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Title: Millionaire : The Philanderer, Gambler, and Duelist Who Invented Modern Finance by Janet Gleeson ISBN: 0-684-87296-X Publisher: Touchstone Books Pub. Date: 10 July, 2001 Format: Paperback Volumes: 1 List Price(USD): $13.00 |
Average Customer Rating: 4.39 (18 reviews)
Rating: 4
Summary: Another lost moment in history
Comment: In the 18th century, a Scotsman named John Law created a financial system using paper in place of coin with which to conduct business. He had come by the system not only through his unique financial acumen, but also through his talent for gambling. He was a man who could figure the odds, then turn them to his greater advantage.
An unfortuante duel in London prevented Law from introuducing his system to the English government, who hounded him for years over the death of Edward Wilson, a man with influential friends and family. Arrested and imprisoned, Law managed to escape to the continent. During his travels he met Katherine Seigneur, an Englishwoman of noble birth married to a Frenchman. True to his gambler's nature, he fell in love and she left with him, living as his wife for the rest of his life, in many cities on the continent. During their travels, Law tried over and over to convince heads of government that his financial system could be the answer to national money problems.
It was after the death of Louis XIV that he caught the ear and imagination of the Duc d'Orleans, regent of France during the minority of Louis XV. Starting fairly small at first, Law was allowed to institute a national bank and print paper money. Eventually he became the chief financial minister and head of the Mississippi Company -- a trading company whose very existence seemed to have disappeared from history. Although Law was remarkably intelligent about things financial, he seems, however, to have a flawed understanding of human nature. In the end, all of his creations tumbled over the edge, and the rise and fall of John Law was over and done in a flash.
For a career that affected most of western Europe, it seems that little is taught about him and his system. A book such as this adds much to one's knowledge of 18th century European history and the financial world of the time. It is a rare find and worth the read.
Rating: 5
Summary: Incredible, unbelievable and well told story
Comment: This really is the most amazing story. Janet Gleeson's Book Millionaire has peiced together the story of John Law's life and legacy in the most most amazingly readable book. It really brings to life France in the early eighteenth century, as well as easily explaining the quite complex financial situation that he established
John Law as born into a respectable Scottish family in the late 17th century but soon showed a turn for being able to calculate odds mathematically and so turned to an easy life of gambling in London. As a result he ended up killing another man in a duel. It meant he could never return to England and he escaped to the continent where he pursued a rather dissolute life ending up in France where most of this story takes place.
His mind was always calculating the odds and so he was able to turn himself easily to the world of finance. He realised that the paper money which had always been a problem could be given credibility if backed by gold. To this end he convinced the King of France and his Bank was born - despite opposition from the French nobles who tried numerous times to undermime him. Law then managed to introduce the first 'stock exchange' with the introduction of the "Mississippi scheme," a innovative and somewhat risky business of share offers based on a wild and unstable scheme of settling America. This spawned the greatest bull market in history and its drastic crash.
I cannot emphasise enough how amazing this book is, Gleeson writes her story with ease and charm. The characters are not dry and remote, she has clearly researched her subject well and is able to shed light on actions and reactions - even down to small details such as the backlash against Law by the French public and how this affected various people in the street as well as Law and his family. She really brings her subject to life.
Another thing I love about Gleeson is that she is not a 'tabloid' style historical writer who looks to exploit her readers with cheap thrills. She lets her subjects show themselves. I think the closest writer to her today might be Giles Milton (Big Cheif Elizabeth). Milton tends to inject a lot more humour in his books whereas Gleeson doesn't play for laughs.
Gleeson has managed to make an incredible story come to life - well worth reading - highly recommended!
Rating: 5
Summary: Dr Greenspan and Mr Powers
Comment: This is a neat short biography of the man who is generally credited with the establishment of the French fiduciary system as we know it today on which all financial activity rests: paper money.
Now, Mr. Law was a serious player: great intelligence, great flair, solid acumen, and sharp sense of business and opportunity.
Law was endowed with a brilliant intellect and curious nature but he was not exactly a book worm. Far from this. Our man put the "grr" in swinger long before Austin Powers did.
Although Scottish, Law was not exactly known for his thrifty nature and avarice. Quite the opposite: he loved gambling, women, partying, his collars extra starched, and he took no crap from no one. Words like profligate or debauched were oftenly used in connection with mentioning his name (sometimes a bit admiratively, I might add).
A duel in which he killed one of the rich dandies of the time and apparently a rival, dramatically changed the course of Law's life; he fled to France where due to his pleasant appearance, wit, and fancy moves, he befriended people in high places ending with the king himself. The rest is history.
Law also has the dubious honor of having caused one of the first manias known to investors: Louisiana territory bubble as embodied in the Mississippi Company, a contemporary and rival to the British South Sea Company but with equally disastrous outcome for its investors. However, in his capacity of CEO, and with no insider deal legislation, Law amassed a fortune, gave meaning for the fist time to the word "millionaire", and as a side matter, made a lot of enemies in the process.
This book makes a thoroughly enjoyable reading. Law was by all accounts a remarkable person and his life and deeds are skillfully presented.
The author did a great job at researching the topic and makes extensive use of the writings of the day documenting the exploits of Mr. Law. If you enjoy adventure, a little bit of economic history, and colorful archaic language you will certainly like this text.
The moral: Law was good with theory but not even he knew that what goes up must eventually come down. Greed took the better of him. Vanity he already possessed in copious amounts, no issue there. Francis Galton enuntiated this about 200 years later in his famous and still valid "reversal to the mean" theory. I guess Law had to learn that one the hard way.
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Title: Financial Reckoning Day: Surviving the Soft Depression of the 21st Century by William Bonner, Addison Wiggin ISBN: 0471449733 Publisher: John Wiley & Sons Pub. Date: 12 September, 2003 List Price(USD): $27.95 |
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Title: Bull! : A History of the Boom, 1982-1999: What drove the Breakneck Market--and What Every Investor Needs to Know About Financial Cycles by Maggie Mahar ISBN: 006056413X Publisher: HarperBusiness Pub. Date: 21 October, 2003 List Price(USD): $27.95 |
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Title: The Dollar Crisis: Causes, Consequences, Cures by Richard Duncan ISBN: 0470821027 Publisher: John Wiley & Sons Pub. Date: 25 July, 2003 List Price(USD): $29.95 |
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