The Magna Carta, signed in 1215, is of profound significance as it established the principle that everyone, including the king, is subject to the law. It was a result of the struggle between King John of England and a group of rebellious barons who sought to limit the king's arbitrary power. The document laid the groundwork for the development of constitutional law and individual rights, influencing later democratic frameworks. It is often seen as a foundational step towards the establishment of parliamentary democracy and the protection of human rights in English law.