Libertarianism is a collection of political philosophies and movements that uphold liberty as a core principle. Libertarians seek to maximize political freedom and autonomy, emphasizing freedom of choice, voluntary association and individual judgment. Libertarians share a skepticism of authority and state power, but they diverge on the scope of their opposition to existing political and economic systems. Various schools of libertarian thought offer a range of views regarding the legitimate functions of state and private power calling for the restriction or dissolution of coercive social institutions. Traditionally, libertarianism was a term for a form of left-wing politics; such left-libertarian ideologies seek to abolish capitalism and private ownership of the means of production, or else to restrict their purview or effects, in favor of common or cooperative ownership and management, viewing private property as a barrier to freedom and liberty. Classical libertarian ideologies include—but are not limited to—anarcho-communism, anarcho-syndicalism and egoism, alongside many other anti-paternalist, New Left schools of thought centered around economic egalitarianism.
Modern right-libertarian ideologies, such as minarchism and anarcho-capitalism, co-opted the term in the mid-20th century to instead advocate laissez-faire capitalism and strong private property rights such as in land and natural resources. The first recorded use of the term libertarian was in 1789, when William Belsham wrote about libertarianism in the context of metaphysics; as early as 1796, the word libertarian came to mean an advocate or defender of liberty in the political and social spheres, when the London Packet printed on 12 February the following: "Lately marched out of the Prison at Bristol, 450 of the French Libertarians". The word was again used in a political sense in 1802 in a short piece critiquing a poem by "the author of Gebir" and has since been used with this meaning; the use of the word libertarian to describe a new set of political positions has been traced to the French cognate libertaire, coined in a letter French libertarian communist Joseph Déjacque wrote to mutualist Pierre-Joseph Proudhon in 1857.
Déjacque used the term for his anarchist publication Le Libertaire, Journal du mouvement social, printed from 9 June 1858 to 4 February 1861 in New York City. Sébastien Faure, another French libertarian communist, began publishing a new Le Libertaire in the mid-1890s while France's Third Republic enacted the so-called villainous laws which banned anarchist publications in France. Thus, libertarianism has been used as a synonym for anarchism and libertarian socialism since this time; the term libertarianism was first used in the United States as a synonym for classical liberalism in May 1955 by writer Dean Russell, a colleague of Leonard Read and a classical liberal himself. Russell justified the choice of the word as follows: "Many of us call ourselves'liberals.' And it is true that the word'liberal' once described persons who respected the individual and feared the use of mass compulsions. But the leftists have now corrupted that once-proud term to identify themselves and their program of more government ownership of property and more controls over persons.
As a result, those of us who believe in freedom must explain that when we call ourselves liberals, we mean liberals in the uncorrupted classical sense. At best, this is subject to misunderstanding. Here is a suggestion: Let those of us who love liberty trade-mark and reserve for our own use the good and honorable word'libertarian'". Subsequently, a growing number of Americans with classical liberal beliefs began to describe themselves as libertarian. One person responsible for popularizing the term libertarian in this sense was Murray Rothbard, who started publishing libertarian works in the 1960s. Rothbard describes this modern use of the words overtly as a "capture" from his enemies, saying that "for the first time in my memory, we,'our side,' had captured a crucial word from the enemy.'Libertarians' had long been a polite word for left-wing anarchists, for anti-private property anarchists, either of the communist or syndicalist variety. But now we had taken it over". Robert Nozick was responsible for popularizing this usage of the term in philosophical circles and Europe instead.
According to common meanings of conservative and liberal, libertarianism in the United States has been described as conservative on economic issues and liberal on personal freedom and it is often associated with a foreign policy of non-interventionism. All libertarians begin with a conception of personal autonomy from which they argue in favor of civil liberties and a reduction or elimination of the state. Left-libertarianism encompasses those libertarian beliefs that claim the Earth's natural resources belong to everyone in an egalitarian manner, either unowned or owned collectively. Contemporary left-libertarians such as Hillel Steiner, Peter Vallentyne, Philippe Van Parijs, Michael Otsuka and David Ellerman believe the appropriation of land must leave "enough and as good" for others or be taxed by society to compensate for the exclusionary effects of private property. Libertarian socialists promote usufruct and socialist economic theories, including communism, collectivism and mutualism.
