Why is the 'financial revolution' linked to the events after 1688?

War with France drove the creation of long-term public debt, the Bank of England (1694) and a system of state credit that bound the crown to Parliament for funds.

Why could William III's wars not be funded from ordinary revenue?

The scale of expenditure was several times annual income, so the state had to borrow on a scale that required a new machinery of public credit.

What was the Bank of England, and why was it founded?

Established in 1694, it lent £1.2 million to the government in return for a charter and the right to issue notes, creating an institution through which the state could borrow reliably.

What is meant by the national debt?

Borrowing secured on parliamentary taxation rather than on the monarch personally, so that lenders were repaid by the state and the debt could be permanent and tradeable.

Edexcel A-Level History 9HI0

The Crusades, c1095–1204Paper 1

Topic overview Religious motives for the crusades Political motives for the crusades The knights and the crusades The First Crusade Louis VII, Conrad III and the Second Crusade The troubled leadership of the Third Crusade Geography and economy of Outremer Defence of the crusader states The government of the crusader states Muslim political and religious divisions The growth of Muslim power, 1144–69 The power of Saladin, 1169–92 Innocent III's plans for the Fourth Crusade The size and leadership of the crusading forces Venice and the Doge Enrico Dandolo Prince Alexius and the sack of Constantinople

England, 1509–1603: Authority, Nation and ReligionPaper 1

Topic overview The Tudor monarchs The changing role of parliament The principal servants of the crown Tudor monarchs and religious change Catholicism and its survival Protestantism and puritanism Tudor control of the country The state and the poor Resistance to Tudor rule Patterns of domestic and foreign trade The changing structure of society Cultural change Threats to national security from Spain and Ireland Faction at court and the succession issue Conflicts with parliament and the session of 1601 Harvest failures and social distress in the 1590s

Britain, 1625–1701: Conflict, Revolution and SettlementPaper 1

Topic overview The failure of monarchical government, 1625–46 Republican rule, 1649–60 From restoration to revolution, 1660–88 The Church of England The growth of religious nonconformity The Catholic question Population growth, 1625-1701 The changing structure of society A ferment of ideas Agriculture and farming change Changing domestic trade patterns The impact of imperial expansion Revolutionary ideals and constitutional monarchy The Toleration Act 1689 and the end of Anglican supremacy The Triennial Act 1694 and parliamentary power William III's wars and the financial revolution

Britain, c1785–c1870: Democracy, Protest and ReformPaper 1

Topic overview The unreformed parliament and its critics, c1785–1820 Pressure for change and reform, 1820–52 Further parliamentary reform, 1852–70 The impact of industrialisation Working conditions in factories, mines and foundries Industrialisation, protest and reform Unions and their opponents, c1785–1834 New model unionism 1835–70 The growth of cooperative activities The old Poor Law and pressure for change The Poor Law Amendment Act 1834 and its effects Changing attitudes towards the poor, 1834-70 Humanitarian campaigns and the influence of religion Economic and financial factors in abolition Clarkson, Wilberforce and Equiano The changing political climate

Russia, 1917–91: From Lenin to YeltsinPaper 1

Topic overview Establishing Communist Party control, 1917–24 Stalin in power, 1928–53 Government, 1953–85 Towards a command economy, 1917–28 Industry and agriculture in the Stalin era Changes in industry and agriculture, 1953-85 Media, propaganda and religion The secret police The state and cultural change Social security Women and the family Education and young people Economic weakness and the failure of reform Gorbachev's failure to reform party and government The nationalist resurgence of the late 1980s Gorbachev, Yeltsin and the collapse of the USSR

In Search of the American Dream: The USA, c1917–96Paper 1

Topic overview A changing presidency Influences on the political landscape The impact of war on domestic politics Black American civil rights, c1917–55 Black American civil rights, c1955–80 The search for minority rights, 1960–80 The changing position of women, 1917–80 The impact of immigration, 1917-80 Popular culture and the news media Economic influences on American life Changing living standards Leisure and travel Reagan’s economic policies The extent to which big government was reduced The nature and extent of social change The revitalisation of the presidency and US politics

