John Law


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Law, John

 

Born Apr. 21, 1671, in Scotland; died Mar. 21, 1729, in Venice. Scottish financier.

Law established what is referred to as the Law system, which was based on the issue of unbacked paper money. Believing that paper money in and of itself has a certain value, Law stated that intensive issuing of such currency would have a favorable effect on business activity and the growth of national wealth. Law’s proposition found support in the court circles of France, which was then on the brink of financial disaster. In 1716 a private bank was established (it was converted into a state bank in 1718), the currency of which was guaranteed in the king’s name, and Law became minister of finance of France. However, as a result of excessive issuing of paper currency not backed by gold or silver, the state bank went broke in 1720, and Law fled abroad. Law’s system played a role in the creation of the concepts of the Physiocrats. “The emergence of Physiocracy was connected both with opposition to Colbertism and, in particular, with the hullabaloo over the John Law system” (K. Marx, see Marx and F. Engels, Soch, 2nd ed., vol. 26, part 1, p. 31).

WORKS

Oeuvres complètes, vols. 1–3. Paris, 1934. (Published by P. Harsin).

REFERENCE

Anikin, A. V. lunost’ nauki Moscow, 1971.

V. I. NEZNANOV

References in periodicals archive ?
| JOHN LAW visited Amsterdam with EASYJET, who serve the city from 10 UK airports in the summer, with return flights from around PS50 via EASYJET.com.
Fairfield, CA, March 30, 2016 --(PR.com)-- Californian hip hop artist, Darryl Hines, who goes by John Law, changed his artist name a few times before finally settling on John Law, and also rejected being in a group in high school for personal reasons in order to maintain his solo career as a hip hop artist—and Timeline, his debut album, is already proving that this was a great idea.
During a special town hall meeting held a few days after the incident, the entire consulate staff gathered to honor the LGF team for its response, with DCM John Law sharing a letter of appreciation from the rescued man.
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Just 5 years ago, 50% of the average academic library materials budget was spent on print resources, according to JOHN LAW, the new VP of enterprise product strategy at ProQuest.
JOHN LAW The word millionaire was coined for Edinburgh man Law (1671-1729) who founded the Bank Generale in Paris in 1715 and issued the world's first paper money.
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John Law of Edinburgh, an ambitious Scot and mastermind of history's most spectacular stock bubble was, in Niall Ferguson's words: a convict murderer, a compulsive gambler and a flawed financial genius.
You describe Mr John Law as being "born and bread in Newcastle" (The Journal, February 2).
He gives brief vignettes of eight early writers--William Petty, John Law, Richard Cantillon, David Hume, Francois Quesnay, Anne Robert Jacques Turgot, Adam Smith and Henry Thornton.
Some, like Nathan Rothschild, bet on Napoleon's loss at Waterloo showcasing the brilliance of bonds, while others like John Law orchestrated the first stock market bubble in 1719-20.