Axis victory is the obvious answer, but for a more dubious answer I say no WW1(and no comparable great war between the powers).
As a result of avoiding WW1 and WW2 Britain and France are not crippled and forced to yield their empires- instead they implement conscription to hold down decades-long guerrilla warfare in their colonies. The principle opposition to the increasingly burdensome warfare comes from the socialist movement, which ultimately leads to a socialist insurgency. There's all sorts of ways that could go nasty.
Russia also faces a socialist insurgency, but without the regime being hollowed out by WW1 the Tsar doesn't fall nearly as quickly, and so it devolves into a perpetual grinding civil war. If/when the tsar is overthrown, Germany intervenes on their behalf to "restore the (puppet)empire", and so we half the whole Russian empire as a German protectorate for god knows how long.
That leaves the US and China. Not sure there.