chapter  4
6 Pages

Pre-War Armament Expenditure

Versailles settlement nor by the full urgency of an armament race. It may not be too much to say, indeed, that, but for the aggressive intentions of what subsequently became the Axis Powers, armament expenditure might have continued for a long time at something not far different, in most cases, from the levels of 1934, which do not show any very great disparity as between the seven countries which most definitely claim the rank of Great Powers-the countries which set the pace for the world in general. This makes 1934 an interesting year to take as a starting-point.