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Nassim Taleb, author of Fooled by Randomness and The Black Swan, criticizes Steven Pinker's book on the decline in violence, The Better Angels of Our Nature, in a short essay called The "Long Peace" Is a Statistical Illusion.
Pinker answers in Fooled by Belligerence.
To my mind, the scariest precedent isn't World War One, it's the American Civil War. Europe in 1914 was a militarized continent divided into language groups with various arms races and a lot of professional soldiers looking for a fight. It was a catastrophe, but you could kind of see it coming.
In contrast, most of the world seems to be demilitarizing today, with arms races becoming ever sleepier as inventiveness gets sidetracked into making cooler Powerpoints to boggle other laptop warriors.