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AFTER Great Britain, the first area of Europe to industrialise was that which later became Belgium. This region, then called Flanders, had, from the Middle Ages been economically important in Europe. Antwerp and Bruges [Bnigge] were centres of prosperity and commerce. This occurred even though Flanders was ruled oppressively from outside, first from Spain and later from Austria. After the French Revolution, Belgium was absorbed by the French Republic and continued to be controlled by France under Napoleon. After the defeat of Napoleon in 1814 the area became part of the United Netherlands. In 1830 Belgium became an independent nation.
Flanders had abundant deposits of bituminous coal and metal ores. In particular it had iron ore in proximity to coal for steel production. In addition to its natural resources Flanders was strategically located with respect to the major markets of Europe. Belgium developed an excellent transportation infrastructure of ports, canals, railways, and highways to integrate its industry with that of its neighbours. Belgium was a modern state in regard to its political constitution, its administration and economy. Belgian banks were models to those in other countries. The Belgian monarchy actively promoted economic development directly through personal investment and indirectly through governmental policy such as the authorisation of a major investment bank, Société Générale...