Excerpt: Joseph Vogl, The Specter of Capital

The failed French experiment in financing state debt led many contemporaries to recall the paper money project devised by the infamous economist and schemer, John Law, to avert state bankruptcy following the death of Louis XIV. Law’s scheme involved a complicated system of land mortgages, jont-stock companies, and paper currency — and in this he is said to have been one of the models for Mephistopheles in Faust, Part II.

Excerpt: Joseph Vogl, The Specter of Capital (Stanford: Stanford University Press, 2015)

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