The Glorious Revolution of 1688 was significant because it marked the transition of power in England from King James II to William of Orange and Mary II, establishing a constitutional monarchy. This revolution affirmed the supremacy of Parliament over the monarchy, ensuring that the sovereign could not rule without parliamentary consent. It also laid the groundwork for modern democracy by enshrining rights such as the Bill of Rights in 1689, which delineated the rights of citizens and limited the powers of the crown, thus influencing political developments in England and beyond for centuries.