Lecția din 1688: creditorii nu cred în promisiuni, ci în armistiții. De ce își puneau străinii banii la Londra

In the late 17th century, French Huguenots fleeing persecution chose to invest their savings in England, despite its previous financial instability. The shift in trust was due to the political armistice established after the Glorious Revolution of 1688, which ensured that Parliament would manage state finances responsibly. This new political landscape made creditors confident that debts would be repaid, as the power was distributed among various factions. The establishment of the Bank of England in 1694 marked a turning point, allowing the state to borrow more at lower rates. Ultimately, the lesson from 1688 is that political agreements among rivals create a stable environment for investment, rather than the strength of any single government.