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mark the transition from the domestic to the factory system of manufacture and inaugurated the era of capitalism. The magnitude of this revolution is manifested by the fact that England alone had invented the means and equipped herself with the machinery whereby she could overstock the world's markets. The home market could not consume a tithe of the home product. To manufacture this home product she had sacrificed her agriculture. She must buy her food from abroad, and to do so she must sell her goods abroad.
But the struggle for commercial supremacy had not yet really begun. England was without a rival. Her navies controlled the sea. Her armies and her insular position gave her peace
