I think World Peace could be possible, but not in the 'two warring nations shaking hands' kind of way.
World Peace in the sense of demilitarization is very possible, but not probable. There are two main causes of war; conflicting dogma and non-renewable resources. In a nutshell, certain beliefs and religions would have to be snuffed out completely to end all conflict, as there are several religions that preach violent retaliation and violence in general. And even then, the religions that preach love and peace could still be worshiped by literalists or those with too much piety and turned into a scapegoat to be judgemental and racist. On the religious front, there will always be differences, and it would take a long fuckin' time to weed the counterproductive religions out of the picture. And even then, that's a completely subjective argument and to act upon it would create even more conflict.
As for resources, we have to bear in mind that all countries are at different stages of technological development and several countries have different governing systems. This is a great deterrent to being equal in resources, which is the only possible way to keep conflicts from breaking out over who has what.
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