 .   
  


   . .         ,   ..   ,          .     XX    1930- .,       .         ?          ?       -  .. ,        .





 

 .   



  .., 2011

  -, 2011


* * *








           ,       . ,   ,     ,          .

. [1 -     , 9  1928. (, . 2, . 485); , . 2, . 438439.]

        ,      ,    .

 [2 - Keynes J.M, p. 128.]

       .               .   1916.                 .    -          .                    .    ,      ,         .  ,   ,      ,      ,       .                 .

       ,            .     ,    ,       .  ,  ,   ,       .        ,   .         . . .     :             ![3 - Keynes J.M, p.34.]

     . .         ,     . .            [1 -        ⠖   ,        ,    .].       .       ,     .           [4 - , . 2, . 515].     ,  [2 - 78-           :   ,             . ,   , ,         14 .       頖  .                :               ,       . (Wilson W. Papers. V. LIV, p. 175178. ( ..  , . 369)). -          :  ,        ,   ,             , ,    ,       ,  ,     ,      ? ,             .     ,      .].

,   ,   .              New York Tribune:        ,                  [5 -  .ԅ, . 36.].

     :    ,        ,       .    ,     ,           ,     ,    ,        ,           .     ?..      .    ,         - , - .       ,       , , ,            [6 - Daily Mail, Paris, 14 February 1919 (, . 2, . 567)].  1919. .        [3 -         -   . .      1917.          ,         :      (    ),    ,      ..            . ,          . (    ,   ,  -   1917.)].

   ,    ,          ,    .      .







 ,    ,         .       ;   ,      .

              ,            ,      ,       軠   .         . :    ,       ,       .        ,       ,       [7 -   13  1918,     14  1918.; Gilbert M. The First World War. N.Y., 1994, p. 478 ( ..  , . 161)]. ,         .         . :  .    .         [8 - Dallas G. 1918. War and Peace. London: Pimlico, 2000, p. 85 ( ..  , . 188)].



 ,    ,   ,       [9 -   .  . . VI. , 1935, . 275.].      .         1918. ,   .   ,    .    ,     [10 - Prince Max of Baden. The Memoirs of Prince Max of Baden. V. I. N.Y., 1928, p. 20 ( ..  , . 185)].  ,        .


     ,           .       ,             .          .  ,       ,              [11 - , . 2, . 444446].   . :           ,     ,     .         ,   ,       ,          .           ,    [12 - Keynes J.M. The Economic cosequences of the Peace. Printed by R. & R. Clarc, Limited, Edinburg, p. 35.].

           .  .  :                   ,    ,   , [13 -  ݅. . 776]. - ,     ,       ,    .  :   ,           .              -   [14 -  ݅. . 603].

       :  ,    ,        ;        ,  ,               ,    .                                 ,               ,             ,  [15 -  ݅. . 622].

               ,       .  ,      ,         [16 -  ݅. . 789]. .      1918.:                  ,     ,       .                  ,    养[17 -   Å, . 1012.].

   ⠖          . -      ,   7         ,      .   ,     ,    . :                 ,         -[18 - Prince Max of Baden. The Memoires of Prince Max of Baden. V.II.N.Y., 1928, p. 319. ( ..  , . 220)]. -   ,       ,    ,       .

       . .      .   ,    ,  , , !.      .     II,       .        :      ,      [19 - Groener W. Lebenserinnerungen. Gottingen, 1957, s. 457462. ( ..  , . 220)].         .  .    -    . .   ,   ,   .      .

  :    ,  ,         .            .    ,                [20 -  ݅. . 790].   ,     .   :          ,  :              ,      ,    ,    ,       ,      ⅻ[21 -  ݅. . 791]

     ,       ,    . , ,      .   :             .     ,     ,       [22 -  ݅. . 771].

      :   ,          ,       .     :       ,   .    ,     .      :        ,     . :            .         [23 -  . .  , . 208].

     ,  ,   ,        .    :       .           .           .         .   . , . :     [24 - Mordacq J.-H. Le Ministere Cemenceau. Paris, 1930 . II, p. 344352 ( ..  , . 209210)].           ,      ,       ,       ,     .      11  1918.

    :   ,      ,   .       ,    .  ,      ,  3-  ,    :       [25 - Gilbert M. The First World War. N.Y., 1994, p. 503 ( ..  , . 167)].        :    .    [26 - Dallas G. War and Peace. London: Pimlico, 2000, p. 168.].     ,   .       ,  ,    .   :   ,    腻[27 - Knowlton A. Berlin after the Armistice. Chicago, 1919, p. 77 ( . .  , . 303)]

         1919.      - . :           .                           ,             [28 -  .  , . 209210].

      ,      ,     ,      .     :          [29 -  , . 190191].      -  , , ,                   ?                     ?[30 -  , . 190191]

   ,  . ,   .    ,  :  ,           ,     .      [31 - .,   22  1917. (, . 1, . 559).].

          . .  :         .       ,            . ,   ,      ,           ,   ,     .         ,           ;      ,        ,         [32 -  ..    . .: , 1924, . 2627. ( . ԅ, . 1112).].

,   . :     .       , , -,   ,     ,    -,       , -,       , -,      .      . ,                  [33 -  .     1919. .: , 1945, . 53. ( . ԅ, . 12).].

          :        :   ,     ,     ,     ,   ; , ,                 .   ,     ,   ,        [34 - Nitti F.S. Peaceless Europe. 1922, p. 114. ( . ԅ, . 1213).].

         . .  3  1919.    :            .    .     ,      .      . ,     ,         , , , -,     , -,    ,               .        [35 - Hansard. Vol. 113. H. of C. Deb. 5s, col. 84. ( . ԅ, . 13).].



.        :    .         ,   ,   ,      .  :     ,   ,    .    ,       [36 -  . .  , . 277].


  ,        1  1939.    :        ,   ,      .    ,  ,   [37 - Blue Book, Cmd. 6106, 1939, p. 162. ( . ԅ, . 13).].

 ,   .        [38 - Churchill W. The Second World War. London Pimlico. 2002. 1034 p., p. 7.].   19  1919.   ,         ,   1871.     [4 -   28      -,     .].




 


       ,   1820-       .  -  ,      , ,    .

. [39 - . . , . 263].

