How would the war have differed if every navy had reached its planned level of readiness?
Short answerA war delayed to about 1943 could have featured mature British carrier aircraft and armored carriers, Axis carriers, better radar control, and a far more carrier-intensive European naval war.
NotesThe latest plausible point for German rearmament to continue without war is placed at roughly 1943. By then, the Royal Navy could have fielded a single-seat fighter, the Barracuda or a similar strike aircraft, five armored carriers, Unicorn, and Ark Royal. Radar-directed air control would have matured, while Italian and German carriers might also have entered service. The result could include carrier battles in the North Sea or North Atlantic and a battle fleet very different from that of 1939. This is explicitly a rough counterfactual, but it shows how a few extra development years could reorder naval aviation.