Britain should not have gone to war in 1914 and the decision to do so was the "biggest error in modern history", according to historian Niall Ferguson.
The Harvard University professor said Britain was ill-prepared for World War I and paid too high a price in terms of the lives lost and the vast debts that were run up during the four-year conflict.
He also said Britain could have "lived with" an initial Germany victory over Russia and France and dealt with Germany's vast new European empire later.
"We should not think of this as some great victory or dreadful crime, but more as the biggest error in modern history," Ferguson said in an interview with BBC History Magazine.
"The cost, let me emphasise, of the First World War to Britain was catastrophic, and it left the British Empire at the end of it all in a much weakened state.