John Law (pronounced in French in the traditional approximation of ''Laws'', the colloquial Scottish form of the name; 21 April 1671 – 21 March 1729) was a Scottish
economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
who distinguished
money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as ...
, a means of
exchange
Exchange may refer to:
Physics
*Gas exchange is the movement of oxygen and carbon dioxide molecules from a region of higher concentration to a region of lower concentration. Places United States
* Exchange, Indiana, an unincorporated community
* ...
, from national wealth dependent on trade. He served as Controller General of Finances under the
Duke of Orleans
Duke is a male title either of a monarch ruling over a duchy, or of a member of royalty, or nobility. As rulers, dukes are ranked below emperors, kings, grand princes, grand dukes, and sovereign princes. As royalty or nobility, they are ran ...
, who was regent for the juvenile
Louis XV of France
Louis XV (15 February 1710 – 10 May 1774), known as Louis the Beloved (french: le Bien-Aimé), was King of France from 1 September 1715 until his death in 1774. He succeeded his great-grandfather Louis XIV at the age of five. Until he reached ...
. In 1716, Law set up a private
Banque Générale
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and th ...
in France. A year later it was nationalised at his request and renamed as
Banque Royale
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and th ...
. The private bank had been funded mainly by John Law and Louis XV; three-quarters of its
capital
Capital may refer to:
Common uses
* Capital city, a municipality of primary status
** List of national capital cities
* Capital letter, an upper-case letter Economics and social sciences
* Capital (economics), the durable produced goods used f ...
consisted of government bills and government-accepted notes, effectively making it the nation's first
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
. Backed only partially by silver, it was a
fractional reserve bank. Law also set up and directed the
Mississippi Company
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and th ...
, funded by the Banque Royale. Its chaotic collapse has been compared to the 17th-century
tulip mania
Tulip mania ( nl, tulpenmanie) was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then ...
in Holland.
[ The Mississippi bubble coincided with the ]South Sea bubble
South is one of the cardinal directions or compass points. The direction is the opposite of north and is perpendicular to both east and west.
Etymology
The word ''south'' comes from Old English ''sūþ'', from earlier Proto-Germanic ''*sunþaz ...
in England, which allegedly took ideas from it. Law was a gambler
Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elem ...
who would win card games by mentally calculating odds
Odds provide a measure of the likelihood of a particular outcome. They are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics.
Odds also have ...
. He originated ideas such as the scarcity theory of value and the real bills doctrine
The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be jus ...
. He held that money creation stimulated an economy, paper money was preferable to metal, and dividend-paying shares a superior form of money. The term "millionaire
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire. In countries that use the short scal ...
" was coined for beneficiaries of Law's scheme.
Early years
Law was born into a family of Lowland Scots bankers and goldsmith
A goldsmith is a Metalworking, metalworker who specializes in working with gold and other precious metals. Nowadays they mainly specialize in jewelry-making but historically, goldsmiths have also made cutlery, silverware, platter (dishware), pl ...
s from Fife
Fife (, ; gd, Fìobha, ; sco, Fife) is a council area, historic county, registration county and lieutenancy area of Scotland. It is situated between the Firth of Tay and the Firth of Forth, with inland boundaries with Perth and Kinross (i ...
; his father, William, had purchased Lauriston Castle
Lauriston Castle is a 16th-century tower house with 19th-century extensions overlooking the Firth of Forth, in Edinburgh, Scotland. It lies on Cramond Road South, between Cramond, Davidson's Mains, and Silverknowes. The substantial grounds, La ...
, a landed estate at Cramond
Cramond Village (; gd, Cathair Amain) is a village and suburb in the north-west of Edinburgh, Scotland, at the mouth of the River Almond where it enters the Firth of Forth.
The Cramond area has evidence of Mesolithic, Bronze Age and Roman ac ...
on the Firth of Forth
The Firth of Forth () is the estuary, or firth, of several Scottish rivers including the River Forth. It meets the North Sea with Fife on the north coast and Lothian on the south.
Name
''Firth'' is a cognate of ''fjord'', a Norse word meani ...
and was known as Law of Lauriston
Lauriston ( )
is an area of central Edinburgh, Scotland, and home to a number of significant historic buildings. It lies south of Edinburgh Castle and the Grassmarket, and north of The Meadows public park.
