George I
George I was the king of Great Britain and Ireland, and elector of Hanover.
Contents
History
Per the Act of Settlement of 1701, Catholics could not succeed to the English throne. When Anne died in 1714, the crown passed over the Jacobite claim to George I. This established the Hanoverian dynasty and brought England into personal union with Hanover, and therefore the Holy Roman Empire.
Reign
In the early years of his reign, George held significant power in British governance and politics. He appointed a new Whig government. He entirely reversed the foreign policy of William, Mary, and Anne.
Stanhope rose through George's government and implemented his vision for international affairs. Domestically though, a Whig Split emerged by 1717 because of the Hanoverian foreign policy; Walpole and Townshend lead an effective opposition.
Just years after the War of Spanish Succession contained French influence, George negotiated the Anglo-French Alliance with the infant Louis XV and his regent Philippe II, Duke of Orleans. Without seeking input from the Dutch government, the Netherlands were added the next year to form the Triple Alliance. And finally, it became the Quadruple Alliance with the addition of Austria. George then led England into the War of the Quadruple Alliance.
George brought England into Hanover's part of the Great Northern War, where William had intervened at the war's inception to defend Sweden and Anne had remained neutral. The Treaty of Stockholm in 1719 led to Hanover (and England) making peace with Sweden, and subsequently assisting against Russian invasions that continued until 1721.
The Whig Split was mended within a few years and Walpole returned to government. As a result of the South Seas Bubble, he emerged as the dominant remaining member of government. From this point on, he is considered to be the first prime minister. He significantly restrained this Hanoverian foreign policy, and began a gradual movement of domestic powers to the House of Commons.
South Seas Company
The South Seas Company had been established by Anne's government led by Harley. The company had been granted a monopoly on slave trade in the southern Pacific and Atlantic, which attracted interest from private finance. The government sold shares in the company to buy back public debt, effectively consolidating the national debt into a chartered company. This was in the context of the very expensive War of Spanish Succession.
The company was already failing to turn a profit and post payments upon George's succession, but he (and many prominent Whigs) held significant stakes in the company--so they doubled down on the scheme and secured further financing. All Tories were removed from the company's board. In addition, the Whig Split emerged by 1717, and all oppositional Whigs were similarly removed. As a result, the company became tightly bound to the Whig government.
The bubble finally collapsed in 1720; the ensuing scandal led to mass dismissals and resignations from government, setting up Walpole to take the lead.
Legacy
George died in 1727 and was succeeded by George II. Despite acute court rivalry between the father and son, the reign of George II proved to be a continuation of the reign of George I. This is further evidence of Walpole's influence as the de facto head of state.