Western European countries began abandoning mercantilism and adopting free trade policies, partly in response to the growing acceptance of Adam Smith’s theories of laissez-faire capitalism and free markets. The global nature of trade and production contributed to the proliferation of large-scale transnational businesses that relied on new practices in banking and finance. Examples of transnational businesses would include; Hong Kong and Shanghai Banking Corporation (HSBC), Unilever based in England and the Netherlands and operating in British West Africa and the Belgian Congo. There is also the use of new financial instruments such as the stock markets, and Limited-liability corporations. For many the development of industrial capitalism led to increased standards of living for some, and to continued improvement in manufacturing methods that increased the availability, affordability, and variety of consumer goods.