Germany and West Germany, 1918–89Paper 1

Topic overview Creation and collapse of the Weimar Republic, 1918–33 Nazi dictatorship, 1933–45 Return to democratic government, 1945–89 Opposition to government, 1918–89 Controlling the people, 1918–89 Popular support, 1919–89 Reacting to economic challenges, 1918–32 Controlling the economy, 1933–45 Creating a social market economy, 1945–89 Attitudes towards women, 1918–89 Education and cultural developments, 1918–89 The position of ethnic minorities, 1918–89 German history on Nazi foreign policy Hitler's ideas and Nazi foreign policy The German invasion of Poland in 1939 The contribution of other nations to the outbreak of war

Britain Transformed, 1918–97Paper 1

Topic overview A changing political landscape Economic challenges and responses, 1918-79 Change and challenge in the workplace Providing social welfare Public health and the National Health Service Education and widening opportunities Class and social values The changing role and status of women Race and immigration Changing living standards Popular culture and entertainment Leisure and travel Thatcher’s economic policies Rolling back state intervention and the public sector Political and social division within Britain Thatcherism on politics and party development

Anglo-Saxon England and the Anglo-Norman Kingdom, c1053–1106Paper 2

Topic overview Monarchy and government The economy of England The house of Godwin Early threats to Harold’s throne William of Normandy’s invasion Dealing with opposition to the Normans Wales and Scotland The founding of a military state Central and local government The end of the English aristocracy Changes in towns and villages The English church William of Normandy’s decision to invade England in 1066 Problems in Normandy, 1066–87 William Rufus and Robert Curthose Henry I and the Anglo-Norman Kingdom restored, 1100-06

England and the Angevin Empire in the Reign of Henry II, 1154–89Paper 2

Topic overview England and the Angevin Empire in 1154 Henry II and the nobility Wales, Scotland and Ireland The Angevin lands in France Central institutions Financial reforms Legal reforms The changing nature of kingship Henry’s problems with the church Becket and the king, 1162–64 The failure to compromise, 1169–70 The settlements between king and church, 1172–74 Power and family rivalries Causes of the Great Rebellion of 1173–74 The defeat of the Great Rebellion Philip Augustus and the collapse of Henry's power, 1180-89

Luther and the German Reformation, c1515–55Paper 2

Topic overview The Holy Roman Empire The state of the German economy The German Catholic Church The papacy and Germany The influences on Luther’s views The Ninety-Five Theses 1517 The shaping of Luther’s beliefs Luther’s excommunication 1520 The Diet of Worms and its aftermath Luther’s attitude to religious and political radicalism Lutheran beliefs and their influence Luther’s declining influence, 1530–46 The failure of Lutheran-Catholic negotiations The role of the German princes Charles V and Lutheranism The papacy and Lutheranism

The Dutch Revolt, c1563–1609Paper 2

Topic overview The Habsburg Netherlands The situation c1563 Opposition of the Dutch grandees The impact of Calvinism Alva’s rule Orange’s failure The role of the Sea Beggars Orange’s triumph The failure of Requesens, 1573–76 Reasons for the success of Parma, 1577-84 Foreign intervention in the Netherlands The growing independence of the northern provinces Maurice of Nassau Reasons for Spanish failures The growing power of the United Provinces The declining power of Spain in the Netherlands

France in Revolution, 1774–99Paper 2

Topic overview The ancien régime and its challenges in 1774 Problems facing France in the 1780s The failings of Louis XVI and his ministers The onset of revolution 1789 Attempts to create a constitution, 1789–91 The political environment, 1789–93 Breakdown of relations with the king, 1791–92 The revolution radicalised, 1792–93 Preconditions for ‘terror’Organising the Terror The Great Terror 1794 The coup of Thermidor Problems facing the Directory The work of the Directory Dealing with internal and external threats The coup de Brumaire 1799

