The Magna Carta, signed in 1215, is historically significant for establishing the principle of the rule of law, which asserts that everyone, including the king, is subject to the law. This document limited the power of the monarchy, ensuring that the king could not impose taxes without the consent of his barons and laid the groundwork for due process rights. The Magna Carta enshrined the idea that individuals have rights that cannot be arbitrarily violated by those in power. Its legacy has influenced the development of constitutional law, promoting the concepts of democracy and human rights over centuries, serving as a foundation for various legal systems worldwide.