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| | John Law and the Mississippi Company |
 | | Law earned a charter for his private bank, Banque Generale, on May 2, 1716… "M. Law et sa Compagnie." While the proposal for a true royal bank was rejected, Banque Generale was in essence the first Bank of France. |
 | | The regent, Law's friend the Duc, helped him flee the country, and as historian Norman Davies notes, "France was permanently inoculated against credit operations." Ironically, though, the commercial aspects of the venture began to thrive and the value of French overseas commerce quadrupled between 1716 and 1743. |
 | | And it needs to be noted that John Law, who died broke in Venice in 1729, was never accused of doing anything illegal, which is why economist Joseph Schumpeter could make his claim that Law was one of the greatest monetarists of all time. |
| lapasserelle.com /escem/finance1/01_introduction/john_law_3.htm (1613 words) |
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