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That is, indeed, a tough question. I have no good answers to it.
 
I suspect that part of the problem is that these things are only intelligible 
in hindsight. What can be seen more clearly about WWI now could never be 
grasped at the time, and in that respect all of us are stuck with having to be 
a little bit humble about the status of our knowledge and predictions of events 
in the here-and-now. 
The other thing is that it might not even take anyone 'putting their foot down' 
as you say for things to become dangerous - things could also spiral out of 
control due to the unintended outcomes of more contingent events.
However, I tend to think that over the long term more structural causes take 
their due. In the case of WWI, one needed not just tensions between major 
imperial powers but also a broader global background to act as a set of 
sufficient causes for it to be a long drawn out world war. Had, for instance, 
the whole background to the Eastern Question not developed the way it did 
throughout the 19th century, then WWI might well have been very different - it 
could have been a more localised European war, it could have lasted for shorter 
period (or longer! who knows), and so on. 
Coming back to contemporary times, my feeling is that the dense institutional 
structures of capitalist inter-penetration are still mitigating the 
possibilities for a turn to all-out inter-imperialist rivalry. Again, the 
judgement here can only be a partial one, and prone to refutation by my own 
lack of knowledge of certain areas of the world etc. But I follow global 
finance fairly closely, and my area of research has been on the US (although 
more on the early Cold War period recently), and at the moment my gut tells me 
that your idea about contending imperialisms having too much to lose will hold 
for a while longer. 
As the decades go by of course, who knows what can happen. As a socialist, I'd 
love to see the current period of turmoil we're witnessing result in something 
we can look forward to and feel hope in. As a usually neurotic and frightened 
individual, I hope to hell I don't live to see a major war between nuclear 
armed powers.
 
 
 
 
> Date: Mon, 17 Mar 2014 14:09:23 -0400
> From: acpolla...@gmail.com
> Subject: Re: [Marxism] calculus of war
> To: mrpettymrsmo...@hotmail.com
> 
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> Rule #1: YOU MUST clip all extraneous text when replying to a message.
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> 
> 
> Thanks for the various references and comments, all useful!
> 
> On the one hand, they reinforce my assumption that at this point the
> contending imperialisms each have too much to lose (and the Western ones
> are too unsure of themselves) to resort to all-out war (as opposed to
> Russian military takeovers of marginal areas which the US acquiesces to
> while it continues its own more subtle economic enfoldment in the region).
> 
> BUT
> 
> The other part of my question is at what point would the contenders decide
> they have more to gain than lose by putting their foot down? What, for
> instance, pushed the two sides over the edge in August 1914?
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