Friedrun Quaas: John Law (1671-1729) (metropolis-verlag.de)
The Scotsman John Law (1671-1729) advocated a theory of money and currency that overcame the purely metallistic viewpoint prevalent at the time. Thus, his theory appears not only enlightened mercantilist, but also almost modern from today's perspective.
Compared with this achievement, the widespread image of John Law as a gambler, adventurer and reckless cause of the French banking and stock crash of 1720 falls short. The rehabilitation of John Law is advanced by the author through a comprehensive, source-based analysis of his theoretical work, hitherto available only in excerpts in German. The detailed account of the practice of Law's system shows how the implementation of Law's theory reached its limits and thus failed to prevent the collapse of this early paper money system in absolutist France.