FR05A - John Law (1671-1729)
Stitcher: Andrea Cooley (Paris), Isabelle Winkopp (Boussy Saint Antoine)
John Law was a Scottish economist born in Edinburgh in 1671. A controversial figure, a gambler with a passion for women, he was convicted of murder for his part in a duel but fled to Europe where he began developing his monetary theories.
In 1715, he came to the attention of the Duke d'Orléans,
regent for King Louis XV. The Duke sought Law’s advice on the depressed French
economy and appointed him as Controller General of Finances. Law established
the 'Banque Générale' and introduced banknotes to France.
He was also the architect of the "The Mississippi
Bubble", which began with the consolidation of Louisiana trading companies
into a single monopoly (The Mississippi Company) and ended with the collapse of
the Banque Générale. The economic effects were felt throughout Europe, leaving France
on the brink of bankruptcy.
John Law fled France and died penniless in Venice in
FR05A Iain Law
Rugadh Iain Law ann an Dùn Èideann ann an 1671. Ceàrraiche le dìoghras airson mnathan, chaidh a dhìteadh airson murt an dèidh còmhragdithis agus theich e don Roinn Eòrpa, far an do thòisich e a’ leasachadh teòiridhean ionmhasail. Ann an 1715, bha Diùc Orléans, tàinistear do Rìgh Louis XV, a’ sireadh comhairle bho Law air eaconamaidh ìosal na Frainge agus dh’fhastaidh e e mar Smachdair Coitcheann an Ionmhais. Stèidhich Law am Banque Générale agus thug e asteach airgead-pàipeir. Ach bha e cuideachd na ailtire air “The Mississippi Bubble”, a’ leantainn gu tuiteam Banque Générale. Chaidh buaidh seo fhaireachdainn air feadh na Roinn Eòrpa, a’ fàgail na Frainge air bruach bristeachais. Theich Law agus bhàsaich e gun sgillinn ann am baile Venice ann an 1729.