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World history --- Economics --- International finance --- History.

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Two of the greatest financial fiascos of all time took place at the same time and were instigated by two acquaintances: the Mississippi Bubble, on which John Law at first made a vast fortune and gained sway over French finances; and the South Sea Bubble, launched by Law and Thomas Pitt, Jr., Lord Londonderry, his main partner in England. This book tells the story of these two financial schemes from the letters and accounts of two leading personalities. Larry Neal, a distinguished economic historian, highlights the rationality of each person and also finds that the primitive exchanges of the day, though informal and completely unregulated, actually performed reasonably well.

Business cycles -- History -- 18th century. --- Financial crises -- History -- 18th century. --- Law, John, -- 1671-1729. --- South Sea Company. --- Business cycles --- Financial crises --- Finance --- Business & Economics --- Investment & Speculation --- History --- Law, John, --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Economic cycles --- Economic fluctuations --- Law, --- Law, Jan, --- Compagnie du Sud --- Company of Merchants Trading to the South Seas --- Governour and Company of Merchants of Great Britain Trading to the South Seas and Other Parts of America, and for Encouraging the Fishery --- Crises --- Cycles --- Company of Merchants of Great Britain Trading to the South Seas and Other Parts of America, and for Encouraging the Fishery --- Economic schools --- Law, John

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This work establishes the existence of a sophisticated and smoothly functioning system of financial markets in the mercantile states of northwestern Europe throughout the 1700s. Based on computer analysis of thousands of price quotes from the financial press of the eighteenth century, the results should force both historians and economists to re-evaluate their understanding of the evolution of financial markets and their importance for the economic developments of that era.

World history --- anno 1700-1799 --- 331.161.1 --- Geschiedenis van het overheidskrediet en van de overheidsschuld. --- Capital market --- International finance --- History. --- History --- Marché financier --- Finances internationales --- Histoire --- Great Britain --- Netherlands --- Capital market - Great Britain - History. --- Capital market - Netherlands - History. --- International finance - History. --- 331.13 --- 331.162.1 --- AA / International- internationaal --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Geschiedenis van de handel --- Geschiedenis van het overheidskrediet en van de overheidsschuld --- Geschiedenis van de financiële markten --- Arts and Humanities --- Capital market - Great Britain - History --- Capital market - Netherlands - History --- International finance - History --- marche international des capitaux --- internationale kapitaalmarkt

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“The Louisiana Purchase is mostly remembered for the political acumen of Thomas Jefferson and Napoleon’s pragmatism. This book shows that the grand bargain to double the size of the US depended on the financial engineering of two European merchant bankers. The bankers initiated a deal that avoided confrontation between the US and France and circumvented Britain’s opposition. Perhaps this is why Jefferson stated that banks “are more dangerous than standing armies.” – Rui Esteves, Professor, Geneva Graduate Institute “When Napoleon in 1803 offered to sell France’s territorial claims in North America, the young United States did not have the money to buy. But it had something equally important: credit in the world of international finance. Neal’s splendid contribution to financial history reveals how two enterprising European bankers used U.S. creditworthiness to structure the deal and arrange the financing that allowed the United States to double its territory and become a rising global power.” – Richard Sylla, New York University “A complete reversal of what we thought we knew about the Louisiana purchase. As Professor Neal shows in this tour de maître, the financiers who masterminded the purchase did not ‘arrange it’. They were really the puppeteers of the whole act." – Marc Flandreau, Howard S. Marks Professor of Economic History at University of Pennsylvania This book provides a comprehensive account of how the Louisiana Purchase of 1803 was financed. Where existing research has focused predominantly on the political and diplomatic significance of the Purchase, this book focuses on the ‘forgotten financiers’ of the Purchase – individuals from the US, France and the UK including Alexander Baring, Albert Gallatin, Pierre Cesar Labouchere and François Barbè-Marbois. Larry Neal is Emeritus Professor of Economics at the University of Illinois at Urbana-Champaign, Research Associate of the National Bureau of Economic Research, and Fellow of the Cliometrics Society. .

Louisiana Purchase. --- International finance --- Louisiana Purchase --- History --- History. --- Finance. --- Economic history. --- International finance. --- Economics. --- Financial History. --- Economic History. --- International Finance. --- Political Economy and Economic Systems.