Chapter

A Specie‐Less France, 1720

Antoin E. Murphy

in John Law: Economic Theorist and Policy-maker

Published in print June 1997 | ISBN: 9780198286493
Published online November 2003 | e-ISBN: 9780191596674 | DOI: http://dx.doi.org/10.1093/019828649X.003.0015
 A Specie‐Less France, 1720

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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

Chapter.  9059 words. 

Subjects: History of Economic Thought

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