A Monopoly on Capital–the British Empire’s Invisible Strength
<p>How did Great Britain, a tiny island off Europe, become the world hegemon? While the island’s distance from Continental Europe made it a backwater for most of history, its insulation from Europe ultimately led to a booming economy. During the 17th century, the island country possessed a strong navy, which ensured its safety and promoted its rising commercial sector. However, Great Britain would not surpass its European rivals until it developed its financial system, which catalyzed the Industrial Revolution and allowed Great Britain to become unrivaled in power. At the end of the 19th century, London had developed into the largest financial center in the world, and other countries only possessed a fraction of the city’s capital. Thus, the base of British power projection was the country’s impressive financial apparatus. If the country had never undergone financial development, the British Empire could never have come to be.</p>
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