Significance between Glorious Revolution and the Bank of England?Was the Glorious Revolution simply a consolidation of economic and political power between the Netherlands and Britain. It was after this time that the East India company of Britain surpassed the Dutch in trade as well as shortly after the Bank of England was established . Any further information or comments... | |
It is true, that the Glorious revolution changed the economic situation of Britain. Excerpts are from the source:
Before 1689, England's economic landscape contained a suc-
cession of gradually interconnecting, slowly developing, capital-
ist agricultural and industrial enterprises. Investors and
managers from its two most affluent, highly stratified and inter-
mingling, classes of landlords and capitalists directed these
businesses without commanding political power commensurate with their wealth. As a result of the Glorious Revolution, after
1689, these elites grasped legislative authority and amalgamated
to protect their recently won Parliamentary freedoms from a
second Stuart Restoration.
When the Glorious Revolution gave English proprietors an opportunity to resolve these immediate and long-range problems, Members wrote a multitude of statutes designed to defeat France, and to circulate greater quantities of English goods worldwide.
Borrowing became so conspicuous during these years that historians have christened the era between the Glorious Revolution and the South Sea Bubble as that of the "Financial Revolution."
VR
I have studied English history, but am not an expert on this. But your connection seems valid to me. When James II abdicated William of the Netherlands, and his wife Mary, came to power. The Dutch had been known for many years for their economic strength and activity. I know that William created the Bank of England. It provided economic security and the opportunity for entrepreneurial development for both British merchants and England. I would think William's Dutch background would have influenced him. The Dutch being on the continent faced more threats from European powers, such as Louis XIV, who was obsessed with crushing them. This would also factor into England being able to economically surpass the Dutch.
No, I don't think so - but I think the Bank formed as a result of it.
I think there were two major factors that brought about the Glorious Revolution - religion and the Divine Right of Kings.
James tried to convert the army to Catholicism and, once he had produced an heir in 1688, Parliament were worried that this may be the start of a Catholic dynasty. William offered to defend Protestantism.
Parliament also saw that, by inviting William to rule they could, in effect limit much of the power that had previously been vested in the king. Charles I took this to its limit, Charles II was shrewd enough not to push it too far, but James looked like he could be trouble.
The resulting period of stability led to economic growth and the formation of the Bank of England.
William of Orange brought with him the Dutch banking infrastructure and ideas which had made the Dutch so powerful.
Britain surpassed the Dutch because the Dutch were still using out moded industrial methods, eg windmills, Britain was starting to use more up-to-date methods in her industries. Whereas the Dutch had to rely significantly on imports for survival, Britain's industries were springing up on her own soil.
