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John Law: The Lord of Paper Money (Late Seventeenth and Early Eighteenth Centuries)

In: A History of Banks

Author

Listed:
  • Mehmet Baha Karan

    (Hacettepe University)

  • Wim Westerman

    (University of Groningen)

  • Jacob Wijngaard

    (University of Groningen)

Abstract

John Law was not just a Scottish adventurer who dueled for the sake of the honor of a woman and thereby killed his opponent, causing him to fly out of London, but also an economist who exploited paper money while using the Royal Bank and the Mississippi company, to recover state finances and to fuel the French economy. Alas, the associated money creation ended in the Mississippi Company bubble around a state-led investment project in North America, in 1720, much akin to a comparable failed British project, the South Sea Company bubble. It made the bankers distrusted in France.

Suggested Citation

  • Mehmet Baha Karan & Wim Westerman & Jacob Wijngaard, 2024. "John Law: The Lord of Paper Money (Late Seventeenth and Early Eighteenth Centuries)," Contributions to Economics, in: A History of Banks, chapter 0, pages 129-161, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-62297-7_5
    DOI: 10.1007/978-3-031-62297-7_5
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