Lauriston is the former locatio ...
. On leaving the High School of Edinburgh
The Royal High School (RHS) of Edinburgh is a co-educational school administered by the City of Edinburgh Council. The school was founded in 1128 and is one of the oldest schools in Scotland. It serves 1,200 pupils drawn from four feeder primar ...
, Law joined the family business at the age of 14 and studied the banking business until his father died in 1688. He subsequently neglected the firm in favour of extravagant pursuits and travelled to London, where he lost large sums by gambling.
On 9 April 1694, John Law fought a duel
A duel is an arranged engagement in combat between two people, with matched weapons, in accordance with agreed-upon Code duello, rules.
During the 17th and 18th centuries (and earlier), duels were mostly single combats fought with swords (the r ...
with another British dandy, Edward "Beau" Wilson, in Bloomsbury Square
Bloomsbury Square is a garden square in Bloomsbury, in the London Borough of Camden, London. Developed in the late 17th century, it was initially known as Southampton Square and was one of the earliest London squares. By the early 19th century, Be ...
, London. Wilson had challenged Law over the affections of Elizabeth Villiers
{{Infobox noble
, name = Elizabeth Hamilton
, title = Countess of Orkney
, image = Elizbeth Villiers.jpg
, caption = Elizabeth Villiers
, alt =
, CoA =
, more ...
. Law killed Wilson with a single pass and thrust of his sword. He was arrested, charged with murder and stood trial at the Old Bailey
The Central Criminal Court of England and Wales, commonly referred to as the Old Bailey after the street on which it stands, is a criminal court building in central London, one of several that house the Crown Court of England and Wales. The s ...
. He appeared before the infamously sadistic "hanging judge" Salathiel Lovell
Sir Salathiel Lovell (1631/2–1713) was an English judge, Recorder of London, an ancient and bencher of Gray's Inn, and a Baron of the Exchequer.
Origins and education
Lovell was the son of Benjamin Lovell, rector of Lapworth, Warwickshire, and ...
and was found guilty of murder and sentenced to death. He was initially incarcerated in Newgate Prison
Newgate Prison was a prison at the corner of Newgate Street and Old Bailey Street just inside the City of London, England, originally at the site of Newgate, a gate in the Roman London Wall. Built in the 12th century and demolished in 1904, t ...
to await execution. His sentence was later commuted to a fine, on the grounds that the killing only amounted to manslaughter
Manslaughter is a common law legal term for homicide considered by law as less culpable than murder. The distinction between murder and manslaughter is sometimes said to have first been made by the ancient Athenian lawmaker Draco in the 7th cen ...
. Wilson's brother appealed and had Law imprisoned, but he managed to escape to Amsterdam
Amsterdam ( , , , lit. ''The Dam on the River Amstel'') is the Capital of the Netherlands, capital and Municipalities of the Netherlands, most populous city of the Netherlands, with The Hague being the seat of government. It has a population ...
.
Career
Economic theory and practice
Law urged the establishment of a national bank
In banking, the term national bank carries several meanings:
* a bank owned by the state
* an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally)
* in the United States, an ordinary p ...
to create and increase instruments of credit
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...
and the issue of banknotes
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes w ...
backed by land, gold, or silver. The first manifestation of Law's system came when he had returned to Scotland and contributed to the debates leading to the Treaty of Union 1707
The Treaty of Union is the name usually now given to the treaty which led to the creation of the new state of Great Britain, stating that the Kingdom of England (which already included Wales) and the Kingdom of Scotland were to be "United i ...
. He wrote a pamphlet entitled '' Two Overtures Humbly Offered to His Grace John Duke of Argyll, Her Majesties High Commissioner, and the Right Honourable the Estates of Parliament'' (1705) which foreshadowed the ideas he would propose for establishing new systems of finance, paper money and refinancing the national debt in a subsequent tract entitled '' Money and Trade Considered: with a Proposal for Supplying the Nation with Money'' (1705). Law's propositions of creating a national bank in Scotland
Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the ...
were ultimately rejected, and he left to pursue his ambitions abroad.
