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The first bank opens in England
In 1694 the first central bank opened in England. Banks are essential in liberal democracies. They allow people to acquire private property, for example people using loans to buy property. Banks are also essential in the formation of economic freedom. -
1712- Industrial Inventions
During this time there were many inventions to aid industrial development, for example the invention of spinning machines. These inventions allowed companies to produce goods quicker and more efficiently, which in turn ensured profit. The invention of these machines allowed companies to compete with each other, and have set the tone by which companies in modern, liberal society compete with each other today. Companies in liberal societies today are always competing with each other. -
1776 Adam Smith
In 1776 Adam Smith published his book The Wealth of Nations. Smith has been hailed as the founder of economics. Smith did not agree with Mercantilism and believed that people would be happier working in a free market system for their own self-interest. Smith believed this would lead to a stronger economic community. This is still a fundamental principle of liberalism today. -
1799 Unions Made Illegal
Union which protected workers and demanded higher pay for workers were made illegal. This ensured companies were getting the most out their employees, and worked towards a companies self-interest and competition. Companies did not have to pay workers more money or pay to adapt working conditions. Unions are present in today's liberal societies and strongly contribute to the principle of self-interest. -
1800 Coal Mines
In 1800 10 million tons of coal was mined in England. This shows England had economic freedom and could sell this coal without government interference. England could export the coal to other countries, which shows there were no barriers to products of export. In today's liberal democracies there are limits and sanctions placed on economic freedom. -
1811-1813 Luddite Rebellion
The years 1811-1813 saw the Luddite Rebellion, laws introduced by parliament in 1812 stating that anyone destroying industrial property would be hanged. In 1813, 14 Luddite's were hanged. This shows how the Rule of Law shaped society then, and how it has carried on into today's society. People are still held responsible for their crimes, but in liberal societies capital punishment has been abolished. This also shows the development of the principle Private Property. -
1833 & 1901 Factory Acts
Regulations for child labor were introduced in 1833 and the rising of the work age to 12 years old was introduced in 1901. This is an example of Individual Rights and Freedoms. Acts like this paved the way for acts in place in modern day liberal democracies. -
1848 Marx and Engels
Publishing of the Communist Manifesto -
Education Acts 1880, 1918 & 1944
The Education Acts were responsible for ensuring the education of children. In 1880 the act ensured children were educated until the age of 10, in 1918 children were educated until the age of 14 and in 1944 the government agreed to fund the education of citizens until the age of 18. This has ties to the majority of the principles. They will have skills needed for employment allowing them to gain economic freedom, private property, adhere to laws and develop self-interest.