Students of inter-war foreign relations have long recognized the role played by the British public's disapproval of the Treaty of Versailles in the burgeoning of the appeasement policy of the 1930's. The peace settlement, once generally viewed as “stern but just,” came to be perceived by all political parties and by the public at large as unduly harsh and punitive in its treatment of Germany. Hitler's rearmament of the Fatherland, the remilitarization of the Rhineland, the Anschluss with Austria, and the occupation of the Sudetenland were all significant attacks on the Versailles system which most groups in Britain had come to consider unworthy of defense.
The influences which brought the Treaty into disrepute were various. For one thing, the deterioration of Anglo-French relations tended to foster an increasingly sympathetic attitude towards Germany. Then, too, the problems of the British economy led to an awareness that the stability of Britain's former trading partner in Central Europe was essential to her own prosperity and to a corresponding desire to soften those features of the peace settlement which might be impeding German recovery. In addition, John Maynard Keynes' brilliant polemic, The Economic Consequences of the Peace (1919), not only made the case that the reparation clauses were unfair and impossible of fulfillment, but, with its withering portraits of the peacemakers, also tended to undermine respect for the Treaty as a whole. Finally, criticisms of various aspects of the peace settlement by elite groups ranging from bankers to bishops of the Church of England contributed heavily to the public's increasingly negative perception of the entire Treaty.