The Money Series: The Architecture, Experience, and Aftermath of a Financial Disaster
Where: Columbia University
116th St. & Broadway
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The Architecture, Experience, and Aftermath of a Financial Disaster: John Law and the Mississippi Bubble
In an effort to marshal resources to meet the escalating demands of war, empire, and state formation, European governments developed a set of sophisticated financial mechanisms around the turn of the eighteenth century. Soon, however, the already impressively complex financial architecture nearly crumbled due to a series of cataclysmic stock market crashes. The South Sea Bubble in England and the Mississippi Bubble in France left the newly formed modern culture of credit in complete disarray. In this one-day workshop, six French historians explore the conditions that led to the creation of John Law’s financial scheme, the intellectual context in which it became possible for people to believe in modern finance, the role that political ideology played during the bubble, the experience of living during the immediate aftermath of the crash, and the overall geopolitical context of the rise and fall of Law’s system.