Russia in Revolution, 1894–1924Paper 2

Topic overview The nature of autocratic rule Opposition to Tsarism The 1905 Revolution Nicholas II’s response Change and continuity in government Repression and reform, 1906–14 The impact of the First World War The February Revolution The nature of dual power Opposition to the Provisional government The second Provisional government, July–October The October Revolution Consolidating Bolshevik power Bolshevik economic policies Defeat of domestic enemies Foreign intervention in Russia

The Unification of Italy, c1830–70Paper 2

Topic overview Challenges to the restored order, 1830–1847 Nationalist influences, 1830–47 Revolutions of 1848–49 Reasons for the failure of the revolutions Legacy of the 1848–49 revolutions Political developments in Piedmont Economic developments in Piedmont Developments in diplomacy Causes of the Second Italian War of Independence Impact of war with Austria, 1859–60 Garibaldi’s takeover of the south in 1860 The north and south unite, 1860–61 Obstacles to unity after 1861 Solving the ‘Venetian question’, 1861–66 Solving the problem of Rome, 1861–70 Unity in 1870

The Unification of Germany, c1840–71Paper 2

Topic overview The political situation in the 1840s Economic and social developments in the 1840s Short-term causes of revolution, 1846–48 Outbreak of revolution in 1848 The Frankfurt Parliament, 1848–49 Revolution in Prussia, 1848–49 Reasons for the failure of the revolutions The political impact of the German revolutions Austrian strengths and weaknesses Economic developments in Prussia Political developments in Prussia Prussia’s victory over Austria, 1862–1866 Prussia’s role in Germany, 1866–67 Prussia’s relations with France, 1866–70 The Franco-Prussian War and the German Empire Reasons for Prussia's success

Mao’s China, 1949–76Paper 2

Topic overview China in 1949 The new power structure Defeating the CCP’s opponents China and the Korean War Early changes in agriculture, 1949–57 The communes and their organisation The First Five-Year Plan, 1952–56 The Great Leap Forward, 1958-62 Mao’s reasons for launching the Cultural Revolution The Red Guards and Red Terror Attacks on Mao’s political and class enemies Winding down the Cultural Revolution, 1968–76 The changing status of women Education and health provision Cultural change Religion under Mao

The German Democratic Republic, 1949–90Paper 2

Topic overview The post-war division of Germany The system of government Economic developments, 1949–61 Defending the GDR, 1949–61 Economic situation after 1961 Honecker and the development of a GDR identity Relations with West Germany The growing international prestige of the GDR Social change and welfare programmes Repression and control The SED and the Protestant church Western influences on the GDR Economic situation in the 1980s Gorbachev’s influence The events of 1989 The end of the GDR, 1989-90

India, c1914–48: The Road to IndependencePaper 2

Topic overview India in 1914 India and the First World War Effects of war on British rule The growth of nationalism Gandhi and civil disobedience, 1920–22 Congress reorganised, 1922–30 The Muslim League British response Failure of the Round Table Conferences, 1930–32 Political developments, 1932–35 Government of India Act and its impact, 1935–39 Reaction to outbreak of the Second World War Impact of the Second World War on Indian politics Britain and India, 1942-45 Attempts at political settlement, 1945–46 Withdrawal, partition and independence, 1947–48

South Africa, 1948–94: From Apartheid State to ‘Rainbow Nation’Paper 2

Topic overview Life in South Africa c1948 National Party victory 1948 Codifying and implementing apartheid, 1948–59 African nationalism, 1948–59 Resistance and government reaction, 1960-61 Creating a republic, 1960–61 African nationalist radicalisation, 1961–68 Strengthening ‘separate development’, 1961–68 Black Consciousness and the Soweto uprising The ANC re-strengthened Domestic challenges to National Party power, 1974–83 External pressures on National Party power, 1974–83 Revolt in the townships, 1984–87 Botha’s decision to negotiate, 1985–89 Negotiation and compromise, 1989–91 A new political settlement, 1992–94

The Rise and Fall of Fascism in Italy, c1911–46Paper 2

Topic overview Italy in the early twentieth century Giolitti’s government in 1911 Growing instability, 1912–14 Impact of the First World War Challenges to the Liberal State Mussolini and the development of fascism, 1919–22 Mussolini gains power, 1920–22 The creation of a fascist dictatorship, 1922–26 Consent and control Relationship with political and economic interests Economic policies Relationship with the Catholic Church Italy’s international standing in 1935 Foreign policy, 1935–40 Impact of the Second World War, 1940–43 Democracy restored, 1943–46

