Do capitalism and industrialisation go hand in hand?

I think the development of technology, the technology of industry, provides that material basis for capitalism. I believe it was developments in agricultural technology in Holland that meant there was a large surplus of wool (surplus to the immediate requirements of the producers), which lead to trade, thus the development of a class of merchants, thus the revolution from feudalism to capitalism. The technological development meant that the social organisation changed. In a very simplistic nutshell.