Summer School 1: An Economic History of the World
Planet Money
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The Rise and Fall of John Law's Banking Revolution
This chapter explores the life of John Law, a Scottish gambler turned financial innovator in 18th century France, who sought to reform the economy through the introduction of paper money and banking practices. Following his tumultuous journey, Law establishes the Banque Générale and the Mississippi Company, aiming to alleviate national debt while navigating skepticism towards banking. However, his ambitious strategies ultimately lead to a financial bubble and collapse, highlighting the fragile nature of innovative economic systems.
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