Would another South American naval arms race in the 1920s break the treaty system?
Short answerProbably, because active construction outside the agreement would undermine both the political logic and industrial effect of a continued building holiday.
NotesA renewed South American naval arms race could place orders for treaty-compliant ships in British and American yards. Those orders would keep infrastructure and skilled construction capacity active during the capital-ship holiday. New ships outside the leading powers' own programs would also put political pressure on continued restraint. The extent of that pressure depends on how many countries buy ships and how large their orders become. At minimum, the scenario questions whether the next treaty could extend the building holiday.