In: Economics
Discuss the evolution of British political life between 1688 and 1815, focusing on the power relationship between the King, Parliament, and the people.
The Glorious Revolution occurred when in 1688 William of Orange took the English throne from James II. It brought permanent power realignment within the British constitution. In 1688-89 the deal struck between royal couple and Parliament was that Parliament would provide support the war against France, and royal couple King William III and Queen Mary II need to accept new constraints on their authority. The new co-monarchy of William and Mary received huge constraints from Parliament compared to the previous monarchs. Moreover the new constitution laid high expectation that future monarchs must also remain constrained by Parliament. Parliament took the charge on specifications how new revenue could be spent, began an audit how revenue was spent, and diverted few funds entirely from the control of king. It created a balance of power among parliament and crown made the promises of the British government more credible, and consequently it helped the government to reorganize through a collection of changes its finances known as the Financial Revolution. It creates people's confidence in promises of government to the public. The major contentious argument is that the changes in constitutional made property rights very secure and therefore development of economy.