John Law Die Erfindung der modernen Banknote

[Title Page and Publication Details]: This segment contains the title page, author information, and publication metadata for Richard Kerschagl's work on John Law and the invention of the modern banknote. It identifies the author as a professor at the Hochschule für Welthandel and the University of Vienna, and notes the support of the Austrian Society for Economic Policy. [Table of Contents Header]: The beginning of the table of contents for the volume. [Table of Contents]: The detailed table of contents for the book, outlining chapters on John Law's life, his financial experiments, his errors and insights, and comparisons with the French Revolution. [Preface]: The author describes the research process, highlighting the rarity of primary sources and correcting historical myths, such as the timing of Peter the Great's invitation to Law and the success of New Orleans. He emphasizes Law's role as the creator of the modern share, banknote, and check system. [The Life of John Law]: A comprehensive biography of John Law, covering his Scottish origins, his early interest in banking and colonial finance, and his intellectual influences (Locke, Colbert, Vauban). It details his flight from England after a duel, his travels through European banking centers, and his rise in France under the Regent. The segment describes the creation of the Banque Royale and the Mississippi Company, the subsequent speculative bubble and hyperinflation, and Law's final years in exile in Venice, where he interacted with Montesquieu and Bonneval. The author concludes with Law's legacy and a literary reference to Goethe's Faust. [The Technique of the John Law Experiment]: An analysis of the technical mechanisms of Law's system. It explores the transition from private deposit notes to central bank notes, the theory of land-backed currency, and the use of legal tender laws. The author discusses Law's attempts to manage the money supply through the exchange of shares, rents, and notes, comparing these to modern open-market operations and Keynesian theories. It also details the eventual collapse caused by over-issuance and the failure of the conversion fund. [Lessons of the John Law Experiment for Our Time]: The author draws parallels between Law's era and modern economics, specifically the divergence between purchasing power creation and commodity production. He critiques the 'land-backed' money concept as a psychological rather than economic anchor and discusses the 'John Law error' of equating credit with capital. The segment analyzes how Law's innovations in shares and giro accounts prefigured modern financial structures and warns of the dangers of 'modern alchemy' in paper money creation. [The Works of John Law]: A review of Law's written output, primarily based on the 1790 Sénovert collection. It summarizes Law's 'Money and Trade Considered,' focusing on his rejection of metalism, his views on the necessity of money for full employment, and his proposal for a land-backed currency. The segment also covers his memoranda to the Regent regarding the establishment of the Banque Générale and his letters defending his system against critics. [Law's Letters of Justification]: Summaries of Law's letters and fragments written from exile to justify his actions. Law argues that his operations were authorized by the Regent, that he did not personally enrich himself, and that external factors like the plague in Marseille contributed to the collapse. He threatens to reveal lists of high-ranking individuals who profited from preferential share buybacks. [The Errors of John Law]: A critical evaluation of Law's theoretical mistakes. The author identifies four main errors regarding land-backed currency, including the failure to distinguish between production and consumption goods. He also critiques Law's conflation of credit and capital, his belief that money alone creates full employment, and his attempt to force interest rates down to arbitrary levels (prefiguring Keynes). [The Correct Insights of John Law]: The author defends Law's valid contributions, such as his understanding of money as a measure of value and his 'staged theory' of payment functions (anticipating Knapp's State Theory of Money). Law is credited with creating the first modern central bank, the first true giro accounts based on paper money, and recognizing the role of interest rates as a cost factor in the economy. [The Circle Around John Law]: A prosopographical study of the key figures in Law's life. It profiles the Regent (Philippe II), the ambitious Cardinal Dubois, and the corrective Cardinal Fleury. It details the antagonistic relationship between Law and Prince Eugen of Savoy in Vienna, Law's interactions with British Prime Minister Walpole, and his lifelong friendship with Daniel Defoe. The segment also touches on Law's family and his brother William's legacy in France. [Louisiana]: A history of the Louisiana territory from its discovery by Spaniards to its sale to the United States. It highlights Law's role in the systematic colonization and the founding of New Orleans. The segment tracks the territory's transfer between France and Spain and its eventual integration into the Union. [Paper Money in the French Revolution]: An overview of the Assignat system during the French Revolution. It describes the various stages of emission, from interest-bearing bonds to hyper-inflated state notes, and the failed attempt at a second currency (Mandats territoriaux). It concludes with the return to hard currency and the founding of the Bank of France. [Comparison of the Law and Revolutionary Inflations]: A comparative analysis of the two great French inflations. The author argues that the Revolutionary inflation lasted longer and reached higher volumes due to a larger social product and the use of state terror (the guillotine) to enforce acceptance. Law's inflation is characterized as more theoretically grounded but hampered by a weaker central authority. [Giro Banks as Precursors to Central Banks]: This segment traces the evolution of banking from the medieval Giro banks of Italy and Northern Europe to modern central banks. It distinguishes between Law's anonymous, non-interest-bearing notes and the personalized transfer systems of earlier institutions. It also covers the history of the Bank of England and the Viennese City Bank. [Bibliography and Appendices]: A comprehensive bibliography of primary and secondary literature concerning John Law and the French Revolutionary Assignats. It includes historical journals, legal collections, and a list of other works by the author, Richard Kerschagl. The chunk ends with an advertisement for the 'Notring der wissenschaftlichen Verbände Österreichs'. [Verlagsanzeigen: Festschriften und Jahrbücher des Notringes]: A continuation of the publisher's advertisement list featuring academic publications. It includes a Festschrift for Eduard Castle and several yearbooks (1954-1956) from the 'Notring der wissenschaftlichen Verbände Österreichs' covering topics such as Austrian explorers and intellectual history. [Library Administrative Data and Classification]: Administrative library data including the 'Date Due' slip, the Library of Congress classification number (HG6007 .L45K4), and the catalog entry for Richard Kerschagl's work on John Law.