Although this period coincided with a resurgence of nationalism and patriotism, it was the shift of the economy from feudalism to mercantilism, and the opportunities that came with Age of Exploration and establishing colonies abroad, that most influenced the consolidation of power in Europe during this time. Monarchs suddenly had ways to greatly increase their revenue by taxing trade and by reaping the benefits of overseas colonies, which took a lot of power away from feudal lords.
The us economy after world war 1 relied in large part on "inflation" since this was a major symptom that led up to the Great Depression and the 1920s bubble.
