The original quest for colonies, which began in the 17th century, was economically justified by the dominance of the mercantilist system. One of mercantilism's key assumptions was that a country could only become wealthy through the accumulation of gold stock. The only way to maintain a large gold stock was to block trade with other nations, and extract resources from far off colonies. This was the major justification for early colonization. In the quest for profit, England led the way in the industrial revolution of the 18th century. As the leading economic power of the day, England sought to expand their economic dominion by seizing new lands. Newly rich industrialists