I was just looking at this classic from 1909, in which Norman Angell argued that any major wars would be highly unlikely in the modern era of free trade and interlinked financial centers. (I’ve linked to a paperback version, but note that this is in the public domain and a free electronic version is available at archive.org.)
It’s interesting to think about all this as we approach the 100-year anniversary of the first shots being fired in World War I on July 28, 1914. There are two stories I’ve heard told about World War I – first, that Germany was itching for a fight and found its excuse in what could have been a contained confrontation between Austria-Hungary and Serbia – it was looking to grab some territory and thought it could do that quickly without provoking a major conflict; alternatively, that the whole thing was an accident, where Austria-Hungary made a bad decision that ended up sucking in Germany, Russia, France, England, and even the United States.
Today, I don’t think the rational leaders of any country would expect to enrich their country economically by provoking a major war. However, they might seek an advantage by blustering and bluffing just short of actual war. Then if a miscalculation causes one side or the other to cross that line, or some party exercises extremely poor judgment, or an accident simply happens and neither side has the good sense to back down, war can happen. The most obvious danger today is a naval confrontation between China on one side and any number of nations on the other – Japan, the Philippines, Vietnam, Taiwan or South Korea. Any of these would almost surely draw in the United States, and the situation could escalate from there. Let’s hope cooler heads prevail if something like this were to happen.