Millionaire | Janet Gleeson

Millionaire: The Philanderer, Gambler, and Duelist Who Invented Modern Finance

Extended Synopsis

On the death of France's most glorious king, Louis XIV, in 1715, few people benefited from the shift in power more than the intriguing financial genius from Edinburgh, John Law. Already notorious for killing a man in a duel and for acquiring a huge fortune from gambling, Law had proposed to the English monarch that a bank be established to issue paper money with its credit based on the value of land. Rejected by Queen Anne, who was not about to take advice from a felon, Law found himself in exile in Paris. There, he successfully convinced the bankrupt court of Louis XV of the value of his visionary ideas.

Law soon engineered the revival of the French economy, founding the Mississippi Company in 1717 and gaining the right to trade in France's vast American territories. The shareholders made such enormous profits that the term "millionaire" was coined to describe them, plunging Paris into a frenzy of speculation and insatiable consumption. In Millionaire, Janet Gleeson lucidly reconstructs this epic tragicomic drama where fortunes were made and lost, paupers grew rich, lords fell into penury, and a modern fiscal philosophy was born—before the inevitable crash that left the mob calling for Law's head.

About the Author

Janet Gleeson is a historian and author known for her ability to bring complex historical figures and early financial concepts to life. Through her engaging narrative history, she breaks down the intricate world of 18th-century economics into accessible and thrilling stories of human ambition.

Reader Targeting

• History enthusiasts fascinated by 18th-century European politics, economics, and society.
• Finance and economics students seeking a narrative account of the origins of paper currency and modern banking.
• Readers who enjoy thrilling, fast-paced biographies of complex, unconventional, and controversial historical figures.

Bibliographic & Physical Specifications

Frequently Asked Questions

Who was John Law?
John Law was an 18th-century Scottish economist, gambler, and adventurer who successfully convinced the French court to adopt a paper money system, effectively laying the groundwork for modern banking.

What was the Mississippi Company?
Founded by Law in 1717, the Mississippi Company was a trading entity granted control over France's American territories. It spurred immense investment, creating the first major financial bubble and coining the term "millionaire."

Does the book require prior knowledge of economics?
No. Janet Gleeson is highly regarded for her lucid narrative style, breaking down complex financial mechanisms into an accessible, tragicomic story of human ambition and the elusive nature of money.