He spent ten years moving between France and the Netherlands
)
, anthem = ( en, "William of Nassau")
, image_map =
, map_caption =
, subdivision_type = Sovereign state
, subdivision_name = Kingdom of the Netherlands
, established_title = Before independence
, established_date = Spanish Netherl ...
, dealing in financial speculation
In finance, speculation is the purchase of an asset (a commodity, good (economics), goods, or real estate) with the hope that it will become more valuable shortly. (It can also refer to short sales in which the speculator hopes for a decline i ...
s. Problems with the French economy presented the opportunity to put his system into practice.
He had the idea of abolishing minor monopolies
A monopoly (from Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a speci ...
and private farming of taxes. He would create a bank for national finance and a state company for commerce, ultimately to exclude all private revenue. This would create a huge monopoly of finance and trade run by the state, and its profits would pay off the national debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...
. The council called to consider Law's proposal, including financiers such as Samuel Bernard
Samuel Bernard (1651 in Sancerre – January 18, 1739, in Paris), Count of Coubert (1725), was a French noble and financier.
Life
Of Netherlands, Dutch origin, Samuel Bernard was the son of the painter and engraver Samuel-Jacques Bernard (1615- ...
, rejected the proposition on 24 October 1715.
Law made his home in Place Louis-le-Grand, a royal square where he hosted and entertained various Parisian nobles. Gaining the attention of such notable people as the Duke of Orleans, Law quickly found himself a regular in high-stakes gambling parties attended by only the most affluent of Paris. His tall stature and elegant dress allowed Law to charm his way across Europe's financial hubs, from Amsterdam to Venice. These travels heavily influenced Law's theories on monetary policy and the importance of paper money as credit. Law's idea of a centralised bank which would deal in a new form of paper money was years ahead of its time. Despite this forward concept, Law still championed mercantilist beliefs with the promotion of monopolistic companies through government charters.
The wars waged by Louis XIV
, house = Bourbon
, father = Louis XIII
, mother = Anne of Austria
, birth_date =
, birth_place = Château de Saint-Germain-en-Laye, Saint-Germain-en-Laye, France
, death_date =
, death_place = Palace of Vers ...
left the country completely wasted, both economically and financially. The resultant shortage of precious metal
Precious metals are rare, naturally occurring metallic chemical elements of high economic value.
Chemically, the precious metals tend to be less reactive than most elements (see noble metal). They are usually ductile and have a high lustre. ...
s led to a shortage of coins in circulation, which in turn limited the production of new coins. With the death of Louis XIV seventeen months after Law's arrival, the Duke of Orleans finally presented Law with the opportunity to display his ingenuity. Since, following the devastating War of the Spanish Succession
The War of the Spanish Succession was a European great power conflict that took place from 1701 to 1714. The death of childless Charles II of Spain in November 1700 led to a struggle for control of the Spanish Empire between his heirs, Phil ...
, France's economy was stagnant and her national debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...
was crippling, Law proposed to stimulate industry by replacing gold with paper credit and then increasing the supply of credit, and to reduce the national debt by replacing it with shares in economic ventures. On 1 May 1716, Law presented a modified version of his centralised bank plan to the Banque Générale which approved a private bank that allowed investors to supply one-fourth of an investment in currency and the other parts in defunct government bonds. The second key feature of the proposal centred on the premise that this private bank was able to issue its own currency backed by Louis d'or
The Louis d'or () is any number of French coins first introduced by Louis XIII in 1640. The name derives from the depiction of the portrait of King Louis on one side of the coin; the French royal coat of arms is on the reverse. The coin was re ...
. This enabled the currency to be redeemed by the weight of silver from the original deposit instead of the fluctuating value of the livre
LIVRE (, L), previously known as LIVRE/Tempo de Avançar (, L/TDA), is a green political party in Portugal founded in 2014.
Its founding principles are ecology, universalism, freedom, equity, solidarity, socialism and Europeanism. Its symbol i ...
, which had been devaluing rapidly.
In May 1716 Law set up the Banque Générale Privée ("General Private Bank"), which developed the use of paper money.
It was one of only six such banks to have issued paper money in Europe, joining Sweden, England, Holland, Venice, and Genoa. The bank was nationalised in December 1718 at Law's request.
