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Did Grey, Asquith and other pre-WWI officialdom dread German economic and commercial rivalry so much that they preferred war to peaceful competition?

In other words, they despaired of beating Germany on price and value and thus sought to raise the conflict to a military-naval level which would allow Britain to cut off Germany from overseas markets and raw materials thus eliminating a competitor who was driving the price of Britain’s imports up and its industrial exports down?
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