Capital ships without treaty limits

How large might British and American capital-ship fleets become without treaty systems?

Both could maintain fleets in the twenties, with economic limits encouraging a slower technological competition and more carrier development.

The discussion expects Britain and the United States to maintain capital-ship fleets in roughly the low-to-high twenties rather than entering an unlimited numerical race. Britain might organise three major forces, while the United States continues a slower sequence of improved standard-type battleships and completes the Lexingtons. Economic pressure would encourage competition in gun calibre, speed, machinery, and reserve organisation as much as raw hull numbers. Because carriers were cheaper than battleships and could sustain industrial work during downturns, unconstrained construction might also produce several generations of carrier development before the Second World War. A later follow-up connects shipbuilding to the British habit of responding to recession with public works, infrastructure, and naval construction while still describing policy as economically hands-off.