England, France, and the Netherlands established their own colonies and trade networks in the Americas and Asia after seeing the wealth generated by the Spanish and Portuguese empires during the Age of Discovery in the 15th and 16th centuries. Britain then went on to enjoy a century of effectively unchallenged dominance as it expanded its imperial holdings across the globe. During this time, England was transitioning to a mercantile form of capitalism where the merchant class combined land, labor, and capital to generate profits for further investments and production.