The counterfactual cannot be limited to Britain, the United States and Japan because capital ships function as visible markers of great-power status. France and Italy would have to decide whether to join the construction rhythm or accept a widening capability gap. Germany's early naval planning was directed partly against France and the Soviet Union rather than Britain alone, so their programmes would alter its choices. Stalin's historical desire for battleships could intensify if new capital ships remained a constantly renewed symbol of major-power standing. These reactions remain open questions, but any serious alternate treaty system has to account for them.
Notable Point · 59:43-1:00:23
How France, Italy and the Soviet Union might respond
Continuous battleship production would reshape more than the Anglo-American-Japanese balance by changing French, Italian, German and Soviet choices.