The Glorious Revolution and British Industrialization Assignment - 1

The Glorious Revolution and British Industrialization - Assignment Example The judges’ salaries were paid by the King and so in disputes involving the crown and the wealth holders, the judiciary always favored the crown, thereby denying citizens their rights over their own property (North and Weingast, 1989, p.813). It was these restrictions on private property that eventually caused the decline of the crown and a political power rising over it in the form of the Parliament (North and Weingast, 1989, p.814). And this political power naturally promoted economy based on private property rights and markets, which became the major catalyst for the industrial revolution. After the Glorious Revolution, the right to impose taxes was exclusively vested with the Parliament (North and Weingast, 1989, p.816). The revenue eliciting devices of the King were reduced almost to nil, the crown was made to approach the Parliament for revenues, Parliament was given the right to audit the government, and the Parliament also came to command veto power over government expenditures (North and Weingast, 1989, p.816). It is also observed the hat this kind of institutional reforms gave higher control for wealth holders on the decisions of the government (North and Weingast, 1989, p.817). More economic freedom became incorporated into the laws (North and Weingast, 1989, p.818). Another positive step for better economic freedom was the establishment of an independent judiciary, not controlled by political forces and which enforced these new laws of economic freedom (North and Weingast, 1989, p.819). There was correspondingly an effort to regularize the structure of public finance (North and Weingast, 1989, p.820). Yet another important development was the emergence of the banking system (North and Weingast, 1989, p.825).