What would happen if the WW1 ended in a white peace?
If WW1 had ended in a white peace, where all parties cease hostilities and return to a pre-war state, then I suspect the world would look very different than it does today. For starters, WW2 either would not have happened or would have been significantly less devastating. This is because there would be no Nazi party in power in Germany, as the Kaiser would have remained in power, and the economic restrictions placed upon German would not have existed, meaning the mass disillusionment and the rise of Facism in Germany would not have occurred.
It's hard to tell since it really depends how white. No war can be white and civil since every war is driven by greed and hatred. Let's say nobody gets reperations. Basically only country that had to pay huuge reperations was Germany: US$33 billion
Huge sum, most war ravaged countries were Belgium and Latvia. Belgium did get reperations as they got "raped" by Germans, but Latvia didn't get any and still recovered as well as other nations and built a decent economy for it's sizes and given conditions.
I'd say that Germany wouldn't get as weakened in case France wouldn't have pushed them to the knees and their nation would be happy with no grudges against other nations and they would remeber it as a bad war caused by now overthrown monarch. World war II wouldn't even happen since bad living conditions in worker society caused extremism like nazism and communism.
In bigger picture, World would be a better place if war had still happened, but people would forgive each other and not be greedy. Personally i'm not fond of French people, they bullied Germans and they decided to revenge.
P.S. I am a bit tired so I feel like my grammar isn't too good.