Final answer:
The Rush-Bagot Agreement was significant as it was the first reciprocal naval arms treaty for the U.S. and helped demilitarize the Great Lakes region, leading to improved U.S.-British relations and long-term peace. It also allowed both nations to channel resources into economic growth.
Step-by-step explanation:
The Rush-Bagot Agreement was significant as it led to the first reciprocal naval arms treaty for the United States. Agreed upon in 1817, it effectively demilitarized the Great Lakes region by limiting the naval power that the U.S. and British Canada could maintain on these waters. This agreement addressed some issues not resolved in the Treaty of Ghent and laid the foundation for improved relationships between the U.S. and Great Britain. The Rush-Bagot Agreement, along with subsequent treaties like the Congress of 1818, set the groundwork for long-term peace, improved foreign trade, and economic health between the two nations.
While the Rush-Bagot Agreement focused on demilitarization in a specific region, the later Washington Naval Conference of 1921 aimed to reduce the overall naval capacities of major world powers to lessen the chances of war and cut defense spending. The Five-Power Treaty that emerged from this conference established ratios for warship construction among the signatory nations. This disarmament effort, although aspirational in its intent to maintain peace, did not commit nations to action in case of treaty violations.