Changes

James II was building a powerful militarized state on the assumption that the world's wealth was necessarily finite, and empires were created by taking land from another state. The [[East India Company]] was thus an ideal tool to create a vast new English imperial dominion by warring with the Dutch and the Mogul Empire in India. After 1689 came an alternative understanding of economics, which saw Britain as a commercial rather than an agrarian society. The proponents of this view, most famously [[Adam Smith]] in 1776, realized that wealth was created by human endeavor and thus potentially infinite.<ref> See Pincus (2009)</ref>

James II was building a powerful militarized state on the assumption that the world's wealth was necessarily finite, and empires were created by taking land from another state. The [[East India Company]] was thus an ideal tool to create a vast new English imperial dominion by warring with the Dutch and the Mogul Empire in India. After 1689 came an alternative understanding of economics, which saw Britain as a commercial rather than an agrarian society. The proponents of this view, most famously [[Adam Smith]] in 1776, realized that wealth was created by human endeavor and thus potentially infinite.<ref> See Pincus (2009)</ref>

==Further reading==

==Further reading==