That was the consensus and for all I know is still taught as the consensus.  But it's not quite, quite, accurate.

For example, the political leadership of England during most of this period was Monarchy supported by and supported land-based Aristocracy.  While the great merchants gained power during this period they never achieved Decision Making power.  An example of this, was a continuous un-met demand by the merchants for the King to do something about pirates infesting the English Channel.  It was only when the mayor of London fitted out a fleet, out of his own pocket, that piracy faded.  


Ever since I learnt about confirmation bias I've started seeing it everywhere

It does omit the profits from gaining a share of the East and South Asian carry trade. After selling your fine woolens for silver, your big money comes from taking that silver to the East, where it can be used to buy into the trade among the most productive, highest income economies in the world. And you can reap your profits from that trade in the form of goods to send back to Europe to sell for more silver to finance further expansion.

There's a reason why it's "sailing the Seven Seas" rather than "sailing to the Seven Seas" ~ there was a lot of money to be made plying the waters of the Andaman, Java, Banda, Molucca, Celebes, Sulu and South China Seas.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.