Spain, 1930–78: Republicanism, Francoism and the Re-Establishment of DemocracyPaper 2

Topic overview Spain, 1930–31 Years of reform, 1931–33 Years of reaction, 1933–36 The failure of the Popular Front 1936 Spain at the outbreak of war July–August 1936 The course of the war Life during the war Reasons for Nationalist victory Creation of the ‘new state’Controlling society under Franco Economic development under Franco The dictatorship and foreign relations, 1939–56 Economic and social change, 1956–75 Political developments, 1956–75 Planning and managing succession Transition to democracy

The USA, c1920–55: Boom, Bust and RecoveryPaper 2

Topic overview The economic boom of the 1920s Causes of the crash of 1929 Changes in American society in the 1920s Cultural change in the 1920s The spread of the depression, 1929–32 Hoover’s response to the depression, 1929–33 Roosevelt and the First New Deal, 1933–35 The Second New Deal, 1935–38 The New Deal and the economy The New Deal, the war and ethnic minorities Social and cultural changes The war and the economy, 1941–45 Economic transformation The end of post-war euphoria Cultural change The changing status of minorities

The USA, 1955–92: Conformity and ChallengePaper 2

Topic overview Urbanisation and affluence Cultural conformity and challenge The civil rights movement Kennedy’s New Frontier Civil rights: Malcolm X and Black Power Protest and personal freedom Johnson’s Great Society, 1964–68 Reactions to the counter-culture, 1968–72 The crisis of political leadership The impact of economic change on society Changing popular culture Progress in individual and civil rights New directions in economic policy The Religious Right and its critics Cultural challenge Social change in the USA, 1955-92

Lancastrians, Yorkists and Henry VII, 1399–1509Paper 3

Rebellion and Disorder Under the Tudors, 1485–1603Paper 3

Topic overview Government and administration, 1485–1603 Crown, church and parliament, 1485–1603 Involving the localities in governance, 1485–1603 The crown and the country, 1485–1603 Henry Tudor’s hold on the throne, 1485–87 The challenges of Lambert Simnel and Perkin Warbeck Foreign support for the challengers Henrician religious changes, 1533–37 The Lincolnshire Rising and the Pilgrimage of Grace Leaders of the Pilgrimage of Grace and its suppression The social and economic reasons for rebellion The challenge posed by Kett’s rebellion Leaders of Kett's rebellion and its suppression The causes of and development of the challenge The main events of the revolt Failure and its impact Reasons for the Nine Years' War Key events and individuals of the Nine Years' War Why the war lasted and how England won

The Golden Age of Spain, 1474–1598Paper 3

Topic overview Spanish power in Italy and the Mediterranean Extending influence to the north and west, 1474–1598 The Spanish army and navy, 1474-1598 The changing nature and extent of financial resources, 1474–1598 Jews and conversos in fifteenth-century Spain The foundation of the Inquisition, 1478-80 The expulsion of the Jews in 1492 Charles von Habsburg's accession in 1516 The revolt of the Comuneros The impact and significance of the revolt The extent of inflation and contemporary comment Gold and silver imports and the debate on inflation Population growth and the social impact of the price revolution The drive for orthodoxy under Philip II Reasons for the Great Rebellion of 1568 The Granada rebellion and its repression The Kingdom of Aragon and royal authority The Pérez affair and the revolt in Zaragoza, 1590–92 Consequences of the revolt for royal power in Aragon

The Witch Craze in Britain, Europe and North America, c1580–c1750Paper 3

Industrialisation and Social Change in Britain, 1759–1928: Forging a New SocietyPaper 3