From this new banking platform, Law was able to pursue the monopoly
A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situati ...
companies he envisioned by having France bankroll the endeavour with 100 million ''livres'' in the form of company stock. The founding of the Mississippi Company, later renamed the Occident Company and eventually part of the Company of the Indies, was financed in the same way as the bank.
In this context the regent, Philippe d'Orléans, appointed Law as Controller General of Finances in 1720, effectively giving him control over external and internal commerce. The rapid ascension of this new global monopoly led to massive speculation and stock prices ballooned to over sixty times their original value.
As Controller General, Law instituted many beneficial reforms, some of which had lasting effect, while others were soon abolished. He tried to break up large land-holdings to benefit the peasants; he abolished internal road and canal tolls; he encouraged the building of new roads, the starting of new industries (even importing artisans but mostly by offering low-interest loans), and the revival of overseas commerce — and indeed industry increased by 60 per cent in two years, and the number of French ships engaged in export went from 16 to 300.
Law helped in 1719 to refinance the French Indies companies. His nephew, Jean Law de Lauriston
Baron Jean Law de Lauriston, was born on October 5, 1719 in Paris. He was twice Governor General of Pondicherry. Not much is known about his life, but his contributions to the French Colonial Empire are notable.
Law was a nephew of the financie ...
, was later Governor-General of Pondicherry
Pondicherry (), now known as Puducherry ( French: Pondichéry ʊdʊˈtʃɛɹi(listen), on-dicherry, is the capital and the most populous city of the Union Territory of Puducherry in India. The city is in the Puducherry district on the sout ...
.
Mississippi Company
Law became the architect of what would later be known as the Mississippi Bubble
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and th ...
, an event that would begin with consolidating the trading companies of Louisiana
Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is borde ...
into a single monopoly (The Mississippi Company
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and th ...
), and ended with the collapse of the Banque Générale
The Mississippi Company (french: Compagnie du Mississippi; founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and th ...
and subsequent devaluing of the Mississippi Company's shares.
In 1719, the French government allowed Law to issue 50,000 new shares in the Mississippi Company at 500 livres with just 75 livres down and the rest due in seventeen additional monthly payments of 25 livres each. The share price rose to 1,000 livres before the second instalment was even due, and ordinary citizens flocked to Paris to participate.[
]
In October 1719 Law's Company lent the French state 1.5 billion livres at 3 per cent to pay off the national debt, a transaction funded by issuing a further 300,000 shares in the company.
Between May and December 1719 the market price of a share rose from 500 to 10,000 livres and continued rising into early 1720, supported by Law's 4 per cent dividend promise. Under rapidly emerging price inflation,[ Law sought to hold the share price at 9,000 livres in March 1720, and then on 21 May 1720 to engineer a controlled reduction in the value of both notes and the shares, a measure that was itself reversed six days later.]
As the public rushed to convert banknotes to coin, Law was forced to close the Banque Générale for ten days, then limit the transaction size once the bank reopened. But the queues grew longer, the Mississippi Company stock price continued to fall, and food prices
Food prices refer to the average price level for food across countries, regions and on a global scale. Food prices have an impact on producers and consumers of food.
Price levels depend on the food production process, including food marketing ...
soared by as much as 60 per cent.[
]
The fractional reserve ratio was one fifth, and a Royal edict to criminalise the sale of gold was decreed. A later Royal edict decreed that gold coin was illegal, which was soon reversed, leading to 50 people being killed in a stampede. The company's shares were ultimately rendered worthless, and initially inflated speculation about their worth led to widespread financial stress, which saw Law dismissed at the end of 1720 from his sinecure as Controller General[ and his post as Chief Director of the Banque Générale.
]
Downfall
Speculation gave way to panic as people flooded the market with future shares trading as high as 15,000 livres per share, while the shares themselves remained at 10,000 livres each. By May 1720, prices fell to 4,000 livres per share, a 73 per cent decrease within a year. The rush to convert paper money to coins led to sporadic bank hours and riots. Squatters now occupied the square of Palace Louis-le-Grand and openly attacked the financiers that inhabited the area. It was under these circumstances and the cover of night that John Law left Paris some seven months later, leaving all of his substantial property assets in France, including the Place Vendôme
The Place Vendôme (), earlier known as Place Louis-le-Grand, and also as Place Internationale, is a square in the 1st arrondissement of Paris, France, located to the north of the Tuileries Gardens and east of the Église de la Madeleine. It is ...
and at least 21 châteaux which he had purchased over his years in Paris, for the repayment of creditors.
