Kingdom of England the Glorious Revolution of 1688. From this time the kingdom of England, as well as its successor state the United Kingdom, functioned in effect as a constitutional monarchy. On 1 May 1707, under the terms of the Acts of Union 1707, the kingdoms of England and Scotland united to form the Kingdom of Great Britain. The Anglo-Saxons referred to themselves as the "Engle" or the "Angelcynn", originally names of the Angles. They called their land "Engla land", meaning "land of the English", by Æthelweard Latinized "Anglia", from an original "Anglia vetus", the purported homeland of the Angles (called "Angulus" by
Acts of Union 1707 known as the Seven ill years which led to strained relations with England. In 1698, the Company of Scotland Trading to Africa and the Indies received a charter to raise capital through public subscription. The Company invested in the Darién scheme, an ambitious plan funded almost entirely by Scottish investors to build a colony on the Isthmus of Panama for trade with East Asia. The scheme was a disaster; the losses of over £150,000 severely impacted the Scottish commercial system. The financial losses incurred have often been suggested as one of the drivers behind Union. Deeper political integration had been