Glorious Revolution (1688)
The 1688 overthrow of Catholic King James II of England by the Dutch stadtholder William of Orange, invited by English Protestant nobility, establishing parliamentary sovereignty over the Crown, guaranteeing Protestant succession, and creating the institutional foundation (parliamentary control of taxation and spending) that made the Bank of England and British financial power possible.
The Glorious Revolution was a bloodless (mostly) coup in which a coalition of English Protestant nobles invited William of Orange (stadtholder of Holland, married to James II's Protestant daughter Mary) to invade England and replace James II, who had been moving toward Catholicism and absolute monarchy on the French model. James fled without fighting, William and Mary became co-monarchs, and Parliament established the Bill of Rights (1689), which permanently constrained royal power over taxation and legislation.
Why it was 'glorious' for British power: the key consequence was not religious but institutional. Parliamentary sovereignty meant that the English state's creditworthiness was guaranteed by a collective institution, not by the whim of a single monarch. This was the prerequisite for the Bank of England (1694) and the fiscal-military state that outcompeted France for the next century.
The Dutch connection: William brought with him Dutch financial innovations, institutional credibility, public debt, stock markets, central banking. Amsterdam had pioneered these tools; William transplanted them to London. England's subsequent financial power rested on this Dutch knowledge transfer combined with English political institutions.
The limits: the Glorious Revolution was a settlement between the landed aristocracy and the merchant class, it excluded the poor, expanded property rights for the wealthy, and set the terms for England's mercantile capitalism. It was a revolution for property owners, establishing constitutional rights primarily for those who had property to protect.
Related articles
Related terms
Frequently asked questions
What was the Glorious Revolution? ＋
The 1688 replacement of Catholic King James II by the Dutch Protestant William of Orange, invited by English Protestant nobles. James fled; Parliament established the Bill of Rights (1689) permanently constraining royal power over taxation and law. The real significance: parliamentary sovereignty established institutional creditworthiness, making possible the Bank of England (1694) and British ability to borrow at lower rates than any competitor.
Why did the Glorious Revolution matter economically? ＋
Parliamentary control of taxation meant debt repayment was guaranteed by a stable institution rather than a monarch who might die or default. Dutch financiers who accompanied William brought Amsterdam's institutional banking innovations to London. This combination, parliamentary credibility + Dutch financial technology, made Britain's fiscal-military state the most financially sophisticated in Europe, enabling it to outspend France in every subsequent war and fund the empire.