The Politics of Utopia

"The Scottish economist John Law has been described as the architect of modern central banking. His "System," established in Regency France between 1716 and 1720, saw the founding of a bank issuing paper money and the establishment of commercial and colonial enterprises aimed at consolidating public debt. What at first seemed like financial wizardry, however, resulted in rampant speculation and economic collapse. In this book, Arnaud Orain offers a provocative rereading of this well-known episode. Starting in the seventeenth century, he reconstructs the figures and ideas, long predating Law, that anticipated and laid the groundwork for the System, which, he argues, is best understood as a failed social utopia aimed at the total transformation of society. Overturning familiar narratives of this seismic event, this book rewrites a stunning chapter in economic history, revealing new lessons for today's fraught financial landscape"--