There’s sort of a lot of factors that played into germanies apparent ability to fight another world war.
As others have mentioned, Germany’s industrial and economic output was not especially damaged by the war itself, outside of the human capital losses. A large contributing factor to germanies defeat was the unbroken naval blockade and trade embargoes. Much of the damage was actually due to the harsh requirements of the treaty of Versailles, and the occupation of the german industrial heartland.
In the 2 decades between wars, Germany began to ignore the treaty of Versailles and reoccupied the Ruhr Valley. Obviously under the nazis, there was massive investment in re-arming, but an important factor that’s often overlooked is that even at the outbreak of the war, germanies millitary strength was smaller than even the French and was grossly dwarfed by the combined allied forces.
Hitlers military leaders were terrified of a direct conflict with the French and especially the British. On the other hand the allied nations had to deal with a public weary of conflict, and the losses of the first war, and enacted polices of appeasement while Germany gathered strength. If the allies had acted sooner, and decisively, the war would have been over before it stated.
Ultimately Germanies early success was due primarily to capitalizing on a paralyzed alliance that still believed static trench warfare was the way to prevent aggression.
In the end, many historians are doubtful about Germanies ability to have ever won considering there are almost no scenarios where they were prepared for a long war of attrition where the allies could bring the full might of their industrial complex to bear. Hitler knew this but believed the Britsh would agree to peace terms before opening a front to the east.
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