What exactly are victory points supposed to represent?
(1) Is it an indirect measure of how well the war is going? Thus, victory points are an influence on the National Morale of a country?
(2) Is it a measure of the advantage that one side has over another in terms of a negotiated peace?
If the campaign times out, then a negotiated end to the war is assumed to take place. The victor is then determined based on victory points. However, victory points don’t seem to represent the advantages in a negotiated settlement. What matters is not how long you held the African colonies, but do you hold them at the end of the war? Additionally, while capital ship losses may have strategic implications for a country in a post-war world, they are not really a factor in the peace negotiations.