Glorious Revolution : Emergence of the Anglo-Dutch complex

William of Orange III and his Dutch army land in Brixham, 1688 - Glorious Revolution - Wikipedia

　In the first place, during the Augsburg War, the Bank of England was established as a bond-receiving and issuing bank to finance the war effort. The Bank of England thus became a keystone of what P. Dixon calls the 'fiscal revolution' and J. Brewer the 'fiscal military state'. The union of the Dutch and English cohorts (1689-1702) became a military-financial complex. This resulted in a soft landing of world hegemony from the Netherlands to England.
Iwanami Shoten (1999), World History 16: Sovereign States and the Enlightenment 16-18th Century, p.60 (Kazuhiko Kondo, "Early Modern Europe").

　This Dutch system of public debt was brought to Britain by Glorious Revolution : in 1688, William III, Prince of Orange of Holland (Governor of the Province), acceded to the British throne. During the War of the Spanish Succession, Britain took steps to introduce a system of long-term borrowing from the public by issuing bonds. (p.116)

　The Dutch king and his advisers were skilled in government finance. They also had close links with Dutch investor sources. In light of this, it cannot be a mere coincidence that the financial revolution took place in Britain after their arrival. (p.116)

　The symbiotic relationship between the two countries, mediated by British government bonds, guaranteed an elegant retirement income for the preceding hegemon state, the Federal Republic of the Netherlands. And the rising Kingdom of Great Britain gained the power to strike a decisive blow against France as its competitor. (p.117)

　As mentioned earlier, the Netherlands had low interest rates, so British government bonds above 5% must have been an attractive investment for Dutch investors. Moreover, British government bonds were regarded as credit risk free, as interest payments were secured by taxation on the Dutch model. (p.117)
Toshiki Tomita, History of Government Bonds, Toyo Keizai Shinposha (2006).

　More notably. Behind the Anglo-French struggle for control of the world economy, the Netherlands, which had lost its hegemony in 18th century Europe as a whole, was still at the centre of world finance, with its abundant surplus funds. The rivalry between Britain and France was therefore not only a matter of domestic financial power, but also a struggle over which country could attract Dutch funds: there were idle Dutch funds floating around in 18th-century Europe, and the winner of these funds was likely to win.
Iwanami Shoten(1997), World History17: The Atlantic Rim Revolution of the Late 18th Century - 1830s , p.12 (Minoru Kawakita, 'The Age of the Atlantic Rim Revolution').

[Supplement].
　At the invitation of the parliamentary leaders, Duke Oranje Willem landed in south-west England in November 1688. He led an army of 15,000 Hollanders. A cunning politician, he did not enter London until December. If, for whatever reason, a foreign army of 15 000 men enters the capital of a state, it can only be described as an occupying force. In other words, Glorious Revolution was an intervention by Dutch troops in an English civil war, or at least a temporary Dutch occupation of England.

　The GHQ (de facto US military) rule and occupation forces in post-war Japan have decisively Americanised the brain cells of the post-war Japanese. In other words, if we observe Glorious Revolution in a straightforward manner, focusing only on the development of the situation, it is the definitive Dutchisation of late 17th century England.
　If we Japanese (or Japanese British historians) cannot face this simple fact, it shows how accustomed our brain cells are to the (self-justifying) historical view of the English themselves.

  'Glorious Revolution'. I know of no more disgraceful historical irony than this, unfortunately, due to my shallow education.

List of linked articles on our blog
(1) What prevented the capitalisation of the Tokugawa Japan: Hon ni Oboretai
(2) David Hume, Of Civil Liberty, 1742: Hon ni Oboretai
(3) the Spanish Armada a hundred years later: Hon ni Oboretai

The above article is an English translation of our blog post, '名誉革命：英蘭コンプレックスの出現：本に溺れたい', with support from DeepL.