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In the aftermath of Louis XIV's death, France teetered on the edge of bankruptcy. The nation's coffers were empty, its credit destroyed, and its future uncertain. Into this desperate situation stepped an extraordinary figure: John Law—mathematician, gambler, financial theorist, and perhaps the most audacious economic visionary in history.
Paper Fortunes tells the remarkable true story of how this brilliant Scottish adventurer convinced France's rulers to embark on history's most ambitious financial experiment. In just four short years, Law transformed France's economy through an intoxicating blend of paper money, stock speculation, and colonial ambition centered on the Mississippi River valley in America. His revolutionary system created the world's first major stock market boom, minted unprecedented paper fortunes, and briefly positioned France as Europe's dominant economic power—before collapsing in spectacular fashion.
This meticulously researched narrative follows Law's extraordinary journey from Scottish gambling tables to the heights of power in Paris and finally to exile in Venice. It explores how his revolutionary ideas many centuries ahead of their time, permanently transformed our understanding of money, banking, and economic growth. Beyond the historical drama, Paper Fortunes reveals how Law's experiment established enduring patterns of financial euphoria and collapse that continue echoing through contemporary markets.
Both cautionary tale and vindication of visionary thinking, this book illuminates the thin line between financial revolution and disaster while bringing to life one of history's most fascinating yet overlooked figures. From the narrow streets of eighteenth-century Paris to the executive suites of modern central banks, Law's ghost continues to haunt our financial world—a testament to the enduring power of his revolutionary ideas and their capacity to create and destroy paper fortunes.