One could argue that it might have done--but the problem went back further than Chamberlain. The United States occupied parts of Germany until Wilson screwed up the treaty in the Senate, and the French occupied a good deal of the Ruhr and the Saar until the 1930s. The lack of any real leadership in enforcing the terms of the treaty doomed the effort to prevent militarism in Germany.
Effectively, the German's avoided the lion's share of their reparations payments. The Weimar government had little incentive to cure the runaway inflation as that made reparations payments almost worthless, while satisfying the requirements on paper. As it was, most of Germany's reparations payments were forgiven. Only Bulgaria paid all of its reparations debt. It has often been alleged that France just wanted revenge for 1870--so what? Germany, which had started that war on a pretty flimsy pretext, imposed reparations of 700,000,000 gold francs--and France paid it off in under three years. Germany suffered scarcely at all from that war, while it did massive damage to Belgium and France in the Great War.
There are several historical myths, many of which survive to this day. The one most successfully exploited by the NSDAP was the "stab in the back myth," which held that the German army had not been defeated in the field (a lie--Ludendorf and Hindenberg asked for an armistice to prevent the invasion of Germany) and that the army had been betrayed by German politicians.
Another which remains very popular to this day, and even among a lot of people who should know better is that the treatry ruined the German economy. By the mid-1980s it was well accepted among German academics that the inflation which was eventually to cripple the German economy began in 1914, even before the war. It turned into runaway inflation with the disatrous Verdun offensive in 1917. As i've already mentioned, the Weimar government had no incentive to fight inflation since it meant they didn't really spend any real money paying off the reparations before those were finally forgiven. The bulk of reparations which were actually paid were in kind "payments" which resulted when the Allies simply seized German resources and property after the war--something which they deserved given the orgy of willful and wanton destruction in which they engaged as they retreated from France and Belgium.
A currently popular myth among American conservatives is that Hitle and the NSDAP were genuine socialists, true leftists. To believe that requires what is clearly partisan-motivated blindness. It's almost pointless to argue against it as it's based on ignorance, and an ignorance which the proponents have no motive to cure.