    .              ,   ,     [40 - Wilson W. War and Peace. Presidential Messages, Addresses and Public Papers (19171924). Ed. By R. Baker and W. D o dd. V.I.N.Y., 1970, p.165. ( ..  , . 54)].             .  :         .         :  ,    .           .    ,   ,       ,     ,      [41 - , . 2, . 458].       ,  ,    .   ,          [42 -     14 ,  1918. (, . 2, . 480)].

     [5 -   ,       ,  27 ,      ,     : ,   .].         ,               .       .  ,            , , ,     .       ,            ,    廅                   [43 - , . 2, . 458].

           ⠖   ,        ,          .

 ,            ,       .      ,            .         ,     . .    ,          ;  .            ,     [44 - Steed. Through Thirty Years, v. II, p. 282 (, . 2, . 557)].     ,           .

        .   : ,          .       ; , ,   ,    ,     ,         [45 - -, 4  1919. (, . 2, . 596597)].

   ,     ,   .         ,  ,    ,         .  .  :    ,      .    .    .    .     [46 -  .     -,  1919. ( ..  , . 514).].          :  ,         [47 -  ..  , . 456.].

  ,        .            .          .    19  1919. ,      ,          [48 -  ..  , . 516.].  .        ,     ,        [49 -  ..  , . 511.].

  .         ,       .           .       ,      .             .       .     ,    .

  , - .  :   ,   [50 - Dallas G. 1918. War and Peace. London: Pimlico, 2000, p. 85 ( . .  , . 188)].   ,   ,     .     ,  .       :   ,    ,    ,  ,             ,   [51 -  .ԅ, . 57.].

     .    ,    ,   ,         [52 - Churchill W, p. 8.].   . ,          [53 - Churchill W, p. 9.].

     .     :           ,         ,      ,       .      [54 -  .  , . 286.].     .       :        ,      ,          ,     ,   ,    [55 - -, 30  1918. (, . 2, . 447)].

            ,      .       . ,     ,               .     ,   1921.      .   ,      ,      1919. ,     ,      .

 1928.       ,                .            .       .      ,    ,  , ,    ,   [6 -  ,            ,   .  ,      (, , , , , ,   )     ,    .   ,   .  .    1930.:     ,         . -   - ,   ,    , ,             ,              - ,    텻. (- , . 283.)].  -      :      ,      [56 - - , . 132.]. -    ,          컅[57 - - , . 133.].                 .  19281935.      4,5.   .

20  1932.   ,      [58 - - , . 617618.].  1935.         .

   28  1939.,  ,  .          :   ,    ,             ,          .     ,         .          ,      ,   ,     ,             [59 -  Ӆ, . 1, . 508509.]










 


                 ,    .

. [60 -  .  .    XX , . 281.]

      .  ,     , ,     ,        .            ,        ,   ,  ,  ,    .

    480.  ,   10      ,   200  ,      1871.     [61 -  , 21  1919. (, . 2, . 588)].     100.,   50.,        [7 -   .          120. .,  ࠖ 200.    55 .  ,      22. . (  21, 27  1919. (, . 2, . 588))].

.        : ,     ,                  .     ,        [62 - , . 2, . 527]. .  , :          ,      (  )   [63 -  . .    . / . . . 1922. / . .   ,   . . .: , 2007. 960 ., . 677.].

 ,   :         ,     [64 -  , 16  1919. (, . 2, . 627)].      10. . (75%     1913.)     [65 - John Maynard Keynes, The Economic Consequences of the Peace, New York: Penguin Books, 1995 [1920], p. 200 ( ., , Inc., . 127).].  ,            ,               腻  ,         ,     ,             ,             [66 - John Maynard Keynes, The Economic Consequences of the Peace, New York: Penguin Books, 1995 [1920], p. 289290, 294 ( ., , Inc., . 129).].

     .   :          腻[67 - Keynes J.M, p. 138.]     :  㠖  ,        [68 -  .   . . . . ., 2000, . 111].      ,          . :     .     .          [69 - Information, 1921, 6 septembre ( . .     -   .  //     , , 1980, . 10)]. ,      ,  ,        ,       .      .        ,  [70 - Keynes J.M, p. 133.].

      ,       ,    . 232  :     ,          [71 - Keynes J.M, p. 140.].

    ,       -  .     ,     ,   ,   ,         ,    ,    ,      ,    . -         [72 - Miller D. H. What Really Happened at Paris, p. 262 (, . 2, . 588, )].

           , :            ,          ,         [73 -         ,  28  1919.,  VIII: ,  I, . 231 (  ). ., 1925. [25]]. ,          30 [8 -      ,    ,      3035 .                  (, . 2, . 642, .)].   1921.       226.  [9 -       : 50% , 30% ,  젖 20%.   56%    .     52%,  蠖 22%, 蠖 10%, 蠖 8%  ..    ,           425. .. ( 2. .,   8.  )         .].   1921.        132. [10 -  34. .,       37 .  5%-    .      ,         40.  .       4.  , .. 10% .     ,     19201923.    1,7.     4% .],    200%    .  ,           [11 -   ,      ,      ,   2. .. (? 10. ., ? 42 ) (Keynes J.M, p. 186).].  堖  1919. ,       1  1921.,          20.  , ,    ..

        .             (   ),      : ,         ,          ,           ,   ..,      [74 - Keynes J.M, p. 200203.].

. 241       :   ,      ,   ,       [75 - Keynes J.M, p. 200203.].      , . 429430       ,  :     ,            [76 - Keynes J.M, p. 200203.].

    :  ,       ,             ,       ,            ,     ,      , -      ,     ,  -   ,               ,      [77 - Keynes J.M, p. 200203.].

      ,  ,   ,  ,      371.  , 150.   10.  , 5. ,         1600,     1000,        ,   140. . , 蠖 80., 蠖 77.          .       13% , 10% , 15%  , 75%   68%  , 26%  ,     ..[12 -           .     -    .       ,      .  -     . .  ,            ,      ,  .            1918.  :  ,        . (Gilbert M. The First World War. N.Y., 1994, 395, 396. ( ..  , . 59, 74))      ,   . ,        ,     . (Rempel G. Western New England College.)   ,   ,         ,          ;       ,      ,      (Toynbee A. J. Nationality and the War. Lnd., 1919, p. 275 ( . .  , . 7475)).          . ,    .   ,           ,        18651869 ,         ,  ,   ,    . ( Ӆ, . 164.)].

 ,     :           ,        ,     Kehl    [78 - Keynes J.M, p. 102.]. ,   ,         .             ,       , , , , ,     ,  ,   ,                [79 - Keynes J.M, p. 101.].           .

