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Suppose Israel had captured the West Bank in the War of Independence. The best way I can think of this happening is Jordan being pressed into rejoining the war after it had already bowed out. In the post-war armistice agreements, Israel gets the West Bank and east Jerusalem. Much of it's population ends up in Jordan as refugees.
What would have been the result? How would the Arab-Israeli conflict have gone? How would the peace negotiations have gone? How would the Palestinian refugee issue be looked at? What would the region look like today?