Has the Glorious Revolution contributed towards England’s economic
stability?
The question deals with whether the Glorious Revolution has made any significant
impact over England’s economic stability. To understand this in detail we shall
first see some important events that cast a light over England’s economy at that
time period.
In 1603, Stuarts had complete royal control over expenditures. Throughout their
reign revenue from traditional sources did not match the expenditures.
Parliament played a very insignificant role with regards to expenditure and
investment. It had mainly provided the Crown with tax revenue, particularly for
the purposes such as wars.1
Moreover, the Crown also collected revenue without Parliament’s approval.
Crown also demanded loans and behaved rather irrationally towards repayment
in that the repayment was highly unpredictable.
Crowns agent also used the method of purveyance which means the right of the
sovereign to buy provisions for a fixed price lower than the market value. At times
Crown also seized the property of citizens.
1Constitutions and Commitment: The Evolution of Institutional Governing Public Choice in Seventeenth-Century
England. The Journal of Economic History, Vol.49, No,4 (Dec., 1989), 803-832. Douglass C. North; Barry R.Weingast
stability?
The question deals with whether the Glorious Revolution has made any significant
impact over England’s economic stability. To understand this in detail we shall
first see some important events that cast a light over England’s economy at that
time period.
In 1603, Stuarts had complete royal control over expenditures. Throughout their
reign revenue from traditional sources did not match the expenditures.
Parliament played a very insignificant role with regards to expenditure and
investment. It had mainly provided the Crown with tax revenue, particularly for
the purposes such as wars.1
Moreover, the Crown also collected revenue without Parliament’s approval.
Crown also demanded loans and behaved rather irrationally towards repayment
in that the repayment was highly unpredictable.
Crowns agent also used the method of purveyance which means the right of the
sovereign to buy provisions for a fixed price lower than the market value. At times
Crown also seized the property of citizens.
1Constitutions and Commitment: The Evolution of Institutional Governing Public Choice in Seventeenth-Century
England. The Journal of Economic History, Vol.49, No,4 (Dec., 1989), 803-832. Douglass C. North; Barry R.Weingast
