John Law's Financial Revolution in France

The chapter explores John Law's innovative banking approach in France in the early 18th century, aiming to stabilize the country's struggling economy through the introduction of paper money. It delves into Law's establishment of the Bonch-J'en-Aral, the first real bank in France, and his creation of the Mississippi Company with a monopoly on trade in North America, transforming the French economy. However, the chapter also highlights the eventual downfall of Law's financial scheme, resulting in the first modern financial collapse.