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Before the wars of Austrian Succession started, Frederick had offered Maria Theresa an alliance, demanding Silesia (at least, Lower Silesia) as a price. As we know, she declined. But what if she had accepted? Since Prussia had the best army of Europe at this time, the advantage would have been on Austria's side. The war may end sooner (if it starts at all), Austria may receive areas lost in Belgium at the expense of France and in Italy at that of Spain. Also, Lorraine may return to emperor Stephan. And Britain may expand its colonial empire a bit earlier.

Of course, there is the question which parts of Spanish Italy would go to Austria. All of Naples-Sicily would be too much, but splitting up the kingdom wouldn't really make sense, since it'd be indefensible for Austria.

Also, I wonder whether Prussia might take parts of Julich-Berg, at this time owned by the Wittelsbach dynasty. Or whether Austria would expand into Bavaria, or Prussia into Saxony.

All in all, the Prussian-Austrian coalition may gain a slight overweight in Germany and Italy, being able to topple the balance in a later war.
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