There were economic consequences of the English Revolution, called the Glorious Revolution, of 1688. One consequence was that the power of British monarchy was weakened. For example, the British Parliament got control over the levying of taxes. The Parliament also was able to have influence over royal secession, have a...
There were economic consequences of the English Revolution, called the Glorious Revolution, of 1688.
One consequence was that the power of British monarchy was weakened. For example, the British Parliament got control over the levying of taxes. The Parliament also was able to have influence over royal secession, have a say in declaring war, and have influence over political appointments.
Great Britain was also changed financially. Because the wars that Great Britain had fought had cost so much money, Parliament began to examine the royal expenses much more closely than it had done in the past. Key financial institutions, such as the Bank of England, also formed.
The war ended a monopoly that the Royal African Company had over the trading of slaves. This allowed slavery to grow as a result of the revolution. It was ironic that while this war was designed to give the British people more freedom, it also led to more slavery for some people.
This revolution also impacted the British colonies in North America. The colonists began to think that they should eventually have more freedom in the colonies. They heard about the constitutional reforms that were made in Great Britain as a result of the Glorious Revolution. They also knew this was a popular uprising. In Boston, in 1689, the people revolted against the governor of the Dominion of New England. The people were unhappy that the British government had more control as a result of changes made by James II in 1686. The colony returned to the previous form of government, which was run by the Puritans. Another rebellion occurred in New York. After a series of events that led to the death of a prominent person in the revolt, Jacob Leisler, a representative assembly was created. There also was a revolt in Maryland that led to a new government being established.
While the colonists were able to make some changes as a result of these revolutions, the British still wanted to maintain a firm grip on their colonies. This would eventually lead to policies that the colonists strongly opposed. As a result of these policies and other incidents, the Revolutionary War, which had a significant financial impact on the British, began in 1776.
The English Revolution had economic consequences that were felt throughout the British Empire.