ABSTRACT
One of the conditions precedent of this relative equilibrium in world economy was a constant emigration from Europe to oversea countries. Elemer Hantos' utterance is in fact a confirmation of the economic consequence of the peace treaty which Keynes foresaw in his work on " The Economic Consequences of the Peace," in which he prophesied the fatal effects which must follow, from the sundering, of the old economic unity. Europe can no longer lay claim to the economic and industrial hegemony which it possessed before the war. Its supremacy has vanished, and in proportion as power slips into the hands of other continents, Europe's material and moral position must be weakened. An energetic drift towards economic independence of Europe is to be found nowadays not only in autonomous oversea states such as the Latin republics in South America and Mexico, but also in almost all the great British dominions such as India, Australia, South Africa, and Canada.