    :      ,                셻[80 - Keynes J.M, p. 95.].

       ,     ,    [13 -     , ,    仠        ,       .]         (..  ,     ..)            ,   , ,       ,    ,  [81 - Keynes J.M, p. 6467.].       , ,               ,     ,         (    )[82 - Keynes J.M, p. 7074.].

             ,    ,   [83 - Steed. Through Thirty Years, v. II, p. 317 (, . 2, . 629)].         ⠖            [14 -       10. .,    ?    ,      1921.].                    ,   [15 -           1918.  1920.     66. .. .].                      ,     . .       [84 - Ludwig Holtfrerich, Linfazione tedesca 19141923 (Die deutsche Infation) (Bari: Laterza, 1989 (1980)), p. 128. ( Å, . 178).].



       ,      . , .     ,    ,         ,   [85 -  栖   1919. D. Lloyd George. The Truth about Reparations and War Debts. London, 1932, p. 105107. ( ̅, . 232).].               .      [86 - 8  1919.   D. Lloyd George. The Truth about Reparations and War Debts. London, 1932, p. 105107. ( ̅, . 232). . : Felix D. Walther Rathenau and the Weimar Republic: The Politics of Reparation. Baltimore: Johns Hopkins Press, 1971, p. 16. ( ..  , . 526.)].  ,         .

  蠖 . ,   ,      ,       11. .  41   1,95. . .  ,              [87 - Geminello Alvi, Dellrestremo occidente. Il secolo americano in Europa. Storie economiche (Firenze: Marco Nardi Editore, 1993), p. 175). ( Å, . 178).].        ,    :       [88 - Gerald Feldman, The Great Disorder. Politics, Economics and Society in the German Infation, 19141924. (Oxford: Oxford University Press, 1977), p. 333. ( Å, . 179).].       .


  1919.         :    ,            ,      .         ,            ,                  .   ,        .   ,     ,     ;     ,       ,        [89 -  , 4  1919. (, . 2, . 528)].    ,            ,        .

          ;   .      [90 - Keynes J.M, p. 269.].   ,           [91 - Keynes J.M, p. 264.].   1919.      ,          [16 -            .     1,7. . .,      ,     .        ,    ,       ,         .             ,   ,       ,   0,86. . .].              ,            ,      ,    [92 -  , 30  1919. (, . 2, . 725727)].     ,  ,     ,        ?     ,                    ,    ,   ?   ,      beau geste[93 -  , 30  1919. (, . 2, . 721722)].

   1919. .     ,             .   ,   ,     ,        ,   [94 -  , 30  1919. (, . 2, . 725727)].                  .    ,     ,      -  ,     ,      ,   ,  [95 - , . 2, . 527].      .   ,      ,          .       ,  蠖 .        [96 -  , 7  1919. (, . 2, . 530531)].

     , ,      [97 - Wilson W. Papers. V. LIV, p. 493494. ( ..  , . 371)].  ,   1922.   -    (  (%     )   5  40%)[98 -   .,  , . . 2, 334.],      .                    [99 - Churchill W, p. 9.].  ,     ,          .

  ,          . -         , ,        [100 -  Ӆ, . 210.].                    30 [101 - , . 2, . 639].    ,   1871.,    [17 - , ,      .        ,       : 1)       ; 2)         ; 3)        . ( . .  , . 411)].         , : -      .      ,       ,    ,       .     ,     ,      [102 - , . 2, . 623624].

  :          -        ,                ,             ,        ,    ,     [103 - Miller D. H. What Really Happened at Paris, p. 267 (, . 2, . 628, )]. ,      - ,      , ,      [104 -     , 9  1928. (, . 2, . 484485)].

    ,          . . ,   ,  , ,            ,      .   :           - . : -                ()      ,    ,     [105 - , . 2, . 432433.].               [106 -  , 5  1918. (, . 2, . 464)].

  . ,  ,   ,        ,         .         , ,    .  -           ;         ,    ,    [107 -     , 9  1928. (, . 2, . 483)].


* * *

   9  1921.,            .      1921.     ,    1  ,     [108 -        2   26%   .              ,     ,   1921.].        132  (34 .)[18 - 82.            ,      .  50.     2,5.        0,5.      (Carroll Quigley, Tragedy and Hope. A History of the World in Our Time (New York: Macmillan Company, 1966, p. 305).     5,8%    1921.  40%           (Gerald Feldman, The Great Disorder. Politics, Economics and Society in the German Infation, 19141924. (Oxford: Oxford University Press, 1977), p. 400).            (Geminello Alvi, Dellrestremo occidente. Il secolo americano in Europa. Storie economiche (Firenze: Marco Nardi Editore, 1993), p. 177). ( Å, . 177).].          .     24.03.1921     ,      50%  ( 26     26%).

     40%   5. ,         .       60  100   .      ,             ?.           [109 - Harry Kessler, Rathenau (Bologna: II Mulino, 1995 (1928)), p.275 ( Å, . 179).].     31  1921.        .                [110 - Gerald Feldman, The Great Disorder. Politics, Economics and Society in the German Infation, 19141924. (Oxford: Oxford University Press, 1977), p. 345. ( Å, . 179).].     .

 .    1922.     ,       . 9 1923.      .    17 000            .     60     30  ,      10%     80%  ,   ;         .    [19 - .             : .  ,  ,  ,  . . :  ,  ,            , ,   ,    . . :      - ,             .   :            .    :            ,  ,   ,      ,          . ( . ԅ, . 17)],     ,   [111 - Carroll Quigley, Tragedy and Hope. A History of the World in Our Time, New York: Macmillan Company, 1966, p. 307 ( ., , Inc., . 191).].

     ,   20% ,      ,   .      :       ,        ,      .       .  ,  .                堖  ,  .       ,           ,   ,  15  20  [112 -  .  , . 271.].

    ,                .           .       ,   , ,             [113 - Keynes J.M, p. 96.].   .      :   ()      .     [114 -  Ӆ, . 413].         ,   ,        [115 -  , . 558].

       .   1923.    21  ,  1  160.,  1 ࠖ 1.,   110.,    4.![20 - 15  1923.      92,8  .     6  ,   80. .] ,      ,    . ,   ,        2 ,     ,     .   1923.,     1%  .    , ,     ,    ,       .






