The significance of the Magna Carta as a foundation for modern democracy lies in its establishment of the principle that everyone, including the king, is subject to the law. Signed in 1215, this document limited the power of the monarchy and laid the groundwork for individual rights. It introduced concepts such as due process and the idea of representation, which influenced later political documents like the U.S. Constitution. The Magna Carta is often cited as a crucial step in the evolution of democratic governance, promoting the values of liberty and justice that continue to resonate today.