The private bank set up by John …

Years: 1717 - 1717

The private bank set up by John Law in 1716 has developed the use of paper money.

Law in August 1717 conceives a joint stock trading company, the Compagnie d'Occident (Company of the West,) a grandiose project meant to generate private prosperity and state income in France through colonial and commercial exploitation of French Louisiana.

Law is named the Chief Director of this new company, which is granted a trade monopoly of the West Indies and North America by the French government.

Shares in what will become known as the Mississippi Scheme initially sell for five hundred livres.

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