They criticize the state for being the defender of private property and believe capitalism entails wage slavery. Right-libertarianism developed in the United States in the mid-20th century from the works of Euro
Financial history of the Dutch Republic
The financial history of the Dutch Republic involves the interrelated development of financial institutions in the Dutch Republic. The rapid economic development of the country after the Dutch Revolt in the years 1585–1620 accompanied by an rapid accumulation of a large fund of savings, created the need to invest those savings profitably; the Dutch financial sector, both in its public and private components, came to provide a wide range of modern investment products beside the possibility of investment in trade and industry, in infrastructure projects. Such products were the public bonds, floated by the Dutch governments on a national and municipal level. Institutions like the Amsterdam stock exchange, the Bank of Amsterdam, the merchant bankers helped to mediate this investment. In the course of time the invested capital stock generated its own income stream that caused the capital stock to assume enormous proportions; as by the end of the 17th century structural problems in the Dutch economy precluded profitable investment of this capital in domestic Dutch sectors, the stream of investments was redirected more and more to investment abroad, both in sovereign debt and foreign stocks and infrastructure.
The Netherlands came to dominate the international capital market up to the crises of the end of the 18th century that caused the demise of the Dutch Republic. To understand the peculiarities of the history of the system of public finance, that of the related system of private finance and banking of the Dutch Republic, one has to view it in the context of the general history of the Netherlands and of its institutions, of the general Economic history of the Netherlands. In contrast to that general history this is a sectoral history, concerning the fiscal and financial sector, it is important to realize that those general histories differ in an important way from those of centralized Western European monarchies, like Spain, England and Sweden in the early modern era. The Netherlands were decentralized from their origins in the Habsburg Netherlands in the late 15th century, resisted attempts to bring them together under the centralized authority of a modern state. Indeed, the Dutch Revolt that gave rise to the Republic of the United Netherlands resulted from resistance against attempts by the representatives of king Philip II of Spain, the Habsburg ruler of the country, to institute such a centralized state and a centralized system of public finance.
Where in other instances the modern fiscal system resulted from, was made subservient to, the interests of a centralizing monarchical state, in the Dutch instance the emerging fiscal system was the basis of, was mobilized in the interests of the defense of, a stubbornly decentralised political entity. The Habsburg rulers themselves pushed through the fiscal reforms that gave the rebellious provinces the wherewithal to resist the power of the sovereign. Emperor Charles V needed to increase the borrowing capacity of his government to finance his many military adventures. To that end it was necessary to put in place a number of fiscal reforms that would ensure that the public debt could be adequately serviced. In 1542 the president of the Habsburg Council of State, Lodewijk van Schoor, proposed the levy of a number of taxes throughout the Habsburg Netherlands: a Tenth Penny on the income from real property and private loans, excise taxes on beer and woollen cloth; these permanent taxes, collected by the individual provinces, would enable the provinces to pay enlarged subsidies to the central government, finance extraordinary levies in time of war.
Other than expected, these reforms strengthened the position of the provinces Holland, because as a condition of agreeing to the reform the States of Holland demanded and got total control of the disbursement of the taxes. Holland was now able to establish credit of its own, as the province was able to retire bond loans placed under compulsion as enforced loans. By this it demonstrated to potential creditors it was worthy of trust; this brought a market for voluntary credit into being that did not exist. This enabled Holland, other provinces, to float bonds at a reasonable interest rate in a large pool of voluntary investors; the central government did not enjoy this good credit. On the contrary, its financing needs increased tremendously after the accession of Philip II, this led to the crisis that caused the Revolt; the new Regent Fernando Álvarez de Toledo, 3rd Duke of Alba tried to institute new taxes to finance the cost of suppression of public disturbances after the Iconoclastic Fury of 1566 without going through proper constitutional channels.
