Fay's conclusion was that all the European powers shared in the blame, but most of all the system of secret alliances that divided Europe after the Franco-Prussian War into two mutually suspicious camps of group solidarity, Triple Alliance against Triple Entente, but that Austro-Hungary Serbia and Russia were primarily responsible for the immediate cause of war's outbreak. Other forces besides militaristic nationalism were at work: the economics of imperialism and the newspaper press played roles.
Fay also wrote The Rise of Brandenburg-Prussia to 1786 (1937).
He married (17 August 1904) Sarah Eliza Proctor.