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Consider the history of Europe up until World War I. Then consider    this quotation from Wilson’s speech: “The day of conquest and aggrandizement is gone by.” What is Wilson referring to, and what is the significance of this statement?

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By saying that "“The day of conquest and aggrandizement is gone by" Wilson is saying that it is time for a new world order, in which territorial conquest isn't the norm. Unfortunately he was proved wrong. 
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