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Cover of John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc.

John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc.

Written by A. W. Wiston-Glynn

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Law, John, 1671-1729

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About this book

"John Law of Lauriston" by A. W. Wiston-Glynn is a historical account written in the early 20th century. The book explores the remarkable life of John Law, a financier and statesman of the early 18th century known for his role in founding the Bank of France and initiating the controversial Mississippi Scheme. It delves into how Law's groundbreaking financial theories, captivating personality, and tumultuous career dramatically influenced the economic landscape of France and beyond. The opening of the work sets the stage for Law's intriguing story, detailing his background, early education, and the pivotal events that led him to France after being accused of murder in England. It describes his early fascination with finance, his experiences as a gambler on the Continent, and how he meticulously studied existing banking systems. Law emerges as a complex figure driven by ambition and intellect, positioning himself in an era rife with economic challenges that he hoped to remedy with his innovative financial ideas. The narrative begins to outline his aspirations, the struggle for recognition amid political turmoil, and foreshadows the significant impacts his schemes would have on France's economy.

Reading guide

Themes, characters and key ideas in John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc., written by Chaptra AI.

  • about 10 hours
  • advanced
  • Historical
  • Biographical
  • Analytical

A. W. Wiston-Glynn's "John Law of Lauriston" provides a comprehensive early 20th-century biographical account of the titular 18th-century Scottish financier and statesman. The book meticulously chronicles Law's remarkable journey from his early life, marked by a murder accusation and subsequent flight to Europe, to his ascent as the architect of France's innovative yet ultimately catastrophic financial schemes. It delves into his groundbreaking theories on currency and credit, his captivating personality, and his dramatic influence on the economic landscape of France, culminating in the infamous Mississippi Scheme. The narrative highlights Law's intellectual ambition and the turbulent era in which he sought to revolutionize national economies, leaving a complex legacy that continues to fascinate historians and economists.

“"Law believed that the true wealth of a nation lay not in its hoard of precious metals, but in the velocity of its circulation, the industry of its people, and the vigor of its credit."”

Key themes

Economic Innovation vs. Risk
The central theme explores John Law's groundbreaking theories on paper money, national credit, and the stimulation of economic activity, contrasting their inherent brilliance and potential with the immense risks involved in their large-scale, rapid implementation. It questions the balance between bold reform and prudent caution in national finance.
Ambition and Hubris
This theme delves into John Law's personal ambition to reshape an entire nation's economy and his intellectual hubris in believing his theories could overcome fundamental human weaknesses like greed and fear, as well as political obstacles. It examines how individual drive, when unchecked, can lead to both extraordinary achievements and catastrophic failures.
The Power of Finance and Speculation
The book vividly illustrates the transformative power of financial systems, both for good and ill. It shows how finance can generate immense wealth and stimulate economic activity, but also how unchecked speculation, driven by human greed and herd mentality, can lead to widespread ruin and societal upheaval.

Worth discussing

To what extent was John Law a visionary economist ahead of his time, and to what extent was he a reckless gambler?

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