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What would wars be like if every ship still had sails and broadside cannons?

For the scenario, let's say that dreadnoughts, Ironclads, and other ships that replaced sailing ships, were never invented. All naval ships are 18th-19th century ships such as the military Ship of the Line, or the Merchant's Clippers.

How would this effect the military and economic of countries? How would this effect modernization in China or Japan? What countries are best suited for this type of world? How would this effect certain wars, like the Russo-Japanese war or the Sino-Japanese war, ETC if ships were ship of the line?
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