Poverty, Public Health and the State in Britain, c1780–1939Paper 3

Britain: Losing and Gaining an Empire, 1763–1914Paper 3

The British Experience of Warfare, c1790–1918Paper 3

Protest, Agitation and Parliamentary Reform in Britain, c1780–1928Paper 3

Ireland and the Union, c1774–1923Paper 3

Topic overview Agitation and rebellion, c1774–c1870 The campaign for Home Rule, c1870–1910 Evolving government policies c1774–1922 British politicians and Irish agitation The Penal Laws and the Catholic Relief Acts Daniel O'Connell and Catholic emancipation Removing restrictions on Irish trade, 1778–82, and its legacy The textile industry in Ulster The development of shipbuilding Hickson, Mulholland and the industrialisation of Ulster Landlords, monoculture and blight Government response to the Famine Social and economic impacts of depopulation The Dublin Land Conference and the Land Act 1870 The long depression and Irish agriculture Davitt, Forster and Parnell in the Land Wars Working and living conditions for unskilled urban workers Events and significance of the Dublin general strike 1913–14 British trade unions and the Dublin strike

The Changing Nature of Warfare, 1859–1991: Perception and RealityPaper 3

Germany, 1871–1990: United, Divided and ReunitedPaper 3

The Making of Modern Russia, 1855–1991Paper 3

The Making of Modern China, 1860–1997Paper 3

Topic overview Improved communications and the application of western technologies, 1860–1997 The growth of mining and manufacturing, 1860–1997 Ideas and ideologies promoting change, 1860-1997 The roles of individuals in promoting economic growth, 1860–1997 The Treaty of Tianjin, 1860 Treaty ports and the significance of growing foreign trade Foreign language schools and missionaries The Sino-Japanese War of 1894-95 The Triple Intervention and new concessions The Boxer Rebellion, 1898-1900 The Manchurian Crisis of 1931-33 Reasons for all-out war in 1937 The impact of war, 1937-39, and the role of the USA Russian demands and the Khrushchev-Mao clash Mao's growing fears of the Soviet Union Military confrontation in 1969 China's growing importance in world organisations Closer cooperation with Japan and the USA The peaceful return of Hong Kong, 1997

Civil Rights and Race Relations in the USA, 1850–2009Paper 3

Mass Media and Social Change in Britain, 1882–2004Paper 3

Britain, 1625–1701: Conflict, Revolution and Settlement

William III's wars and the financial revolution

3 things to know
Paper 1

Overview

Recall questions on the cost of the Nine Years' War, the founding of the Bank of England, the national debt, the recoinage, and why lenders now trusted the state.

What you need to know

Answer each one before you reveal it.

Your recallNot started

Who and when

How did the financial revolution connect to the political settlement?

Numbers

What financial innovations emerged towards the end of the period?

Numbers

What wars did William III fight, and at what cost?

Questions from this subtopic

Each one with the model answer underneath.

1
What financial innovations emerged towards the end of the period?
Model answer
The growth of public credit, government borrowing and, by 1694, the founding of the Bank of England to fund the state.
2
Why is the 'financial revolution' linked to the events after 1688?
Model answer
War with France drove the creation of long-term public debt, the Bank of England (1694) and a system of state credit that bound the crown to Parliament for funds.
3
What wars did William III fight, and at what cost?
Model answer
The Nine Years' War against France from 1689 to 1697, during which government spending reached some £49 million, far beyond anything the crown had previously spent.
4
Why could William III's wars not be funded from ordinary revenue?
Model answer
The scale of expenditure was several times annual income, so the state had to borrow on a scale that required a new machinery of public credit.
5
What was the Bank of England, and why was it founded?
Model answer
Established in 1694, it lent £1.2 million to the government in return for a charter and the right to issue notes, creating an institution through which the state could borrow reliably.
6
What is meant by the national debt?
Model answer
Borrowing secured on parliamentary taxation rather than on the monarch personally, so that lenders were repaid by the state and the debt could be permanent and tradeable.

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The Crusades, c1095–1204

England, 1509–1603: Authority, Nation and Religion

Britain, 1625–1701: Conflict, Revolution and Settlement

Britain, c1785–c1870: Democracy, Protest and Reform

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AThe government admitted 96 dead and 333 wounded.

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Robert Aske led the Pilgrimage of Grace.

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