The descent of a relatively unknown man came as fast as his rise, leaving an economic power vacuum. Law's theories live on 300 years later and "captured many key conceptual points which are very much a part of modern monetary theorizing."
Later years
Law moved to Brussels
Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Bruss ...
on 22 December 1720 in impoverished circumstances when his properties in France were voluntarily confiscated. He spent the next few years gambling in Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus (legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
, Copenhagen
Copenhagen ( or .; da, København ) is the capital and most populous city of Denmark, with a proper population of around 815.000 in the last quarter of 2022; and some 1.370,000 in the urban area; and the wider Copenhagen metropolitan ar ...
and Venice
Venice ( ; it, Venezia ; vec, Venesia or ) is a city in northeastern Italy and the capital of the Veneto Regions of Italy, region. It is built on a group of 118 small islands that are separated by canals and linked by over 400 ...
but never regained his former prosperity. Law realised he would never return to France when Orléans died suddenly in 1723 and Law was granted permission to return to London, having been pardoned in 1719. He lived in London for four years and then moved to Venice, where he contracted pneumonia
Pneumonia is an inflammatory condition of the lung primarily affecting the small air sacs known as alveoli. Symptoms typically include some combination of productive or dry cough, chest pain, fever, and difficulty breathing. The severity ...
and died poor in 1729. His grave stone is in the San Moisè, Venice.
Cultural references
Sharon Condie and Richard Condie
Richard Condie, (born 1942) is a Canadian animator, filmmaker, musician and voice actor. Condie is best known for his 1985 animated short '' The Big Snit'' at the National Film Board of Canada and has won six international awards for ''Getting ...
's 1978 National Film Board of Canada
The National Film Board of Canada (NFB; french: Office national du film du Canada (ONF)) is Canada's public film and digital media producer and distributor. An agency of the Government of Canada, the NFB produces and distributes documentary f ...
(NFB) animated short
Animation is a method by which still figures are manipulated to appear as moving images. In traditional animation, images are drawn or painted by hand on transparent celluloid sheets to be photographed and exhibited on film. Today, most anima ...
''John Law and the Mississippi Bubble'' is a humorous interpretation. The film was produced by the NFB at its newly opened Winnipeg
Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749,6 ...
studio. It opened in Canadian cinemas starting in September 1979 and was sold to international broadcasters. The film received an award at the Tampere Film Festival
The Tampere Film Festival ( fi, Tampereen elokuvajuhlat) is a short film festival held every March, mostly at the Finnkino Plevna movie theatre, in Tampere, Finland. It is accredited by the film producers' society FIAPF, and together with the shor ...
.
John Law is the focus of Rafael Sabatini's 1949 novel ''The Gamester
''The Gamester'' is a Caroline era stage play, a comedy of manners written by James Shirley, premiered in 1633 and first published in 1637. The play is noteworthy for its realistic and detailed picture of gambling in its era.
The play was lic ...
''.
John Law is referenced in Voltaire's 'Dictionnaire Philosophique', as part of the entry on reason.
John Law is the subject of the section entitled "Fragment d'un ancien mythologiste" in "Lettre CXLII" of Montesquieu's epistolary novel "Lettres Persanes" published in 1721.
See also
* Assignat
An assignat () was a monetary instrument, an order to pay, used during the time of the French Revolution, and the French Revolutionary Wars.
France
Assignats were paper money (fiat currency) issued by the Constituent Assembly in France from 1 ...
, a bank note system of the French Revolution
The French Revolution ( ) was a period of radical political and societal change in France that began with the Estates General of 1789 and ended with the formation of the French Consulate in November 1799. Many of its ideas are considere ...
