The various Versailles discussions has made me think. Given that the naval arms race between Britain and Germany is considered one of the major reasons for British/German hostility, and given the extreme costs of maintaining the naval race, what do people see as possible naval disarmament agreements in the event of something less than a complete Allied victory in WW1 occurs (either a truly negotiated armistice between equals or a limited German victory that leaves Britain largely unaffected). I tend to think that economically, the great powers would be forced to consider some sort of naval limitations, but with Germany (and to extent Austria-Hungary) still alive and kicking, it could look quite a bit different, both with respect to ratios, tonnage, and types of units.