Capitalism, Scotland, and the 1707 Act of Union
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Transcript of Capitalism, Scotland, and the 1707 Act of Union
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The Glorious Revolution (1688)
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Greenwich
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Bank of England
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Mayfair
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Covent Garden
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James II, still in exile following the Glorious Revolution
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Saint-Germain-en-Laye
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House of Commons (18th c.)
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Tories
• Loyal to exiled James II (not to the new king William III)
• Preferred power to remain with the monarch• Supported traditional institutions, traditional
church, traditional laws• Supported traditional economic policy• Supported continued colonisation of Ireland
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Whigs
• Supported new Protestant King William III• Preferred power to remain with parliament• Were tolerant of Dissenting and Reformist
Prostetant sects (many Whigs were puritans)• Supported a ‘free market’ economy• Supported ‘Home Rule’ (limited
independence) for Ireland
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Scotland
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Scotch (or ‘Doric Scottish dialect’), spoken in much of the Lowlands
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Scottish Gaelic (spoken in much of the Highlands)
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James II, in Exile following the Glorious Revolution
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Shared Monarchy of England and Scotland
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Scottish parliament in Edinburgh
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Bank of Scotland
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William Paterson (trader and banker)
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The Darien Strip, near Panama
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Panama Canal
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‘Company of Scotland’ flag
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The ‘Darien Chest’
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Key elements of the Act of Union 1707
• I. THAT the two Kingdoms of Scotland and England shall upon the first day of May next ensuing the date hereof, and for ever after, be united into One Kingdom by the Name of GREAT BRITAIN
• II. THAT the Succession of the Monarchy to the United Kingdom of Great Britain, and of the Dominions thereto belonging, after Her Most Sacred Majesty, and in Default of Issue of Her Majesty, be, remain, and continue to the Most Excellent Princess Sophia, Electoress and Dutchess Dowager of Hanover, and the Heirs of her Body being Protestants…
• III. THAT the United Kingdom of Great Britain be Represented by one and the same Parliament to be stiled The Parliament of Great Britain.
• IV. THAT all the Subjects of the United Kingdom of Great Britain shall, from and after the Union, have full Freedom and Intercourse of Trade and Navigation to and from any Port or Place within the said United Kingdom and the Dominions and Plantations thereunto belonging;
• XVI. THAT from and after the Union, the Coin shall be of the same Standard and Value• XVII. THAT from and after the Union, the same Weights and Measures shall be used throughout the
United Kingdom• XVIII. THAT the Laws concerning Regulation of Trade, Customs, and such Excises to which Scotland is,
by virtue of this Treaty, to be lyable, be the same in Scotland, • XXII. THAT by virtue of this Treaty, of the Peers of Scotland, at the Time of the Union, sixteen shall be
the Number to sit and vote in the House of Lords, and forty-five the Number of the Representatives of Scotland in the House of Commons of the Parliament of Great Britain
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Act of Union 1707
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