Thirdly, they aimed for the widest possible market. They appreciated the importance of economies of scale. As in banking and moneylending during the Middle Ages, they were willing to accept much smaller profits in return for a larger turnover. They accordingly – and this was their fourth main contribution – strove hard to reduce prices. They were much more willing than established traders to make an inferior, cheaper product and sell to a popular market. They were not alone in this. Sir
