English Public Finance from the Revolution of 1688: With Chapters on the Bank of England

By Harvey E. Fisk | Go to book overview

CHAPTER XIII
England After the Revolution of 1688
(1688-1920)

THE Revolution of 1688 drew a sharp line between old England and an England in which new conditions were to prevail. In politics, in its economic status, in its outlook upon the rest of the world and its relations therewith the nation was to experience changes of the greatest importance to the welfare of its people.

The history of this new England naturally divides into three epochal periods. First we have a century and a third in which the keynote is war--war in a military sense; war in an economic sense. England for the English and England against the world, including her own colonies and her sister island of Ireland.

The dominating note of the next century is peace, accompanied by great political, industrial, economic and social changes.

Then we have the brief climateric period of the recent war--a period when England nobly and voluntarily supported by all of her Dominions and Dependencies; joined hands with France, Italy, and America, to save from destruction their common civilization.


Origin of the National Debt

The great financial engines which provided the power to make this victory possible had their genesis during the closing years of the seventeenth century. The ideas which gave them birth were probably of Dutch origin, brought with him

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