The Washington Treaty limited the most expensive part of the naval arms race while leaving many useful construction choices open. Governments still had to fund those choices to obtain usable forces. Britain showed greater willingness to spend once London imposed cruiser ceilings, building toward those limits. Governments less willing to pay could use the treaties as an excuse for economies. Those choices also reflected a widespread postwar belief that the First World War had ended major conflict, a hope that later events disproved.
Chapter · 3:06:01-3:08:47
Treaties as an excuse for underinvestment
Treaty rules left useful construction options open, but governments still had to fund the ships and industrial capacity their security required.