      [116 -       ,  1918-  1923. I. Benoist-Mechin, Histoire de larmee allemande, Paris: Editions Albin Michel, 1966, Vol. 2, p. 205; Andre Fourgeaud, La depreciation et la revalorisation du Mark allemand, et les enseignements de Iexperience monetarire allemande, Paris: Payot, 1926, p. 11 ( ., , Inc., . 189,  3.1).]



      .         ,    1922.,     . :               ,  ,  ,  ,      .    1913.      1922. ࠖ 72%,  堖 55%,   1923 48%[117 -  .   , . 253254.].

 1923.     8  .     ,   ,     ,        .     ,  . ,           [118 -  ԅ, . 8586.].

     (  23.06.1923.   )       [21 -              ,  ,       ,   .].     [119 -  .   , . 254.].   ,  . ,    ,          ,        [120 -  ΅, . 78].

        ,       1923.    [121 -  ., , Inc., . 199200.].

       ,        ,           ,      [122 - Viscount DAbernon, The Diary of an Ambassador, New York: Doubleday, Doran & Company Inc., 1929, p. 329 ( ., , Inc., . 193).].   ,     ,   ,               ࠖ  酻[123 - Fritz K. Ringer, The German Infation of 1923, New York: Oxford University Press, 1969, p. 94 ( ., , Inc., . 192).].  ,   . ,           ,   [124 - Clark, Gregory. Infation on the Industrialized World. // University of California, Davis, ECN 110B. Spring 2002. Chapter 11, p. 8.].

  ,            . . .    ,  ,        ,    ,      腻[125 -  . .    . / . . . 1922. / . .   ,   . . .: , 2007. 960 ., . 675.].  ,         ,         [126 - Keynes J.M, p. 203.].




 


         .

. [127 - Hermann Jacques, Allemagne, societe a responsabilitee limitee, Paris: Editions de la revue mondiale, 1932, pp. 118, 141( ., , Inc., . 196).]

  ,      . . :  ,     ,      ࠖ  ,  ,       [128 - Keynes, J.M, P. 376.].            .     ,                 [129 - Keynes, J.M. How to Pay for the War, in Collected Writings of John Maynard Keynes, vol. IX. New York: Cambridge University Press, 1972. P. 379.].

         ,  ,         ,    1919.   , . .     ,         160. [22 -           1918.       1913.,    300. . (Ludwig Holtfrerich, Linfazione tedesca 19141923 (Die deutsche Infation), Bari: Laterza, 1989 [1980], p. 132 ( ., , Inc., . 193)).].      :    (die Kriegsanleihe)    98. ;   頖  47.;    [130 - F.W. Henning, Das industrialisierte Deutschland 1914 bis 1972. (Paderborn: Ferdinand Sch?ningh, 1974), p. 4243. ( Å, . 150151)].

 90%     ,    23. ,    [23 -       39. .].    10%   75. ,     . 5%        [131 - Matthias Erzberger, Reden zu Neuordnung des deutschen Finanzwesens (Berlin: Verlag von Reimar Hobbing, 1919), p. 46; Ludwig Holtfrerich, Linfazione tedesca 19141923 (Die deutsche Infation) (Bari: Laterza, 1989 (1980)), p. 280. ( Å, . 151).].          10. .

     19191920.            .     30%    ( 60%   (   ),      )[132 -  ., , Inc., . 197, 410.].              20.       [24 -  ,   1914  1918.          . (Epstein, Erzberger, pp. 342. ( Å, . 154)).].   .         ,        [133 - Epstein, Erzberger, pp. 336343. ( Å, . 153).].

  .         .        ,      [134 - Epstein K. Matthiaz Erzberger and Dilemma of German Democracy. Princeton, 1959, p.380. ( ..  , . 527.)].              .  :      (..    );    ;    ( );   Reichsnotopfer (    )[25 -       .].      ,    [135 - Epstein, Erzberger, pp. 336343. ( Å, . 153).].

      ,     [136 - . :      . ( ..  , . 527).].    1919.  Neue Zrcher Zeitung  ,     3,5 [137 - Johannes Erger, Der Kapp-L?ttwitz Putsh. Bin Beitrag zur deutschen Innenpolitik. D?sseldorf: Droste Verlag, 1967, p. 78. ( Å, . 154).].      . ,    ,   -      ,     ,           ,        .       ,  .      ,   ,   [138 - Johannes Erger, Der Kapp-L?ttwitz Putsh. Bin Beitrag zur deutschen Innenpolitik. D?sseldorf: Droste Verlag, 1967, p. 77. ( Å, . 154).].

     .      1920.         ,           .

        ,          ;  ,       ,       . ..      ,   . ,   ,     [139 - Erich Eyck, Storia della repubblica di Weimar, 19181933 (Geschichte der Weimarer Republik) (Torino: Giulo Einaudi Editore, 1966 (1956)), p. 152; Epstein, Erzberger, p. 367; Ernst Troeltsch, La democrazia improvvisata, la Germania dal 1918 al 1922 (Napoli: Guida Editori, 1977 (1924)), p. 111. ( Å, . 155).].

   12  1920.      -.  1921.       [140 - Costantino Bresciani-Turroni, The Economics of Infation, New York: Augustus M. Kelley Publishers, 1968 [1931], p. 58 ( ., , Inc., . 195).].       1921.

 19201922.        .       ,      [141 -  ., , Inc., . 197.].          ,   15%  .

        5%-  ,      . ,     1919  1921.    40%   (   )[142 - Ludwig Holtfrerich, Linfazione tedesca 19141923 (Die deutsche Infation), Bari: Laterza, 1989 [1980], p. 290295 ( ., , Inc., . 196).].        7,5.      [143 -  .ȅ, . 186.].       ,      .    ,  ,  , .          ,      [144 -  ., , Inc., . 198.].  .

        .     . . :              .  ,     ,    ,           ,            ,   .         ,        [145 - Keynes J.M, p. 220221.]. .  :    ,        [146 - Keynes, J.M, P. 376.]. ,  ,  . ,       ,  ,                 .

.       19221923.     : ,     ,     ,      ,     [147 -  Ӆ, . 1.]. .    . ,  ,           .                  [148 -  ݅, . 13.].

      ,      . :     ,      .  ,       ,     ,                ,    ,     :    , ,  [149 - Walther Rathenau, In Days to Come (Von kommenden Dingen), London: George Allen & Unwin, 1921 [1917], p. 158 ( ., , Inc., . 180181).]. .         1922.

           . : ,    ,      . ,    ,  -             .       ,   .   ,        ,            .     ,               [150 -  ԅ, . 8586.].

