Government equity and money
Subtitle: John Law's system in 1720 France
By: Franc̜ois R. Velde.
Series: Working paper series ;; WP-2003-31; Working paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) ;; WP-2003-31.
Publisher: Federal Reserve Bank of Chicago
Published: 2003
Place of publication: [Chicago, Ill.]
Language: eng
Format: Electronic resource
Description: "John Law's System was a radical restructuring of French public finances, carried out from 1716 to 1720.  It involved on the one hand a conversion of the existing French public debt into something like government equity, on the other hand the replacement of commodity money with fiat money.  For strategic reasons, Law supported the equity at too high a level, resulting in uncontrolled money creation.  The System ended with the recreation of a public debt at, surprisingly, the same level as before"--Federal Reserve Bank of Chicago web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/30/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.