Two of the greatest financial fiascos of all time took place at
the same time and were instigated by two acquaintances: the
Mississippi Bubble, on which John Law at first made a vast fortune
and gained sway over French finances; and the South Sea Bubble,
launched by Law and Thomas Pitt, Jr., Lord Londonderry, his main
partner in England. This book tells the story of these two
financial schemes from the letters and accounts of two leading
personalities. Larry Neal, a distinguished economic historian,
highlights the rationality of each person and also finds that the
primitive exchanges of the day, though informal and completely
unregulated, actually performed reasonably well.
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