Date of Award

6-2014

Document Type

Open Access

Degree Name

Bachelor of Arts

Department

History

First Advisor

Steven Sargento

Language

English

Keywords

England, battle, finance, bank, commerce

Abstract

England during the seventeenth century experienced unprecedented political and economic transformation. The rise and fall of the British monarchy, the subsequent political ascendance of Parliament and centralization of the state, sustained economic and commercial growth, and incessant wars abroad during the latter years of the century, contributed to a volatile political climate during the final years of the 1600s that contrasted greatly with the landscape earlier in the century. Specifically, said developments especially affected England’s landed aristocracy. Their cherished ideology of order suffered significant setbacks as both the expanded reach of the state and the new economic ideology that stressed the importance of the individual undermined traditional notions of a hierarchical society. The incorporation of the Bank of England in 1694 represented the product of an ever-expanding British state and its necessity to secure funds to support its various endeavors. Yet, many were displeased with the foundation of this state-controlled financial behemoth. Particularly, the burgeoning commercial interests and landed gentry remained virulently opposed to the Bank. Although the creation of the Bank served important state interests, changing economic and political dynamics of the seventeenth century rendered its establishment a heated point of contention among members of the emerging merchant classes and the socially prestigious landed aristocracy.

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