You are using an out of date browser. It may not display this or other websites correctly. You should upgrade or use an alternative browser.
alternatehistory.com
I have heard it claimed that Hitler actively wanted a war in 1938 and was disapointed by Chamberlain's deal. I do not assert this is true.
However if Britain and France tried to stay with the Czechs I think Hitler loses over perhaps 2 years.
The Czechoslovaks have a good defence. I think they get support and supplies via their little entente allies Romania and Yugoslavia.
I know that in OTL Poland was given a little bit of Czechoslovakia but I do not think that chance is enough to persuade the Poles to go to war.
I believe that Britain would mount an effective blockade. Yes Italy may sell some stuff to the Nazis, as may Poland. I suspect that anybody trading with the Nazis will ask sell oil and other materials for as much as they can get.
I think that British Public opinion will be divided but will tolerate the war. There will be an amount of propaganda (some true) based on poor treatment of Germans, and maybe Slovaks.
A point would be reached where the Nazi state was overthrown.
I think that some kind of deal (rather less brutal than 45-6 in OTL) to some kind of population transfer.)
I think that the German Austrian state might be tolerated. I could see it becoming a semi Consitutional Monarchy (probably more likely under a Hapsburg)
There would not be an awareness of the true evil potential of the Nazis, they would not have reached the point of industrialed murder they did in OTL.
A lot of people in Britain and France would feel that they were tricked into war.
I do not know what would happen in Spain. The Nazis would be less able to support Franco but on the other hand Britain and France would likely be trying to be nice the Mussoline.