What is the significance of the Magna Carta?

The significance of the Magna Carta lies in its role in limiting the powers of the monarchy and establishing the principle of due process, which became foundational to modern democratic governance. Signed in 1215, the Magna Carta was a reaction to King John's heavy-handed rule and arbitrary decisions. By requiring the king to respect certain legal rights and outlining that even the monarch must obey the law, it set the groundwork for the development of constitutional law.

This document introduced critical concepts such as the idea that no one, including the king, is above the law. This principle of due process means that individuals are entitled to fair treatment through the judicial system, which has influenced many legal systems around the world. The Magna Carta's legacy is reflected in subsequent constitutional documents and human rights declarations, leading to a stronger framework for protecting citizens' rights against unjust government actions.

Other options do not accurately reflect the historical impact of the Magna Carta—establishing a national bank, declaring independence from Britain, or creating the first constitution are not aspects associated with this landmark document.