8vo. viii, 223, [1], 6pp. With half-title and a terminal publisher's catalogue. Original publisher's navy cloth, lettered in gilt. Without dustwrapper. A trifle rubbed, damp-staining to foot of boards, faded shelf -mark in correction fluid to spine. Slight marginal water-marking to preliminaries, else internally clean and crisp. Presentation copy, with embossed stamp to that effect to title.

The first edition of this remarkably prescient work of John Maynard Keynes (1883-1946), continuing on from his 1920 disquisition The Economic Consequences of the Peace, wherein the economist analyses the impact and of Treaty of Versailles and argues for a reduction in German reparations, foreseeing the hyperinflation which would debilitate the country in 1923.