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During the Age of Discovery in the 15th and 16th centuries, Portugal and Spain pioneered European exploration of the globe, and in the process established large overseas empires. Envious of the great wealth these empires generated,[5] England, France, and the Netherlands began to establish colonies and trade networks of their own in the Americas and Asia. A series of wars in the 17th and 18th centuries with the Netherlands and France left England (Britain, following the 1707 Act of Union with Scotland) the dominant colonial power in North America. Britain became the dominant power in the Indian subcontinent after the East India Company's conquest of Mughal Bengal at the Battle of Plassey in 1757. The American War of Independence resulted in Britain losing some of its oldest and most populous colonies in North America by 1783. British attention then turned towards Asia, Africa, and the Pacific. After the defeat of France in the Napoleonic Wars (1803–1815), Britain emerged as the principal naval and imperial power of the 19th century and expanded its imperial holdings. The period of relative peace (1815–1914) during which the British Empire became the global hegemon was later described as Pax Britannica ("British Peace"). Alongside the formal control that Britain exerted over its colonies, its dominance of much of world trade meant that it effectively controlled the economies of many regions, such as Asia and Latin America.[6][7] Increasing degrees of autonomy were granted to its white settler colonies, some of which were reclassified as Dominions.