Modern history

Millionaire: The Philanderer, Gambler, and Duelist Who Invented Modern Finance

Millionaire: The Philanderer, Gambler, and Duelist Who Invented Modern Finance

On the death of France's most glorious king, Louis XIV, in 1715, few people benefited from the shift in power more than the intriguing financial genius from Edinburgh, John Law. Already notorious for killing a man in a duel and for acquiring a huge fortune from gambling, Law had proposed to the English monarch that a bank be established to issue paper money with the credit based on the value of land. But Queen Anne was not about to take advice from a gambler and felon. So, in exile in Paris, he convinced the bankrupt court of Louis XV of the value of his idea.

Law soon engineered the revival of the French economy and found himself one of the most powerful men in Europe. In August 1717, he founded the Mississippi Company, and the Court granted him the right to trade in France's vast territory in America. The shareholders in his new trading company made such enormous profits that the term "millionaire" was coined to describe them. Paris was soon in a frenzy of speculation, conspiracies, and insatiable consumption. Before this first boom-and-bust cycle was complete, markets throughout Europe crashed, the mob began calling for Law's head, and his visionary ideas about what money could do were abandoned and forgotten.

Introduction

Chapter 1. A Man Apart

Chapter 2. Gilded Youth

Chapter 3. London

Chapter 4. The Duel

Chapter 5. Escape

Chapter 6. The Exile

Chapter 7. The Root of All Evil

Chapter 8. The Bank

Chapter 9. King of Half America

Chapter 10. Finding the Philosopher’s Stone

Chapter 11. The First Millionaire

Chapter 12. Mississippi Madness

Chapter 13. Descent

Chapter 14. The Storms of Fate

Chapter 15. Reprieve

Chapter 16. The Whirligig of Time

Chapter 17. The Prodigal’s Return

Chapter 18. Venetian Sunset

Epilogue

Sources

Bibliography