Treaty limits, capital ships, and carrier development

How might the navies look in World War II without the treaty system?

Britain might build more and preserve industrial capacity, while the United States could keep more battleships but develop carrier aviation more slowly without Lexington conversions.

British governments might use shipbuilding to support industry through the interwar slump, leaving the Royal Navy and its maritime industry in a stronger position. The United States could complete its 16-inch ships and enter World War II with a fleet centred on battleships and destroyers. Without treaty-driven conversions, the Lexingtons would remain capital ships rather than carriers. American carrier development would therefore lose one of its major early accelerants.