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Notes -
I would not say that this was the major cause of the conflict. There are much more fundamental reasons. Let's go through some of them:
Demographics: after unification of Germany in 1871 it had population of 41 million people. By 1913 the population increased by 65% to 68 million. Population of France was 36,1 million in 1871 without Alsace-Moselle they ceded in the war, and in 1911 it increased only marginally to 39 million. French were scared of rapidly industrializing and growing Germany. But in turn Germany was scared of Russian Empire which increased from around 85 million in 1870 to around 160 million in 1910, and it also industrialized very rapidly.
The change in foreign policy of Russia and it's turn from the principle of Holy Alliance since 1815, where three Emperors of Russia, Austria and Prussia formed a coalition on monarchic principle against revolutionaries and other threats. This alliance got steadily weakened despite Russia supporting Austria in 1848 against Hungarian rebels only to be betrayed during Crimean War in 1853. Then with unification of Germany this soured further until Russia formed Franco-Russian Alliance in 1894.
Britain was in a bit of a pickle. You are right that they wanted to play continental powers one against another, but at the same time they were terrified of Russian expansionism. They had valid fears of Russia influencing Central Asia in so called Great Game - the primary concern was Russia expanding into India via Afghanistan, but also establishing Warm water port in East Asia. Brits viewed Russia with suspicion.
One of the key moments where situation changed was when Russia lost war in 1905 to Japan, which turned its focus more on to the west in Balkans while negotiating alliance with Great Britain in 1907. This put Russia more directly onto collision course against Austria which also wanted influence in Balkans. There were some precursors such as Russia supporting Serbia in Balkan Wars at the expense of Austria. This solidified two competing blocks in Europe.
There were some crisis situations also concerning Germany, France and UK such as Agadir Affair. The conflict was brewing for some time.
I of course omitted many other things such as German naval rearmament, which however stalled before WW1 with Germans focusing more on the army, and thus it was not a direct cause of it, but it contributed to tensions. I still think WW1 was not inevitable. The collision course was there, but with a little bit more luck and/or more diplomatic skill or at least not outright incompetence during the July crisis, the world could have survived this period of tensions.
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