Money by Felix Martin

Author:Felix Martin [Martin, Felix]
Language: eng
Format: epub
ISBN: 978-0-307-96244-7
Publisher: Knopf Doubleday Publishing Group
Published: 2014-03-03T16:00:00+00:00

John Law, before his fall (left, front view)—and after it (right, rear view).

(illustration credit 11.1)

Law’s System was ingenious, innovative, and centuries ahead of its time. It was even to prove prophetic two hundred and fifty years later, when the international gold exchange standard finally disintegrated in 1973 and fiat monetary standards became the worldwide norm. Yet it failed spectacularly. Where was the flaw? There were of course plenty of circumstantial problems that bedevilled Law’s ambitious scheme. He overestimated his own abilities, and underestimated the vested interests that his System would disenfranchise. The plan attempted far too much in far too short a time. And Law’s particular idea of offering the public government equity rather than government debt was indeed so far ahead of its time that its like has not been seen again since.17 But far outweighing these incidental challenges, the Scotsman’s solution suffered from a much more fundamental flaw. It was a bug for which another neglected monetary genius had discovered the fix more than two millennia earlier.

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