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British Financial History

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Glorious Revolution As Financial Revolution, John David Angle Apr 2013

Glorious Revolution As Financial Revolution, John David Angle

History Faculty Publications

Conventionally appreciated as simply a religious and political event, this paper presents a re-appraisal of the Glorious Revolution based on the economic and commercial motivations. Scholarship has long accepted the narrative that the revolution was prompted by religious concerns, however this fails to fully examine the economic conditions of the time and the interests of the so-called "Immortal Seven." The paper then examines the financial reforms wrought by William III, including the establishment of the Bank of England, creation of a national debt, and resolution of the Currency Crisis. Ultimately this paper places the Glorious Revolution into its proper economic ...