Yes (in theory) if the country’s agree to live up to their military and strategic responsibilities to defend and act as the arsenal of the free world. This hasn’t been the case since World War Two with the European nations in particular outsourcing their responsibilities to the US.
As for the second question, this is possible if you have a genuine balance of power however a quick reading of history will tell you that in the long run such an equilibrium tends to instability as the dynamics of international affair easily shock the system.
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