John Law (Card)

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John Law (Card)

JOHN LAW Scottish financier in France, where he promoted the Mississippi scheme. His initial funding came from success at the gaming table. Date: 1671 - 1729

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Media ID 7152327

© Mary Evans Picture Library 2015 - https://copyrighthub.org/s0/hub1/creation/maryevans/MaryEvansPictureID/10151169

1671 1729 Financier Funding Gaming Initial L Aw Mississippi Promoted Scheme Success

EDITORS COMMENTS
John Law: The Scottish Financier Who Bet on the Mississippi (1671-1729) This evocative portrait captures the enigmatic figure of John Law, a Scottish financier who made a name for himself in 18th-century France. Born in Edinburgh around 1671, Law's early success came not from the world of finance or commerce, but rather from his prowess at the gaming table. Law's luck at cards earned him a substantial fortune, which he used to fund his ambitious plans to revitalize the French economy. In 1716, he was appointed as the Controller-General of Finances and the Governor of the Banque Royale, with the mandate to stabilize the country's finances and reduce its crippling national debt. Law's most famous scheme, however, was the Mississippi Company. Established in 1717, the company aimed to develop the French colony of Louisiana and its lucrative fur trade. Law issued shares in the company, which quickly became a hot investment due to the promise of high returns. The resulting speculation led to a massive bubble, with the price of shares skyrocketing and many investors amassing great wealth. But the bubble burst in 1720, leaving many investors bankrupt and the French economy in shambles. Law was forced to flee France, eventually settling in Venice where he died in obscurity in 1729. Despite the ultimate failure of his Mississippi Company, Law's legacy as a visionary financial innovator endures. His use of paper money, the establishment of a central bank, and his attempts to create a more stable financial system laid the groundwork for modern finance. This portrait, with its intriguing backstory and timeless allure, serves as a reminder of Law's indelible impact on history.

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