John Law

Born in Scotland in 1671, Law was a gambler with a head for probability who killed a man in a duel, was sentenced to death, and escaped to the continent. He studied economics and befriended Philippe II, Duke of Orléans, who became regent for the child-king Louis XV in 1715. The next year Philippe let him open a private bank that issued notes against gold deposits; by 1718 it was the Banque royale. In 1717 Law launched the Mississippi company to exploit Louisiana and other French colonies, and by 1720 he was Controller General of Finances — the richest man in Europe. The stock boom collapsed th…