The wealth accumulated by emancipated serfs fueled the growth of towns. These individuals became artisans and merchants, forming a new commercial class independent of the feudal lords. This was the moment when, as Mill writes, “feudal Europe ripened into commercial and manufacturing Europe.”

This emerging modern society was defined by several new characteristics:

1. Massive Food Production: An enormous amount of food was extracted from the soil, supporting a large and growing population of non-agricultural workers.
2. Population Growth & Security: Far larger populations were supported with “certainty, exempt from those periodically recurring famines” that had plagued earlier eras.
3. A New “Unproductive” Class: Society could now support a large class of people whose occupations were not directly tied to producing material goods, alongside those with no occupation at all.

This new commercial order was driven by a different engine of progress. While land and labour remained essential, the fuel of this new era was Capital, the accumulated product of past savings.