This brought about a general revolt in the Netherlands in the northern provinces. Those were able to withstand the onslaught of the royalist forces militarily, because of the fiscal basis they had built in previous years. Of course, they now withheld the subsidies to the central government their taxes were supposed to finance; that central government was therefore forced to finance the war by transfers from other Habsburg lands Spain itself. This led to an enormous increase in the size of the Spanish public debt, which that country was unable to sustain, hence to th
In economics, competition is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product and place. In classical economic thought, competition causes commercial firms to develop new products and technologies, which would give consumers greater selection and better products; the greater selection causes lower prices for the products, compared to what the price would be if there was no competition or little competition. Early economic research focused on the difference between price- and non-price-based competition, while economic theory has focused on the many-seller limit of general equilibrium. Competition is accepted as an essential component of markets, results from scarcity—there is never enough to satisfy all conceivable human wants—and occurs "when people strive to meet the criteria that are being used to determine who gets what." In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods.
Sellers bid against other sellers in offering goods on the market, competing for the attention and exchange resources of buyers. The competitive process in a market economy exerts a sort of pressure that tends to move resources to where they are most needed, to where they can be used most efficiently for the economy as a whole. For the competitive process to work however, it is "important that prices signal costs and benefits." Where externalities occur, or monopolistic or oligopolistic conditions persist, or for the provision of certain goods such as public goods, the pressure of the competitive process is reduced. In any given market, the power structure will either be in favor of buyers; the former case is known as a seller's market. In either case, the disadvantaged group is known as price-takers and the advantaged group known as price-setters. Competition bolsters product differentiation as businesses try to innovate and entice consumers to gain a higher market share, it helps in improving the processes and productivity as businesses strive to perform better than competitors with limited resources.
The Australian economy thrives on competition. In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most valued uses and encouraging efficiency, an explanation that found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time. Smith and other classical economists before Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not to a large number of sellers nor to a market in final equilibrium. Microeconomic theory distinguished between perfect competition and imperfect competition, concluding that perfect competition is Pareto efficient while imperfect competition is not. Conversely, by Edgeworth's limit theorem, the addition of more firms to an imperfect market will cause the market to tend towards Pareto efficiency. Real markets are never perfect. Economists who believe that in perfect competition as a useful approximation to real markets classify markets as ranging from close-to-perfect to imperfect.
Examples of close-to-perfect markets include share and foreign exchange markets while the real estate market is an example of a imperfect market. In such markets, the theory of the second best proves that if one optimality condition in an economic model cannot be satisfied, the next-best solution can be achieved by changing other variables away from otherwise-optimal values. Within competitive markets, markets are defined by their sub-sectors, such as the "short term" / "long term", "seasonal" / "summer", or "broad" / "remainder" market. For example, in otherwise competitive market economies, a large majority of the commercial exchanges may be competitively determined by long-term contracts and therefore long-term clearing prices. In such a scenario, a “remainder market” is one where prices are determined by the small part of the market that deals with the availability of goods not cleared via long term transactions. For example, in the sugar industry, about 94-95% of the market clearing price is determined by long-term supply and purchase contracts.
