Reparations Reconsidered: A Reminder

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Abstract
At a session of the December 1968 annual meeting of the American Historical Association, Professor Gerhard Weinberg Suggested during the discussion that the entire history of German reparations needs to be restudied. He further remarked that the key question is not how much but, rather, who paid. Professor Weinberg is of course right on both counts but perhaps a brief second look should also be given to the question of how much. Both the world in general and the historians in particular have tended to be mesmerized by the figure of 132 billion marks. The assumption has been that this sum, by definition outrageous, was brutally imposed at gunpoint upon a prostrate Germany by greedy and vengeful victors. The fact that the 1921 Schedule of Payments soon collapsed and was revised downward by the Dawes Plan is often presented as proof of the unreasonableness of die Allied powers and of their Schedule of Payments. It is not surprising diat world opinion has never penetrated the arcane mysteries of Reparations Commission prose, particularly since die public was meant to be fooled, but there is no excuse for the historians. The relevant documents, memoirs, and monographic studies have been available for thirty and forty years. A close examination of them clearly indicates that Germany was never in fact asked to pay anydiing remotely resembling 132 billion marks and that, in actuality, the London Schedule of Payments of May 1921 constituted a tremendous German victory.

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