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Travel back in time to explore the origins of money, from a remote island in the Pacific Ocean to France in 1714. Discover how John Law tried to revolutionize the French economy, leading to the first modern financial collapse. Unravel the evolution of currency from stone discs to modern money, and learn about revolutionary economic concepts that shape our financial systems today.
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- The podcast explores the historical evolution of money and its essential functions as a store of value, unit of account, and medium of exchange.
- John Law's innovative banking concept in France in the 1700s led to economic growth but collapsed due to unsustainable stock prices, emphasizing the significance of trust in financial systems.
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John Law's Introduction of Modern Financial System
John Law, a gambler from London, escaped to continental Europe and presented a revolutionary idea to France in the early 1700s. Law proposed the creation of a bank that issued paper money backed by gold and silver, a novel concept in France at the time. This bank was the first of its kind in the country and changed the way people interacted with money, leading to economic growth and prosperity.
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