      :         5%     1922.,    100%  .    ,         . ,   1923.   90% ,     10 .     ,        ,       [151 - Clark, Gregory. Infation on the Industrialized World. // University of California, Davis, ECN 110B. Spring 2002. Chapter 11, p. 9.].

       軠  ,           ,      .          .              :        ,   ,  ,    ,      .    ,    [152 -  .   , . 258.].

           , ,   . ,  [153 -  ., , Inc., . 193194.].  1923.  -                2. [154 - Andre Fourgeaud, La depreciation et la revalorisation du Mark allemand, et les enseignements de Iexperience monetarire allemande, Paris: Payot, 1926, p. 9394 ( ., , Inc., . 194).],        1923.     ,  . ,     [26 -    , , ,   .]            ,       酻[155 - Andre Fourgeaud, La depreciation et la revalorisation du Mark allemand, et les enseignements de Iexperience monetarire allemande, Paris: Payot, 1926, p. 9496 ( ., , Inc., . 194).].

 ,   ,       ,   ,           .   ,      ,      ,              ,  . ,                [156 - Andre Fourgeaud, La depreciation et la revalorisation du Mark allemand, et les enseignements de Iexperience monetarire allemande, Paris: Payot, 1926, p. 13; Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 181; Max Hermant, Les paradoxes economiques de IAllemagne moderne 19181931, Paris: Librarie Armand Collin, 1931, p. 5455 ( ., , Inc., . 194196).].

 1941.       :    .       :  ,   10.     166.    ,   ,        ,      ,    [157 - Adolf Hitler, Hitlers Secret Conversations 19411944, New York: Farrar, Straus & Young, 1953, p. 54 ( ., , Inc., . 198199).].


* * *

   ,         蠖    . .  ,       :   ,     .       ,   [158 - Keynes J.M, p. 221222.].

   .       . : ,    ( )        ,     ,      [159 -  .  :     ./. .. ,  . .. . : , 2009. xii + 466 ., . 301, 308.].                 ,         [160 -  .  :     ./. .. ,  . .. . : , 2009. xii + 466 ., . 284285.].   ,   ,        ,   [161 -  .  :     ./. .. ,  . .. . : , 2009. xii + 466 ., . 308.].

       ,  . :  ()     ,     .    1919-  1922      ()    10%  [162 -  ., , Inc., . 200.].   . ,          .

   ,     ,   .   ,                  .    ,        ,  ,       ,         .   ,   ,     ,       .

   .  ,        ;           [163 - Costantino Bresciani-Turroni, The Economics of Infation, New York: Augustus M. Kelley Publishers, 1968 [1931], p. 329 ( ., , Inc., . 191).].         .   ,  ,  . ,       [164 - Quigley Caroll, Tragedy and Hope. A History of the World in Our Time, New York: Macmillan Company, 1966, p. 258 ( Ѕ, . 93.)].       . .   :  ,   -     ,           [165 - Warburg James P. The West in Crisis, p. 35. ( Ѕ, . 92.)].

  ,  ,      . 8 1923.        -.        .  堖       .      .

  1923.       .  ,                       [166 -  ԅ, . 106.].      .        ,   .  ,  ,       ,     ,     [167 -  ԅ, . 122.].      

.         :   ,     .                ,            . ,   ,    ,              ,    ,     [168 -  . .    . / . . . 1922. / . .   ,   . . .: , 2007. 960 ., . 676.].




 


        .           .   ,          ,   1923.       [169 -  ., , Inc., . 201.].

      ,       .    13  1923.      . .      4,2     ,     .     4,2  . 20 ,  ,       腻[170 - Hjalmar Schacht, My First Seventy-six Years. The Autobiography of Hjalmar Schacht, London: Allen Wingate, 1955, p. 188 ( ., , Inc., . 244).]. 22  .       .

         - ,      1923.,      -  . .     ,       , ,     .    ,             .           .



. , ,                      .        ࠖ     ,        [171 - Andrew Boyle, Montagu Norman, London: Cassell, 1967, p. 169 ( ., , Inc., . 244).].       ?

  . ,     ,   ,   ,   ,       ,       (),     .     ,     ,   [172 -  ., , Inc., . 242243.].

      .   . ,    . .   ʰ  :             ⅻ.           :      ,    ,     ,    ,    ,    [173 - Anton Chaitkin, Treason in America, from Aaron Burr to Averell Harriman., New York: New Benjamin Franklin House, 1985, p. 546 ( ., , Inc., . 243).].

        . .     :     [174 - Andrew Boyle, Montagu Norman, London: Cassell, 1967, p. 171 ( ., , Inc., . 244).].   , 1924.  ,   , : ,   [175 - Hjalmar Schacht, My First Seventy-six Years. The Autobiography of Hjalmar Schacht, London: Allen Wingate, 1955, p. 194 ( ., , Inc., . 244245).].


           .       .  렖  .

            ,            .  ,   ,   ,        .      16  1924.          800. [27 -  190. ,  7,75% ,     .    1913.      280. . (Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 208 ( Å, . 247, 249)).].       ,       40%[28 -  ,     2970         .].   1924.      ,      [176 - Demetre Delivanis, La politique des banques allemandes, en matiere de credit a court terme, Paris: Librairie du Recueil Sirey, 1934, p. 53 ( .,   , Inc., . 247248).].

            ,      .    ,   ,          .    ,    ,       [177 - Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 198 ( ., , Inc., . 248).].

       ,     :  1929.     ,   1.    ,   ,    2,5. 1930.        ,      ,       .    34%  .

      ,            .                  [178 -  ԅ, . 100101.].           ,         ,      [179 -  ., , Inc., . 248249.].



,     ,   . ,        ,    ʰ,     [180 - Geminello Alvi, Dellestremo occidente. II secolo americano in Europa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 195 ( ., , Inc., . 245).].          ʰ,     100.        [181 -  ., , Inc., . 245.].              . :        , ,      ,  [182 - Geminello Alvi, Dellestremo occidente. II secolo americano in Europa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 197 ( ., , Inc., . 245).].   .           . [183 - Carroll Quigley, Tragedy and Hope. A History of the World in Our Time, New York: Macmillan Company, 1966, p. 308 ( ., , Inc., . 246).].

  ʰ     100-.      .   .   ,     : 1)         ; 2)       ( )  ,    . ,     ,          ʰ; 3)     [184 - Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 197198 ( ., , Inc., . 246).].