The balance of the market are determined by the ad hoc demand for the remainder. In the US real estate housing market, appraisal prices can be determined by both short-term or long-term characteristics, depending on short-term supply and demand factors; this can result in large price variations for a property at one location. Competition requires the existing of multiple firms, so it duplicates fixed costs. In a small number of goods and services, the resulting cost structure means that producing enough firms to effect competition may itself be inefficient; these situations are known as natural monopolies and are publicly provided or regulated. International competition differentially affects sectors of national economies. In order to protect political supporters, governments may introduce protectionist measures such as tariffs to reduce competition. A practice is anti-competitive if it unfairly distorts free and effective competition in the marketplace. Examples include evergreening. Paid exclusivity Competition law Self-compet
The Nordic model refers to the economic and social policies common to the Nordic countries. This includes a comprehensive welfare state and collective bargaining at the national level with a high percentage of the workforce unionised while being based on the economic foundations of free market capitalism; the Nordic model began to earn attention after World War II. The Scandinavian countries were all monarchies, with Finland and Iceland becoming republics in the 20th century; the Nordic countries have been described as being democratic. Although there are significant differences among the Nordic countries, they all share some common traits; these include support for a universalist welfare state aimed at enhancing individual autonomy and promoting social mobility. Each of the Nordic countries has its own economic and social models, sometimes with large differences from its neighbours; as of 2018, all of the Nordic countries rank on the Inequality-adjusted HDI and the Global Peace Index. In 2019, all five of the Nordic countries ranked in the top 10 on the World Happiness Report.
"The Nordic Model – Embracing globalization and sharing risks" characterises the system as follows: An elaborate social safety net, in addition to public services such as free education and universal healthcare in a tax-funded system. Strong property rights, contract enforcement and overall ease of doing business. Public pension plans. Free trade combined with collective risk sharing which has provided a form of protection against the risks associated with economic openness. Little product market regulation. Nordic countries rank high in product market freedom according to OECD rankings. Low levels of corruption. In Transparency International's 2015 Corruption Perceptions Index, Finland and Norway were ranked among the top 10 least corrupt of the 167 countries evaluated. High percentage of workers belonging to a labour union. In 2013, labour union density was 88% in Iceland, 69% in Denmark, 67% in Sweden, 66% in Finland and 51% in Norway. In comparison, labour union density was 11 % in the United States and 8 % in France.
The lower union density in Norway is explained by the absence of a Ghent system since 1938. In contrast, Denmark and Sweden all have union-run unemployment funds. A partnership between employers, trade unions and the government, whereby these social partners negotiate the terms to regulating the workplace among themselves, rather than the terms being imposed by law. Sweden has decentralised wage co-ordination; the changing economic conditions have given rise to fear among workers as well as resistance by trade unions in regards to reforms. At the same time and favourable economic development seem to have reduced unemployment, which has traditionally been higher. Denmark's Social Democrats managed to push through reforms in 1994 and 1996; the United Nations World Happiness Reports show that the happiest nations are concentrated in Northern Europe. The Nordics ranked highest on the metrics of real GDP per capita, healthy life expectancy, having someone to count on, perceived freedom to make life choices and freedom from corruption.
The Nordic countries place in the top 10 of the World Happiness Report 2018, with Finland and Norway taking the top spots. The Nordic countries received the highest ranking for protecting workers rights on the International Trade Union Confederation's 2014 Global Rights Index, with Denmark being the only nation to receive a perfect score. Sweden at 56.6% of GDP, Denmark at 51.7% and Finland at 48.6% reflect high public spending. One key reason for public spending is the large number of public employees; these employees work in various fields including education and for the government itself. They have greater job security and make up around a third of the workforce. Public spending in social transfers such as unemployment benefits and early-retirement programmes is high. In 2001, the wage-based unemployment benefits were around 90% of wage in Denmark and 80% in Sweden, compared to 75% in the Netherlands and 60% in Germany; the unemployed were able to receive benefits several years before reductions, compared to quick benefit reduction in other countries.
