Glorious Revolution
The 1688 transfer of the English crown from Catholic James II to the Protestant William of Orange, establishing parliamentary supremacy over the monarchy, the Bank of England, and the constitutional framework that made Britain's global empire possible.
The Glorious Revolution is called 'glorious' because it was achieved without civil war or significant bloodshed, but its consequences were anything but minor. By inviting William of Orange to replace James II, Parliament established the definitive precedent: the king rules with Parliament's consent, not by divine right.
The accompanying Bill of Rights (1689) formalized this: no standing army without Parliament's approval, no taxation without Parliamentary consent, freedom of speech in Parliament. These became the constitutional bedrock of British government.
Most consequentially for world history: the Glorious Revolution enabled the creation of the Bank of England (1694). Because Parliament (not just the king) now guaranteed the government's debts, investors could trust that loans to the Crown would be repaid regardless of who was monarch. This created the national credit system that funded Britain's global empire, the most consequential financial innovation in history since money itself.
Dutch capital, Dutch commercial practices, and Dutch financial institutions followed William to England, transforming a major power into the world's dominant commercial and eventually imperial force.
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Frequently asked questions
Why was the Glorious Revolution important? ＋
It permanently established Parliament's supremacy over the Crown, created the constitutional framework for British government, and enabled the Bank of England, whose parliamentary guarantee created the national credit system that funded Britain's global empire.
What does William of Orange have to do with the Bank of England? ＋
William needed money to fight France; Parliament needed constitutional guarantees. The deal: Parliament authorized the Bank of England (1694), which lent the government money backed by Parliamentary guarantee rather than royal promise, creating trustworthy national credit for the first time.