I suspect that an objective look at Switzerland would show that it wasn't just their "credible defense" that allowed for peace. For example, it's quite often convenient (for a number of reasons) for belligerent powers to have a "neutral zone" where they can conduct business (and if you doubt this, look at the activities of the OSS and other groups in Switzerland during World War II as well as the banking habits of certain other powers during that same conflict).
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