Without naval treaties, carriers grow alongside battleships

How would aircraft-carrier development have matched battleship development without naval treaties?

The counterfactual envisages purpose-built fleet carriers in the early 1920s and a parallel race that could produce 45,000- to 50,000-ton carriers and roughly 70,000-ton battleships by the late 1930s.

Removing the treaties would likely accelerate carrier development as well as capital-ship construction, especially given the Royal Navy's interest in aviation. Much larger ships could emerge by the mid-to-late 1930s. Dockyards around the world would also need expensive expansion to support them, making infrastructure an integral cost of the arms race.