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I'd have to write a whole paper on it and I don't know if now is the time or the place. It's not the time 'cause it's summer break and it's not the place because I'm on vacation :D
But seriously, if you scratch the surface you'll find that below the typical narrative that appeasement stemmed from cowardice, there lies a very complex web of calculations and miscalculations which led to the debacles of October 1938, September 1939 and June 1940. In our quest to reduce things to simplified, easily-understood pieces, a lot has gotten left out. Of course, when I learned about that in high school, keeping it simple was appropriate because there's limited time and a lot to cover. Unfortunately, since most people in this country don't continue their study of history past secondary school, that overly-simplified version of what "appeasement" means and meant has become conventional wisdom. I'd say that if we're trying to keep things simple, we should abandon the "cowardice" line and instead adopt stubbornness and, sadly enough, bad intelligence and incorrect concepts about politics and military capabilities as the underlying factors in appeasement.
If this keeps up though, I might have to write that paper :)
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