Scholars of security affairs can stop their dreary quarrels over military doctrine and balance assessments, and turn their attention to finding ways to prevent global warming and preserve the ozone layer. European leaders can contemplate how to spend peace dividends. This chapter assesses this optimistic view by exploring in detail the consequences for Europe of an end to the Cold War. It examines the effects of a scenario under which the Cold War comes to a complete end. The chapter argues that bipolarity, an equal military balance, and nuclear weapons have fostered peace in Europe. It offers an explanation for the peacefulness of the post-World War II order. The chapter examines the theories underlying claims that a multipolar Europe is likely to be as peaceful, if not more peaceful, than Cold War Europe. The peace-loving democracies theory holds that domestic political factors, not calculations about military power or the international economic system, are the principal determinant of peace.