Liberating the Press: The Political Economy and Intellectual Forces Behind the Demise of the Licensing Act

This paper explores the intellectual, political, and economic dynamics that led to one of the most significant events in the history of the press: the demise of the Licensing Act in 1695. It argues that the downfall of the Licensing Act in 1695 was primarily driven not by shifts in arguments but by transformations in the political economy and structure, which facilitated a more favorable reception of longstanding arguments and information. The most significant changes in the political economy that altered the perception of press regulations were the shifting views on the Crown's authority to grant exclusive economic privileges and the establishment of public credit institutions, such as the Bank of England, after 1694. These institutions relied on government transparency and the freer and broader dissemination of reliable information. Consequently, the restraints imposed by the Licensing Act became more detrimental than advantageous, rendering long-standing intellectual arguments against press restraints more favorably received.