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John Law (1671 1729). Scottish economist. Dutch satirical
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John Law (1671 1729). Scottish economist. Dutch satirical
John Law ). Scottish economist. He was appointed Controller General of Finances of France under King Louis XV. In 1716 Law established the Banque Ge?ne?rale in France, a private bank. Dutch satirical engraving. Episcopal Library. Barcelona. Catalonia. Spain
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John Law (1671-1729): A Scottish Economist's Chaotic Experiment with French Finances in the 18th Century This satirical engraving captures the intriguing character of John Law, a Scottish economist who left an indelible mark on European economic history. Appointed as Controller General of Finances of France under King Louis XV, Law's tenure was marked by a groundbreaking financial innovation: the establishment of the Banque Générale in 1716, a private bank that issued the first French paper money, known as assignats. The Banque Générale was intended to stabilize the French economy, but Law's ambitious plans for a national debt consolidation and a scheme to revitalize the French economy through the Mississippi Company, which aimed to trade with the French colonies in North America, led to a chaotic bubble. The Mississippi Company's stock skyrocketed in value, attracting widespread speculation, only to collapse dramatically in 1720, leaving many investors destitute. This Dutch satirical engraving, held in the Episcopal Library in Barcelona, Catalonia, Spain, offers a humorous yet insightful commentary on Law's controversial character. The image portrays Law as a jester-like figure, with a scepter in one hand and a bag of money in the other, symbolizing his role as a financier and his association with the unstable economy. The engraving also includes various caricatures, such as a man selling a star and a woman selling a rainbow, representing the wild speculation and inflated expectations that characterized the Mississippi Bubble. John Law's story serves as a reminder of the complexities and uncertainties of the modern age's early economic experiments. His legacy continues to fascinate historians and economists, as they grapple with the lessons of his chaotic experiment with French finances.
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