▁arg ues ▁that ▁all ▁problems ▁ar ising ▁from ▁the ▁transition ▁from ▁a ▁war ▁to ▁a ▁pe ac etime ▁economy ▁can ▁be ▁trac ed ▁back ▁to ▁the ▁vast ▁and ▁increasing ▁" in form ational ▁un cert aint ies " ▁in ▁existing ▁institutions . ▁ ▁Country ▁banks ▁One ▁factor ▁c ited ▁by ▁many ▁anal yst s ▁is ▁the ▁rapid ▁spread ▁of ▁country ▁bank ing ▁during ▁the ▁industrial ▁revolution ▁and ▁Victor ian ▁period . ▁Begin ning ▁in ▁ 1 7 8 0 , ▁country ▁bank ing ▁spread ▁rapidly ▁across ▁England ▁and ▁Wales . ▁By ▁ 1 8 1 0 , ▁there ▁were ▁over ▁ 8 0 0 ▁lic ensed ▁and ▁un lic ensed ▁banks ▁who ▁both ▁issued ▁small ▁notes ▁and ▁provided ▁small ▁work sh ops , ▁mines , ▁and ▁other ▁new ▁indust ries ▁with ▁lo ans ▁for ▁working ▁capital . ▁Some ▁sch ol ars ▁point ▁out ▁that ▁without ▁these ▁banks , ▁the ▁Indust rial ▁Revolution ▁would ▁have ▁likely ▁been ▁str ang led ▁by ▁lack ▁of ▁capital ▁before ▁it ▁could ▁have ▁begun . ▁ ▁French ▁Revolution ▁and ▁Napole onic ▁Wars ▁Europe ▁remained ▁em bro iled ▁in ▁the ▁far - re aching ▁French ▁Revolution ▁and ▁Napole onic ▁Wars ▁from ▁ 1 7 8 9 ▁to ▁ 1 8 1 5 . ▁By ▁early ▁ 1 7 9 3 , ▁Britain ▁became ▁involved . ▁Though ▁the ▁countries ▁did ▁form ▁an ▁une asy ▁treat y ▁in ▁the ▁Peace ▁of ▁Am iens ▁in ▁ 1 8 0 2 , ▁host ilities ▁would ▁res ume ▁again ▁when ▁Napoleon ▁reg ained ▁power ▁in