JOHN LAW
1671–1729
An ambitious financial reformer, Scottish economist John Law persuaded the French government to establish a central bank that issued paper money in place of gold and silver. While his scheme ended in chaos, his banking innovations have endured.
John Law spent his early years working for his family, who were bankers and goldsmiths, in Edinburgh. Moving to London, ostensibly to study, he spent much of his time womanizing and gambling. Law’s life changed in 1694, when he killed an opponent in a duel. Sentenced to death, he fled to Amsterdam, where he became increasingly interested in finance. ...
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