Perhaps. Banks became more important for financing industrial growth, as entrepreneurs and business owners needed more capital. The Bank of England was created

Perhaps. Banks became more important for financing industrial growth, as entrepreneurs and business owners needed more capital. The Bank of England was created in 1694 to fund wars, and was given a monopoly on joint stock banking in 1708. https://www.thoughtco.com/development-of-banking-the-industrial-revolution-1221645 https://www.thoughtco.com/development-of-banking-the-industr... Once the great minds of the country understood that there are easier ways of multiplying their wealth (trade, colonisation, wars..), one can imagine the shift in their priorities - from investment in engineering to financing agents of wealth creation.