    ,        ,   ,              ,     .  ,  ,  . [185 - Keynes J. V. The Collected Writings of John Maynard Keynes V. XVI. London: Macmillian, 1971, p. 437440.].      ,        :        [186 - Ludwig Holtfrerich, Linfazione tedesca 19141923 (Die deutsche Infation), Bari: Laterza, 1989 [1980], p. 149 ( Å, . 191).].


     -      .   ,    ,      .    -      ʰ,   [187 -   -,      ,   ʰ  865       (53%   ) (Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 208 ( Å, . 247)).].    ,        -,  堖     ,       .          ,      ,    , ,   . ,     [188 - Demetre Delivanis, La politique des banques allemandes, en matiere de credit a court terme, Paris: Librairie du Recueil Sirey, 1934, p. 53 ( ., , Inc., . 247248).].

              1924.   .      ,   :  1924.     450%[189 - Garl T. Schmidt, German Business Cycles, 19241933, New York: National Bureau of Economic Research, 1934, p. 71 ( ., , Inc., . 249).].  , Kreditstopp,   T. ,   ,      ,       [190 - Theo Balderston, The Origins and Causes of the German Economic Crisis, November 1923 to May 1932, Berlin: Haude & Spener, 1993, p. 140 ( ., , Inc., . 249).].    1924- ,   . ,    [191 - Charles L. Mowat, Britain Between the Wars, 19181940, Chicago: University of Chicago Press, 1955, p. 373 ( ., , Inc., . 245).].

       : , , , ,     .     ,     .        , , , ,  ,  ,  , ,      [192 -  ., , Inc., . 251.].

          :        ?       ,  [193 - Garet Garrett, The Rescue of Germany & As Noble Lenders, New York: The Chemical Foundation, 1931, p. 3640 ( ., , Inc., . 251).].     . ,          , ,         ;    ,    ,    .   ,      ,       [194 - Louis T. McFadden, Collected Speeches of Congressman Louis T. McFadden, as Compiled from the Congressional Record, Hawthorne, CA: Omni Publications, 1970, p. 57 ( ., , Inc., . 250).].

  ,      ,  . ,           -[195 - Arthur Rosenberg, Storia della repubblica tedesca (Deutsche Republik), Roma: Edizioni Leonardo, 1945 [1934], p. 193 ( ., , Inc., . 251).].   .      (1924.)          .               : , -   , -,   ,     -    ,    ..[196 -    . 19391945.  1:  .      . ., 1973, .20 ( , . 2829)].

            Ⅰ  E. ,  :   렖       .         ,      , ,  ,      [197 - Erich Kastner, Fabian: The Story of a Moralist, Evanston: Northwestern University Press, 1990 [1931], p. 33 ( ., , Inc., . 252).].

   ,  . ,                  ,           . ,    ,      ,        [198 -  ., , Inc., . 249.].          .    1919. .  :       ,          .     ,     ?[199 - Keynes J. The Collected Writings. V. XVI. London, Macmillian, 1971, p. 441. ( .ȅ, . 499)]

        ࠖ      . ,              ,    .






       , %[200 - :                  ( 13028:    ,  13033:     ); ( 13016:       ). (A. Ritschl Department of Economics University of Zurich/Switzerland and CEPR June, 1999 Corresponding address: Dept. of Economics, Universitat Pompeu Fabra, Ramon Trias Fargas, 2527, 08005 Barcelona/Spain. E-mail: ritschl@upf.es (mailto:ritschl@upf.es).]



         .    ,    1927.,       ,       .

            ,    .       .         ,       .     .

            1926.          ,  .      ,        .      ,       ,     .   .






        ,  , 1928. 100%[201 - :   Wangemann (1935, . 228,  66),   Wangemann (1935, . 228,  67),    ࠖ Wangemann (1935, .115,  2,    ; . 105,  27) (A. Ritschl Department of Economics University of Zurich/Switzerland and CEPR June, 1999 Corresponding address: Dept. of Economics, Universitat Pompeu Fabra, Ramon Trias Fargas, 2527, 08005 Barcelona/Spain. E-mail: ritschl@upf.es (mailto:ritschl@upf.es).)]



  J.P. Morgan,      1927.       .       .       .         -  1927.  ,          . ,   ,     ,    [202 - Link, W. (1970) Die amerikanische Stabilisierungspolitik in Deutschland 192132, D?sseldorf: Droste. Peter Temin and the Onset of the Great Depression in Germany: A Reappraisal Albrecht Ritschl Department of Economics University of Zurich/Switzerland and CEPR June, 1999.].        1928,   1929.    .

           .        30.   (       ),    1924  1929. 13,7.  (RM)[29 -  1923  1929.   4.   ,   2,5.  .],         225  1055. RM.

   1924  1929. 蠖 7,9.  (  9,56. ).  4045%        , 堖    [204 -  .ȅ, . 183.].    1929.      2,5. RM     1. RM   .      1,4. RM[205 - Schuker. S. Ammerican Reparations to Germany, 19241933, Princeton: Princaton University Press 1988.].






   , 19241935., . [203 - :     .  (1976, . 328) (A. Ritschl Department of Economics University of Zurich/Switzerland and CEPR June, 1999 Corresponding address: Dept. of Economics, Universitat Pompeu Fabra, Ramon Trias Fargas, 2527, 08005 Barcelona/Spain. E-mail: ritschl@upf.es (mailto:ritschl@upf.es).)]






 


  ,     . [30 -  㠖   ,            .].  ,   1929.,       2. RM   37   16071711. RM   22 . (..       60 ,  1988.).  ,           ,         .          .       .     ,            [206 -  ԅ, . 101102.].

         .      .  ,     ,         ,      ,       (612.     )     .            ,      ,     1930.     .

    . ,    ,              ()              -  [207 -  ԅ, . 9697.].    . :  11      , ,     黫[208 -  .  , . 427.].

  .  ,          ,  ,     .         ,     [209 - Ritschl Albrecht. Was Schacht rigt? Reparation the Young plan, and the Great Depression in Germany. Universitat Pompeu Fabra (Barcelona/Spain) and CEPR. November 1996.].         1929.,    ,          ,        [31 - . ,   , :       ,       ,                . ( ԅ, . 101102.)].

    .   , :       ,    1924  1928.,      .  ,    ,               ,    ,    ,         [210 -  , . 1, . 224.]. ,   . ,   ,         ,    [211 - Ritschl Albrecht. Was Schacht rigt? Reparation the Young plan, and the Great Depression in Germany. Universitat Pompeu Fabra (Barcelona/Spain) and CEPR. November 1996.].