Public expenditure for health and education is higher in Denmark and Norway in comparison to the OECD average. Overall tax burdens are high: Sweden and Finland; the Nordic countries have flat tax rates, meaning that those with medium and low incomes are taxed at high levels. The Nordic countries share active labour market policies as part of a corporatist economic model intended to reduce conflict between labour and the interests of capital; the corporatist system is most extensive in Sweden and Norway, where employer federations and labour representatives bargain at the national level mediated by the government. Labor market interventions are aimed at providing job relocation; the Nordic labour market is flexible, with laws making it easy for employers to hire and shed workers or introduce labour-saving technology. To mitigate the negative effect on workers, the government labour market policies are designed to provide generous social welfare, job retraining and relocation to limit any confl
Globalization or globalisation is the process of interaction and integration among people and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy. Globalization has grown due to advances in communication technology. With the increased global interactions comes the growth of international trade and culture. Globalization is an economic process of interaction and integration that's associated with social and cultural aspects; however and diplomacy are large parts of the history of globalization, modern globalization. Economically, globalization involves goods, the economic resources of capital and data; the expansions of global markets liberalize the economic activities of the exchange of goods and funds. Removal of Cross-Border Trades barriers has made formation of Global Markets more feasible; the steam locomotive, jet engine, container ships are some of the advances in the means of transport while the rise of the telegraph and its modern offspring, the Internet and mobile phones show development in telecommunications infrastructure.
All of these improvements have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe. Though many scholars place the origins of globalization in modern times, others trace its history long before the European Age of Discovery and voyages to the New World, some to the third millennium BC. Large-scale globalization began in the 1820s. In the late 19th century and early 20th century, the connectivity of the world's economies and cultures grew quickly; the term globalization is recent. In 2000, the International Monetary Fund identified four basic aspects of globalization: trade and transactions and investment movements and movement of people, the dissemination of knowledge. Further, environmental challenges such as global warming, cross-boundary water, air pollution, over-fishing of the ocean are linked with globalization. Globalizing processes affect and are affected by business and work organization, socio-cultural resources, the natural environment.
Academic literature subdivides globalization into three major areas: economic globalization, cultural globalization, political globalization. The term globalization derives from the word globalize, which refers to the emergence of an international network of economic systems. One of the earliest known usages of the term as a noun was in a 1930 publication entitled Towards New Education, where it denoted a holistic view of human experience in education; the term'globalization' had been used in its economic sense at least as early as 1981, in other senses since at least as early as 1944. Theodore Levitt is credited with popularizing the term and bringing it into the mainstream business audience in the half of the 1980s. Since its inception, the concept of globalization has inspired competing definitions and interpretations, its antecedents date back to the great movements of trade and empire across Asia and the Indian Ocean from the 15th century onward. Due to the complexity of the concept, various research projects and discussions stay focused on a single aspect of globalization.
Sociologists Martin Albrow and Elizabeth King define globalization as "all those processes by which the people of the world are incorporated into a single world society." In The Consequences of Modernity, Anthony Giddens writes: "Globalization can thus be defined as the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa." In 1992, Roland Robertson, professor of sociology at the University of Aberdeen and an early writer in the field, described globalization as "the compression of the world and the intensification of the consciousness of the world as a whole."In Global Transformations, David Held and his co-writers state: Although in its simplistic sense globalization refers to the widening and speeding up of global interconnection, such a definition begs further elaboration.... Globalization can be on a continuum with the local and regional. At one end of the continuum lie social and economic relations and networks which are organized on a local and/or national basis.
Globalization can refer to those spatial-temporal processes of change which underpin a transformation in the organization of human affairs by linking together and expanding human activity across regions and continents. Without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term.... A satisfactory definition of globalization must capture each of these elements: extensity, intensity and impact. Held and his co-writers' definition of globalization in that same book as "transformation in the spatial organization of social relations and transactions—assessed in terms of their extensity, intensity and impact—generating transcontinental or inter-regional flows" was called "probably the most widely-cited definition" in the 2014 DHL Global Connectiveness Index. Swedish journalist Thomas Larsson, in his book The Race to the Top: The Real Story of Globalization, states that globalization: is the process of world shrinkage, of distances getting shorter, things moving closer.
It pertains to the increasin
The Industrial Revolution was the transition to new manufacturing processes in Europe and the US, in the period from about 1760 to sometime between 1820 and 1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system; the Industrial Revolution led to an unprecedented rise in the rate of population growth. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested; the textile industry was the first to use modern production methods. The Industrial Revolution began in Great Britain, many of the technological innovations were of British origin. By the mid-18th century Britain was the world's leading commercial nation, controlling a global trading empire with colonies in North America and the Caribbean, with some political influence on the Indian subcontinent, through the activities of the East India Company.
