting the show through Patreon (https://www.patreon.com/undecencypod) to get access to the full episode, where we dive deeper into the intricate details of Versailles and its repercussions. Bibliography: The Economic Consequences of the Peace (1919), by John Maynard Keynes. Peacemakers: The Paris Peace Conference of 1919 and Its Attempt to End War (2001), by Margaret MacMillan. Nous étions seuls: une histoire diplomatique de la France 1919-1939 (2023), by Gérard Araud.