I discussed this in a soc.history.what-if post back in 1997...
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A couple of weeks ago, I mentioned that I had been reading *Hitler's Thirty
Days to Power: January 1933* by Henry Ashby Turner, Jr., of Yale
University. As I mentioned, Turner emphasized that as of the beginning of
1933, Hitler's ascension to power was far from inevitable--in particular he
thinks it would never have happened if Schleicher had been more astute, or
if Gregor Strasser had split the NSDAP, etc. In his last chapter, Turner
goes on to consider the most likely alternative to Hitler--a military
regime. (As he notes, the usual consequence of failure of elected
government in interwar Europe was a military or semi-military regime, not
the triumph of a fascist movement. In fact, the latter did not happen in
peacetime anywhere except Germany and Italy.)
He thinks that the results of a German military regime (which btw would be
able to take credit, just as Hitler did in OTL, for the economic recovery
that was already under way in January 1933) would be as follows:
(1) No official anti-Semitism (let alone the Holocaust).
(2) There very likely would have been another war, but only with Poland.
The generals had no great desire for Alsace-Lorraine--the Alsatians and
Lorrainers had from their viewpoint made very poor Germans from 1871 to
1918. Nor were the generals much interested in Austria and the
Sudetenland. Finally, they did not dream of Lebensraum in the East and did
not harbor hostility to the USSR. In fact, they had been working with the
Soviet military for years to circumvent the disarmament clauses of the
Versailles Treaty.
(3) With respect to Poland, things were different. The generals, like most
other Germans, did want the Corridor back, and the Poles were unlikely to
yield on this. So a German-Polish war was likely. But it is doubtful that
this would have been a *world* war. A great deal of prior provocation on
Hitler's part was necessary to have Britain and France issue guarantees to
Poland. By holding on to limited demands (which it could justify on
grounds of self-determination, especially for Danzig and much of the
Corridor), Germany could probably avoid British or French intervention.
Soviet intervention would be avoided, as in OTL, by giving the USSR eastern
Poland (or if you prefer, western Ukraine and western Belorussia). But in
order to avoid western intervention, the Germans would allow a Polish state
to remain (shorn of some territories, such as the Corridor). Essentially,
everyone would be satisfied with the results except the Poles--and even
they of course would fare much better than in OTL.
(4) As mentioned, he doesn't think a triumphant Germany would turn on the
Soviet Union. He doesn't devote much attention to the other
possibility--the USSR invading Germany--but this seems unlikely. This
would involve military conflict not only with Germany but potentially with
Britain and France as well (which in this TL enjoy reasonably good
relations with Germany).
(5) Without a war in Europe, Turner also doesn't think there would be a
Pacific War. China was not sufficient to cause such a war. It was only
after Hitler had defeated the Dutch and French, greatly weakened the
British, and forced the USSR to concentrate its troops in Europe that Japan
became sufficiently emboldened to strike against the Western powers,
including the United States.
(6) Finally, the German military regime, though it could have lasted a
considerable time, would be unlikely to long survive its dominant
personality. Eventually, the generals would have fallen out among
themselves and republicanism would have reasserted itself. (I don't think
Turner gives sufficient attention to the possibility that National
Socialism might have reasserted itself in such an event. The fact that
Hitler was in eclipse at the end of 1932, and that his comeback in January
of 1933 was not inevitable, does not mean that he might not have staged a
*later* comeback after the eventual fall of a German military regime.)
As I said, this last chapter of the book (Chapter 7--"Determinacy,
Contingency, and Responsibility") interests me because it has one of the
few extended treatments of counterfactual history I have seen by a
professional historian.
https://groups.google.com/d/msg/soc.history.what-if/q_BF1kUdBHs/vE1thhuMqGcJ
***
Later in that thread I argue that the remilitarization of the Rhineland and an end to the military restrictions of Versailles were inevitable with or without Hitler:
An end to the military restrictions of the Versailles agreement and to the
demilitarization of the Rhineland were inevitable with or without Hitler.
Hitler's actions in the Rhineland were not as risky as they seemed, but he
could have played it even safer by simply declaring the 14,000
Landespolizei in the Rhineland incorporated into the German Army. (There
were in fact plenty of armed paramilitary and police units in the Rhineland
by 1936.) The chances of France intervening were small in any event, but
there is no way they would have intervened to prevent a "remilitarization"
that would simply have changed the uniforms of German personnel already in
the Rhineland. Then, once the principle of German full sovereignty in the
Rhineland was established, the number of troops could gradually have been
increased.
(I don't know why Hitler didn't choose this low-risk approach to
remilitarization. Probably it was--as James Thomas Emmerson suggested in
his book *The Rhineland Crisis: 7 March 1936*-- because he
wanted a *dramatic* proof to the Germans that their "slavery" had
ended--troops marching across the bridges, aircraft over the Cologne
Cathedral, etc.)
The truth is that Britain--and without Britain, France was unwilling and
perhaps unable to act alone--was not willing to go to war with *any* German
regime for actions taken on German soil. If they weren't willing to do so
with Hitler, they certainly wouldn't with a less menacing regime. By the
1930's the West had a bad conscience over Versailles, and any German regime
would have capitalized on this fact. Even before Hitler came to power, in
December 1932. the Western powers recognized in principle Germany's right
to parity in armaments.
To quote Turner (p. 82): "Although exactly what that concession would mean
in practical terms remained uncertain, it cleared the way, in Schleicher's
view, for formation of a compulsory militia that would serve as the first
step to the resumption of universal conscription. He planned, that is, to
commit his cabinet to the cause of rearmament and reap the political credit
for ending Germany's military impotence."
BTW, don't forget that a military regime (whether headed by Schleicher or
someone else) would have had a perfect bargaining weapon with Britain and
France: "If our regime falls, the Nazis or Communists will take over." In
other words, if in OTL Hitler could earn credit in the West for being an
alleged "bulwark against Bolshevism" the German military regime could claim
to be a bulwark against both Naziism and Bolshevism.
https://groups.google.com/d/msg/soc.history.what-if/q_BF1kUdBHs/bhkrQm1DwssJ
***
To this I would only add that
(1) In Germany, establishing a conservative-authoritarian regime would not even require any obvious coup d'etat; President Hindenburg's power to rule by decree provided a "legal" basis for transition to authoritarianism.
(2) Of course the regime will crack down hard on the KPD but that doesn't mean it will necessarily have bad relations with the USSR. (Which, remember, did not border on Germany and did not control any territories claimed by the mainstream German Right.) Even if the USSR considers the regime "fascist"--the KPD was already referring to Germany as a "maturing" fascist dictatorship under Bruening!--this need not make much difference in Soviet-German relations. As Stalin said in 1934, "Of course, we are far from being enthusiastic about the fascist regime in Germany. But it is not a question of fascism here, if only for the reason that fascism in Italy, for example, has not prevented the U.S.S.R. from establishing the best relations with that country."
https://www.marxists.org/reference/archive/stalin/works/1934/01/26.htm