The development of trade and the rise of business were major causes of the Industrial Revolution. The Industrial Revolution marks a major turning point in history. In particular, average income and population began to exhibit unprecedented sustained growth; some economists say that the major impact of the Industrial Revolution was that the standard of living for the general population began to increase for the first time in history, although others have said that it did not begin to meaningfully improve until the late 19th and 20th centuries. GDP per capita was broadly stable before the Industrial Revolution and the emergence of the modern capitalist economy, while the Industrial Revolution began an era of per-capita economic growth in capitalist economies. Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants. Although the structural change from agriculture to industry is associated with the Industrial Revolution, in the United Kingdom it was almost complete by 1760.
The precise start and end of the Industrial Revolution is still debated among historians, as is the pace of economic and social changes. Eric Hobsbawm held that the Industrial Revolution began in Britain in the 1780s and was not felt until the 1830s or 1840s, while T. S. Ashton held that it occurred between 1760 and 1830. Rapid industrialization first began in Britain, starting with mechanized spinning in the 1780s, with high rates of growth in steam power and iron production occurring after 1800. Mechanized textile production spread from Great Britain to continental Europe and the United States in the early 19th century, with important centres of textiles and coal emerging in Belgium and the United States and textiles in France. An economic recession occurred from the late 1830s to the early 1840s when the adoption of the original innovations of the Industrial Revolution, such as mechanized spinning and weaving and their markets matured. Innovations developed late in the period, such as the increasing adoption of locomotives and steamships, hot blast iron smelting and new technologies, such as the electrical telegraph introduced in the 1840s and 1850s, were not powerful enough to drive high rates of growth.
Rapid economic growth began to occur after 1870, springing from a new group of innovations in what has been called the Second Industrial Revolution. These new innovations included new steel making processes, mass-production, assembly lines, electrical grid systems, the large-scale manufacture of machine tools and the use of advanced machinery in steam-powered factories; the earliest recorded use of the term "Industrial Revolution" seems to have been in a letter from 6 July 1799 written by French envoy Louis-Guillaume Otto, announcing that France had entered the race to industrialise. In his 1976 book Keywords: A Vocabulary of Culture and Society, Raymond Williams states in the entry for "Industry": "The idea of a new social order based on major industrial change was clear in Southey and Owen, between 1811 and 1818, was implicit as early as Blake in the early 1790s and Wordsworth at the turn of the century." The term Industrial Revolution applied to technological change was becoming more common by the late 1830s, as in Jérôme-Adolphe Blanqui's description in 1837 of la révolution industrielle.
Friedrich Engels in The Condition of the Working Class in England in 1844 spoke of "an industrial revolution, a revolution which at the same time changed the whole of civil society". However, although Engels wrote in the 1840s, his book was not translated into English until the late 1800s, his expression did not enter everyday language until then. Credit for popularising the term may be given to Arnold Toynbee, whose 1881 lectures gave a detailed account of the term; some historians, such as John Clapham and Nicholas Crafts, have argued that the economic and social changes occurred and the term revolution is a misnomer. This is still a subject of debate among some historians; the commencement of the Industrial Revolution is linked to a small number of innovations, beginning in the second half of the 18th century. By the 1830s the following gains had been made in important technologies: Textiles – mechanised cotton spinning powered by steam or water increased the output of a worker by a factor of around 500.
