What were the economic consequences of the English Revolution?

There were
economic consequences of the English Revolution, called the Glorious Revolution, of
1688.

One consequence was that the power of British monarchy was weakened.
For example, the British Parliament got control over the levying of taxes. The Parliament also
was able to have influence over royal secession, have a say in declaring war, and have influence
over political appointments.

Great Britain was also changed financially.
Because the wars that Great Britain had fought had cost so much money, Parliament began to
examine the royal expenses much more closely than it had done in the past. Key financial
institutions, such as the Bank of England, also formed.

The war ended a
monopoly that the Royal African Company had over the trading of slaves. This allowed slavery to
grow as a result of the revolution. It was ironic that while this war was designed to give the
British people more freedom, it also led to more slavery for some
people.

This revolution also impacted the British colonies in North America.
The colonists began to think that they should eventually have more freedom in the colonies. They
heard about the constitutional reforms that were made in Great Britain as a result of the
Glorious Revolution. They also knew this was a popular uprising. In Boston, in 1689, the people
revolted against the governor of the Dominion of New England. The people were unhappy that the
British government had more control as a result of changes made by James II in 1686. The colony
returned to the previous form of government, which was run by the Puritans. Another rebellion
occurred in New York. After a series of events that led to the death of a prominent person in
the revolt, Jacob Leisler, a representative assembly was created. There also was a revolt in
Maryland that led to a new government being established. 

While the colonists
were able to make some changes as a result of these revolutions, the British still wanted to
maintain a firm grip on their colonies. This would eventually lead to policies that the
colonists strongly opposed. As a result of these policies and other incidents, the Revolutionary
War, which had a significant financial impact on the British, began in
1776.

The English Revolution had economic consequences that were felt
throughout the British Empire.

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