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Before Queen Elizabeth (the First), England was considered by the rest of Europe to be an unimportant backwater. After her defeat of the Spanish Armada and successful defiance of King Philip, who was the most powerful military power in the world at that time, England was seen as a World Power in its own right.

From that time on, England was considered one of the top countries in wealth and power. With the establishment of the Bank of England, the East Indian Company, the Hudson Bay Company, and the technological innovations that came from being the cutting edge of the Industrial Revolution, England colonized the world, and the lion's share of global commerce flowed into London.

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