The power loom increased the output of a worker by a factor of over 40. The cotton gin increased productivity of removing seed from cotton by a factor of 50. Large gains in productivity occurred in spinning and weaving of w
The Glorious Revolution called the Revolution of 1688, was the overthrow of King James II of England by a union of English Parliamentarians with the Dutch stadtholder William III, Prince of Orange, James's nephew and son-in-law. William's successful invasion of England with a Dutch fleet and army led to his ascension to the throne as William III of England jointly with his wife, Mary II, James's daughter, after the Declaration of Right, leading to the Bill of Rights 1689. King James's policies of religious tolerance after 1685 met with increasing opposition from members of leading political circles, who were troubled by the King's Catholicism and his close ties with France; the crisis facing the King came with the birth of his son, James, on 10 June. This changed the existing line of succession by displacing the heir presumptive with young James as heir apparent; the establishment of a Roman Catholic dynasty in the British kingdoms now seemed likely. Some Tory members of parliament worked with members of the opposition Whigs in an attempt to resolve the crisis by secretly initiating dialogue with William of Orange to come to England, outside the jurisdiction of the English Parliament.
Stadtholder William, the de facto head of state of the Dutch United Provinces, feared a Catholic Anglo–French alliance and had been planning a military intervention in England. After consolidating political and financial support, William crossed the North Sea and English Channel with a large invasion fleet in November 1688, landing at Torbay. After only two minor clashes between the two opposing armies in England, anti-Catholic riots in several towns, James's regime collapsed because of a lack of resolve shown by the king; this was followed, however, by the protracted Williamite War in Ireland and Dundee's rising in Scotland. In England's distant American colonies, the revolution led to the collapse of the Dominion of New England and the overthrow of the Province of Maryland's government. Following a defeat of his forces at the Battle of Reading on 9 December 1688, James and his wife Mary fled England. By threatening to withdraw his troops, William, in February 1689, convinced a newly chosen Convention Parliament to make him and his wife joint monarchs.
The Revolution permanently ended any chance of Catholicism becoming re-established in England. For British Catholics its effects were disastrous both and politically: For over a century Catholics were denied the right to vote and sit in the Westminster Parliament; the Revolution led to limited tolerance for Nonconformist Protestants, although it would be some time before they had full political rights. It has been argued by Whig historians, that James's overthrow began modern English parliamentary democracy: the Bill of Rights 1689 has become one of the most important documents in the political history of Britain and never since has the monarch held absolute power. Internationally, the Revolution was related to the War of the Grand Alliance on mainland Europe, it has been seen as the last successful invasion of England. It ended all attempts by England in the Anglo-Dutch Wars of the 17th century to subdue the Dutch Republic by military force; the resulting economic integration and military co-operation between the English and Dutch navies, shifted the dominance in world trade from the Dutch Republic to England and to Great Britain.
The expression "Glorious Revolution" was first used by John Hampden in late 1689, is an expression, still used by the British Parliament. The Glorious Revolution is occasionally termed the Bloodless Revolution, albeit inaccurately; the English Civil War was still within living memory for most of the major English participants in the events of 1688, for them, in comparison to that war the deaths in the conflict of 1688 were few. During his three-year reign, King James II became directly involved in the political battles in England between Catholicism and Protestantism, between the concept of the divine right of kings and the political rights of the Parliament of England. James's greatest political problem was his Catholicism, which left him alienated from both parties in England; the low church Whigs had failed in their attempt to pass the Exclusion Bill to exclude James from the throne between 1679 and 1681, James's supporters were the high church Anglican Tories. In Scotland, his supporters in the Parliament of Scotland stepped up attempts to force the Covenanters to renounce their faith and accept episcopalian rule of the church by the monarch.
When James inherited the English throne in 1685, he had much support in the'Loyal Parliament', composed of Tories. His Catholicism was of concern to many, but the fact that he had no son, his daughters and Anne, were Protestants, was a "saving grace". James's attempt to relax the Penal Laws alienated his natural supporters, because the Tories viewed this as tantamount to disestablishment of the Church of England. Abandoning the Tories, James looked to form a'King's party' as a counterweight to the Anglican Tories, so in 1687 James supported the policy of religious toleration and issued the Declaration of Indulgence; the majority of Irish people backed James II for this reason and because of his promise to the Irish