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John Law: Economic Theorist and Policy-maker$
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Antoin E. Murphy

Print publication date: 1997

Print ISBN-13: 9780198286493

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/019828649X.001.0001

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A Specie‐Less France, 1720

A Specie‐Less France, 1720

Chapter:
(p.213) 15 A Specie‐Less France, 1720
Source:
John Law: Economic Theorist and Policy-maker
Author(s):

Antoin E. Murphy (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/019828649X.003.0015

Because of his success with the Mississippi Company, John Law was appointed Contrôlleur Général des Finances in January, 1720. This meant he was the equivalent of the Prime Minister. Further speculation in the share price of the Mississippi Company took place through the options market. Law's attempts to keep the public using shares or paper money led to the introduction of laws against the use and the holding of gold and silver. Problems with the share price support operation in Feb and Mar, 1720.

Keywords:   demonetization, devaluation, options, paper money, Prime Minister, shares, specie, speculation

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