References
Further reading
Non-fiction
*. Includes the entire first lecture on the life of John Law to be delivered by the author at Law's ancestral home of Lauriston Castle
Lauriston Castle is a 16th-century tower house with 19th-century extensions overlooking the Firth of Forth, in Edinburgh, Scotland. It lies on Cramond Road South, between Cramond, Davidson's Mains, and Silverknowes. The substantial grounds, La ...
, and other accounts of John Law's life and the Mississippi Scheme by some of the most popular writers of the last 250 years, including: Bram Stoker
Abraham Stoker (8 November 1847 – 20 April 1912) was an Irish author who is celebrated for his 1897 Gothic horror novel '' Dracula''. During his lifetime, he was better known as the personal assistant of actor Sir Henry Irving and busine ...
; Washington Irving
Washington Irving (April 3, 1783 – November 28, 1859) was an American short-story writer, essayist, biographer, historian, and diplomat of the early 19th century. He is best known for his short stories "Rip Van Winkle" (1819) and " The Legen ...
, Charles Mackay Charles (or Charlie) Mackay, McKay, or MacKay may refer to:
* Charles Mackay (author) (1814–1889), Scottish poet, journalist, author, anthologist, novelist, and songwriter
* Charles McKay (1855–1883), American naturalist and explorer
* Charles ...
; Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— ...
; and Voltaire
François-Marie Arouet (; 21 November 169430 May 1778) was a French Age of Enlightenment, Enlightenment writer, historian, and philosopher. Known by his ''Pen name, nom de plume'' M. de Voltaire (; also ; ), he was famous for his wit, and his ...
.
*. A collection of early eighteenth-century political propagandist pamphlets documenting the hysteria surrounding John Law's return to Britain after the collapse of his Mississippi Scheme and expulsion from France. It also contains a very useful chronology and extensive biographical introduction to John Law and the Mississippi Scheme.
*. A biography/memoir of John Law's life and how he built his way to becoming an "economist abroad" in France, yet oversaw a debilitating bank run/financial crisis in the early 18th century.
*. Contains Defoe's contemporary accounts of the euphoria and excess of the first ever stock market boom unleashed by John Law and his Mississippi Scheme and his remarkable insight into the European economic crises of the 1720s. It includes: The Chimera (1720), The Case of Mr. Law Truly Stated (1721), and Selected Journalism (1719-1722).
*
*. A post-war account of John Law.
* Lanchester, John, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy", ''The New Yorker
''The New Yorker'' is an American weekly magazine featuring journalism, commentary, criticism, essays, fiction, satire, cartoons, and poetry. Founded as a weekly in 1925, the magazine is published 47 times annually, with five of these issues ...
'', 5 & 12 August 2019, pp. 28–31.
*. A negative account of John Law.
*.
*. The most extensive account of Law's writings. It is given credit for restoring the reputation of Law as an important economic theorist.
* Pollard, S. "John Law and the Mississippi Bubble." ''History Today'' (Sept 1953) 3#9 pp 622–630.
*. An account of the euphoria and wealth John Law created by engineering the first stock market boom, and the despair, poverty and destroyed lives that followed its crash.
* Velde, Francois R. (2003) Government Equity and Money: John Law's System in 1720 France. Available at SSRN
Government Equity and Money: John Law's System in 1720 France
o
Government Equity and Money: John Law's System in 1720 France
Fiction/satire
* A contemporary satire on the financial crisis in 1720
* A fictionalised biography
*. A sympathetic fictionalised account of Law's career as financial adviser to the Duke of Orléans, Regent under Louis XV.
* A costume drama based on John Law's life
External links
on mapforum.com
Project Gutenberg Edition of Fiat Money Inflation in France: How ...
John Law: Proto-Keynesian, by Murray Rothbard
*
John Law collection
a
The Historic New Orleans Collection
*
{{DEFAULTSORT:Law, John
Scottish bankers
Scottish economists
Physiocrats
Economy of France
History of banking
People from Fife
Scottish criminals
Scottish gamblers
Scottish statisticians
British duellists
1671 births
1729 deaths
Recipients of British royal pardons
18th-century Scottish people
17th-century Scottish people
People of the Regency of Philippe d'Orléans
Members of the French Academy of Sciences
People of the Ancien Régime
Deaths from pneumonia in Veneto
French Ministers of Finance
Converts to Roman Catholicism from Calvinism