The OP claimed that the cause of the decline was a "transition from manufacturing to financial engineering", seemingly oblivious that the article was discussing the 19th century.

You seem to be implying that the presence of finance institutions in the 16th century supports the OP's thesis. That predates the industrial revolution, so obviously mere presence of financial institutions is not any kind of sign can't mean there's a "transition from manufacturing to financial engineering". If anything, those financial institions are a prerequisite for a rapid industrialization.