The enormous daily cost of the First World War is contrasted with the smaller burden of the preceding naval arms race. Spending somewhat more at the beginning could have secured a decisive British lead earlier and eased pressure in the Anglo-German relationship. Four, or even nine, fast 14-inch dreadnoughts would have forced competitors to chase a much larger technical gap. German claims that an 11-inch gun matched a British 12-inch gun would be much harder to sustain against 14-inch weapons. This would not guarantee peace, but it shows how much more an economy can pay for war than for earlier deterrent capacity.
Notable Point · 1:10:47-1:12:32
Spending earlier to shorten the dreadnought race
The First World War cost Britain far more than the pre-war naval race, raising the counterfactual that a larger early dreadnought lead might have reduced later strategic pressure.