The significance of the Magna Carta in modern democracy lies in its establishment of the principle of rule of law, which limits the powers of the monarchy and emphasizes individual rights. It introduced the idea that even rulers are subject to the law, influencing later democratic documents like the U.S. Constitution. The Magna Carta's emphasis on due process and fair trials established foundations for modern justice systems, ensuring that governance respects the rights of individuals. Its legacy is evident in constitutional democracies around the world, making it a cornerstone of the evolution of political rights.