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In the 17th cent. the Dutch were in the forefront financially, but with the establishment (1694) of the Bank of England, their supremacy was effectively challenged. Capitalism appeared on a large scale, and a new type of commercial entrepreneur developed from the old class of merchant adventurers. Many machines were already known, and there were sizable factories using them, but these were the exceptions rather than the rule. Wood was the only fuel, water and wind the power of these early factories.
As the 18th cent. began, an expanding and wealthier population demanded more and better goods. In the productive process, coal came to replace wood...
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