“In our modern world of interdependent nations, hardly any state can wage war successfully without raising loans and buying war materials of every kind in the markets of other nations.”
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In some states militant nationalism has gone to the lengths of dictatorship, the cult of the absolute or totalitarian state and the glorification of war.
The first condition of success for the League of Nations is, therefore, a firm understanding between the British Empire and the United States of America and France and Italy that there will be no competitive building up of fleets or armies between them.
In almost every country there are elements of opinion which would welcome such a conclusion because they wish to return to the politics of the balance of power, unrestricted and unregulated armaments, international anarchy, and preparation for war.
In short, it may be said that on paper the obligations to settle international disputes peacefully are now so comprehensive and far-reaching that it is almost impossible for a state to resort to war without violating one or more solemn treaty obligations.