World History Archive May 2016 59-69
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10 livres tournois banknote, issued by the Banque Royale, France, 1720. In 1716, Scottish economist John Law established a bank in France. It was bought by the French government in 1718 and renamed the Banque Royale. Law also founded the Mississippi Company. However, he overvalued its assets, creating a bubble, as more and more people bought shares. shareholders demanded cash payment, leading to a run on the bank and financial chaos in France.
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World History Archive May 2016 59-69
2016-05-17
East News
Image Asset Management
WHA_067_0050
3,88MB
48cm x 31cm by 300dpi
10, 1716, 1718, 1720, A, ALSO, AND, AS, ASSETS, BANK, BANKNOTE, BANQUE, BOUGHT, BUBBLE, BY, CASH, CHAOS, COMPANY, CREATING, CURRENCY, DEMANDED, ECONOMIST, ESTABLISHED, FINANCIAL, FOUNDED, FRANCE, FRENCH, GOVERNMENT, HE, HOWEVER, IN, ISSUED, IT, ITS, JOHN, LAW, LEADING, LIVRES, MISSISSIPPI, MONEY, MORE, ON, OVERVALUED, PAYMENT, PEOPLE, RENAMED, ROYALE, RUN, SCOTTISH, SHAREHOLDERS, SHARES, THE, TO, TOURNOIS, WAS,