             .    1929. (     )        ,       1924.[212 -  .     . .:  , Lilalex 1993 96.].

               ,           .        ,    ,  ,  .      , , , -.   . ,     ,   ()          :             ,   [213 - James H. The German Slump. Politics and Economics 19241936. Oxford: Clarendon Press, 1986. .   .   . .: -. 2000. 384 . [207]].

  . ,     ,         .          [214 - James H. The German Slump. Politics and Economics 19241936. Oxford: Clarendon Press, 1986].      ,      ,    ,   [215 - Hjalmar Schacht, Das Ende der Reparationen, Oldenburg: Gerhard Stalling, 1931, pp. 97127; Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 318 ( ., , Inc., . 285).].      .

    ,    1930. ,   . 48  ,       .       ,      .             .






    [216 -  .ԅ]



 1930.  50%      [217 - Barry Eichengreen, Golden Fetters. The Gold Standard and the Great Depression, 19191939, New York: Oxford University Press, 1992, p. 272 ( ., , Inc., . 287).].     1931.    23. ,   12.    .  1930.   ,       [218 -  .ȅ, . 184.].             .

     ,    1931.      ,    .         . ,   ,   ,    ,      . .   :  , ,      ,   1926        .        ⅻ[219 -  Ӆ, . 34].

 1932.,      ,        59%    1929.            . ,          ,    .     .            ,    ,      ,    .          .     ,      ,         .   .

      ,     ,       ,       .

        16  1932.        .    9          ,       .         3.     15         .           1933.   [220 -  .ȅ, . 185.].






   ,      , .[32 -      ,    ,   20%.     ࠖ 4,6. .]






 


     ,   ,             ()  .       ,          ,   ,   ,            .  ,        ,   ,    ,    .            .  , ,          [221 -     14 ,  1918. (, . 2, . 469470)].

                   ,  .   ,       ,         .    ,    .        . ,     ,   ,    ,     [222 - Wilson W. The Papers of Woodrow Wilson (Link A. e.a. eds). V. LIII. Prinston: Prinston University Press, p. 372375. ( ..  , . 264)].



  , ,               .    , ,         ,         [223 -  . .  , . 408].   .        :  ,        (   ),     ,      ,          .  ,             ,        [224 - -, 27  1918. (, . 2, . 507)].      100. .         32 [225 -  . .  , . 408].


            ꠖ .          .   ,        [226 - Mayer A. Politics and Diplomacy of Peace making, N.Y., 1967 p. 647. ( ..  , . 337)],   ,      ,     ,  .         ,          . ,    ,     [227 -  10  1918. ( ..  , . 246.)].              .

 ,   ,                 .   .  :     [228 - Kent B. The Spoils of War. Oxford, 1989, p. 3435. ( ..  , . 279.)]. ,   :    ,     .      [229 - , . 2, . 452453].

   ,   ,      .    ,    ,     .  ,   ,       ,   ,              [230 - Keynes J.M, p. 93.].

     .       ,    ,        ,             , ..      [231 - Keynes J.M, p. 61.].    ,            , , , ,      .      ,   .           ,      , , , , .   ,            [232 - Keynes J.M, p. 7074.].

      ,       .     . :          ,    [233 - Keynes J.M, p. 75.].         , ,  .      , ,  ,       .     35            25%         , ,   .       [234 - Keynes J.M, p. 8090.].

                      .

 ,               ?    ,    1923.,     . . ,     .     :         ,     ,     .          [235 - Bergmann K. Der Weg der Reparation. Von Versailles ?ber den Dawespan zum Ziel. Frankfurt, 1926, s. 374. ( ..,  , 179).].

  .       :    [236 - Keynes J.M, p. 270.].            . ,   ,    :   ,                  ,     ,            [237 - Keynes J.M, p. 275.].

 ,  ,   ,    .                              ,                [238 - Keynes J.M, p. 277.].

              ,   . ,  ,   .        .     ,           [239 -  .   ( ΅, . 82, 8485)].              ,        ,      ,     ()   ,            .

      :            ,                     .      ( )  ,       .      䠖      ,  ,      [240 -      .  . .: . 2000. 587 ., . 110 120, 130.].

         :          [241 -  .. :    . ., 1985,.303, 304. ( ., . 21)].  ?       ?     ,      ,     , :    ,           ,   腻[242 - Collier to Strang, Apr. 28, 1939, C6206/3356/18, PRO FO 371 23064 ( ̅, . 180)].   Matin      :            [243 - Tabois. The Called Me Cassandra, pp. 386387. ( . , . 127).].




 


        :  ,   ,        ,    .           ,     ,        ⅻ.      8    .         ⅻ.           .  ,   . ,  8      ,                 [244 -  .  , . 283284.]




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notes









1


       ⠖   ,        ,    .




2


78-           :   ,             . ,   , ,         14 .       頖  .                :               ,       . (Wilson W. Papers. V. LIV, p. 175178. ( ..  , . 369)). -          :  ,        ,   ,             , ,    ,       ,  ,     ,      ? ,             .     ,      .




3


        -   . .      1917.          ,         :      (    ),    ,      ..            . ,          . (    ,   ,  -   1917.)




4


  28      -,     .




5


  ,       ,  27 ,      ,     : ,   .




6


 ,            ,   .  ,      (, , , , , ,   )     ,    .

   ,   .  .    1930.:     ,         . -   - ,   ,    , ,             ,              - ,    텻. (- , . 283.)




7


  .          120. .,  ࠖ 200.    55 .  ,      22. . (  21, 27  1919. (, . 2, . 588))




8


     ,    ,      3035 .                  (, . 2, . 642, .)




9


      : 50% , 30% ,  젖 20%.   56%    .     52%,  蠖 22%, 蠖 10%, 蠖 8%  ..    ,           425. .. ( 2. .,   8.  )         .




10


 34. .,       37 .  5%-    .      ,         40.  .       4.  , .. 10% .     ,     19201923.    1,7.     4% .




11


  ,      ,      ,   2. .. (? 10. ., ? 42 ) (Keynes J.M, p. 186).




12


          .     -    .       ,      .  -     . .  ,            ,      ,  .            1918.  :  ,        . (Gilbert M. The First World War. N.Y., 1994, 395, 396. ( ..  , . 59, 74))

      ,   . ,        ,     . (Rempel G. Western New England College.)   ,   ,         ,          ;       ,      ,      (Toynbee A. J. Nationality and the War. Lnd., 1919, p. 275 ( . .  , . 7475)).

