The Magna Carta, signed in 1215, is significant for its role in limiting the power of the monarchy in England. By establishing principles such as the rule of law and the idea that the king was not above the law, it set a precedent for constitutional governance. The document asserted that the monarch's authority must be balanced by the rights of subjects, influencing future democratic movements and the development of legal systems. It inspired later constitutional frameworks and civil rights documents, emphasizing accountability and justice within government practices.