          . ,    .   ,           ,        18651869 ,         ,  ,   ,    . ( Ӆ, . 164.)




13


    , ,    仠        ,       .




14


      10. .,    ?    ,      1921.




15


          1918.  1920.     66. .. .




16


           .     1,7. . .,      ,     .        ,    ,       ,         .             ,   ,       ,   0,86. . .




17


, ,      .        ,       : 1)       ; 2)         ; 3)        . ( . .  , . 411)




18


82.            ,      .  50.     2,5.        0,5.      (Carroll Quigley, Tragedy and Hope. A History of the World in Our Time (New York: Macmillan Company, 1966, p. 305).     5,8%    1921.  40%           (Gerald Feldman, The Great Disorder. Politics, Economics and Society in the German Infation, 19141924. (Oxford: Oxford University Press, 1977), p. 400).            (Geminello Alvi, Dellrestremo occidente. Il secolo americano in Europa. Storie economiche (Firenze: Marco Nardi Editore, 1993), p. 177). ( Å, . 177).




19


.             : .  ,  ,  ,  . . :  ,  ,            , ,   ,    . . :      - ,             .   :            .    :            ,  ,   ,      ,          . ( . ԅ, . 17)




20


15  1923.      92,8  .     6  ,   80. .




21


             ,  ,       ,   .




22


          1918.       1913.,    300. . (Ludwig Holtfrerich, Linfazione tedesca 19141923 (Die deutsche Infation), Bari: Laterza, 1989 [1980], p. 132 ( ., , Inc., . 193)).




23


      39. .




24


 ,   1914  1918.          . (Epstein, Erzberger, pp. 342. ( Å, . 154)).




25


      .




26


   , , ,   .




27


 190. ,  7,75% ,     .    1913.      280. . (Geminello Alvi, DeUrestremo occidente. II secolo americano in Eumpa. Storie economiche, Firenze: Marco Nardi Editore, 1993, p. 208 ( Å, . 247, 249)).




28


 ,     2970         .




29


 1923  1929.   4.   ,   2,5.  .




30


 㠖   ,            .




31


. ,   , :       ,       ,                . ( ԅ, . 101102.)




32


     ,    ,   20%.     ࠖ 4,6. .










1


    , 9  1928. (, . 2, . 485); , . 2, . 438439.




2


Keynes J.M, p. 128.




3


Keynes J.M, p.34.




4


, . 2, . 515




5


 .ԅ, . 36.




6


Daily Mail, Paris, 14 February 1919 (, . 2, . 567)




7


  13  1918,     14  1918.; Gilbert M. The First World War. N.Y., 1994, p. 478 ( ..  , . 161)




8


Dallas G. 1918. War and Peace. London: Pimlico, 2000, p. 85 ( ..  , . 188)




9


  .  . . VI. , 1935, . 275.




10


Prince Max of Baden. The Memoirs of Prince Max of Baden. V. I. N.Y., 1928, p. 20 ( ..  , . 185)




11


, . 2, . 444446




12


Keynes J.M. The Economic cosequences of the Peace. Printed by R. & R. Clarc, Limited, Edinburg, p. 35.




13


 ݅. . 776




14


 ݅. . 603




15


 ݅. . 622




16


 ݅. . 789




17


  Å, . 1012.




18


Prince Max of Baden. The Memoires of Prince Max of Baden. V.II.N.Y., 1928, p. 319. ( ..  , . 220)




19


Groener W. Lebenserinnerungen. Gottingen, 1957, s. 457462. ( ..  , . 220)




20


 ݅. . 790




21


 ݅. . 791




22


 ݅. . 771




23


 . .  , . 208




24


Mordacq J.-H. Le Ministere Cemenceau. Paris, 1930 . II, p. 344352 ( ..  , . 209210)




25


Gilbert M. The First World War. N.Y., 1994, p. 503 ( ..  , . 167)




26


Dallas G. War and Peace. London: Pimlico, 2000, p. 168.




27


Knowlton A. Berlin after the Armistice. Chicago, 1919, p. 77 ( . .  , . 303)




28


 .  , . 209210




29


 , . 190191




30


 , . 190191




31


.,   22  1917. (, . 1, . 559).




32


 ..    . .: , 1924, . 2627. ( . ԅ, . 1112).




33


 .     1919. .: , 1945, . 53. ( . ԅ, . 12).




34


Nitti F.S. Peaceless Europe. 1922, p. 114. ( . ԅ, . 1213).




35


Hansard. Vol. 113. H. of C. Deb. 5s, col. 84. ( . ԅ, . 13).




36


 . .  , . 277




37


Blue Book, Cmd. 6106, 1939, p. 162. ( . ԅ, . 13).




38


Churchill W. The Second World War. London Pimlico. 2002. 1034 p., p. 7.




39


. . , . 263




40


Wilson W. War and Peace. Presidential Messages, Addresses and Public Papers (19171924). Ed. By R. Baker and W. D o dd. V.I.N.Y., 1970, p.165. ( ..  , . 54)




41


, . 2, . 458




42


    14 ,  1918. (, . 2, . 480)




43


, . 2, . 458




44


Steed. Through Thirty Years, v. II, p. 282 (, . 2, . 557)




45


-, 4  1919. (, . 2, . 596597)




46


 .     -,  1919. ( ..  , . 514).




47


 ..  , . 456.




48


 ..  , . 516.




49


 ..  , . 511.




50


Dallas G. 1918. War and Peace. London: Pimlico, 2000, p. 85 ( . .  , . 188)




51


 .ԅ, . 57.




52


Churchill W, p. 8.




53


Churchill W, p. 9.




54


 .  , . 286.




55


-, 30  1918. (, . 2, . 447)




56


- , . 132.




57


- , . 133.




58


- , . 617618.




59


 Ӆ, . 1, . 508509.




60


 .  .    XX , . 281.




61


 , 21  1919. (, . 2, . 588)




62


, . 2, . 527




63


 . .    . / . . . 1922. / . .   ,   . . .: , 2007. 960 ., . 677.




64


 , 16  1919. (, . 2, . 627)




65


John Maynard Keynes, The Economic Consequences of the Peace, New York: Penguin Books, 1995 [1920], p. 200 ( ., , Inc., . 127).




66


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