Dear sirs,
You are embarked on an important and interesting project. I venture
to suggest some additional sources and topics.
1. The works of M.E. Levasseur would be useful. Three of them are:
Levasseur, M.E., 1892. Les Prix. Apercu de l'Histoire Economique de la
Valeur et du Revenue de la Terre en France. 13th-18th cents. Extrait des
Memoires de la Societe Nationale d'Agriculture de France. Tome 135, 1893.
Paris: Typographie Chamerot et Renouard, 1893.
Levasseur, ..... Classes Ouvrieres.
Levasseur, ..... Recherches Historiques sur le Systeme de Law.
2. The repercussions of Law extended beyond nations of The Continent.
Britain, of course, had its contemporaneous "South Sea Bubble. Law's bubble
was named for a river in North America, the Mississippi, and its watershed.
It featured the founding of Nouvelle Orleans, named for the Regent and his
dukedom.
3. There were boom/bust cycles before 1720. Levasseur carried his data back
to 1200 A.D. Eichholtz and Shiller have shown that the "Tulip Bubble" of
1627 or so involved banks and real estate, like most later bubbles. Shiller
has also publicized a Norwegian source. 15th Century cycles in northern
Italy and Augsburg preceded Amsterdam, of course. And the Knights Templars
were formidable bankers before that.
I hope those hints are helpful. I look forward to the papers from your
meeting.
Mason Gaffney
-----Original Message-----
From: Societies for the History of Economics [mailto:[log in to unmask]] On
Behalf Of Arnaud Orain
Sent: Friday, December 14, 2012 6:51 AM
To: [log in to unmask]
Subject: [SHOE] Call for papers - Law’s System
Law’s System : representations, discourse and fantasies from the
XVIIIth century to today.
International conference. Université de Montpellier 3, IRCL.
Friday 4 October to Saturday 5 October 2013.
Call for papers
During bubbles and financial crises, media commentary often cites
John Law and his system as a paradigm and historical example of one of
the first financial crises to have its roots in speculation. These
references and allusions, however, do not generally examine the
specificities of a bubble which was not limited to France but which
also drew in England and Holland, the countries in Europe most closely
involved in the emergence of financial capitalism in the XVIIIth
century.
Building on the work of Paul Harsin, who published in 1934 an
edition of the complete works of John Law (as well as a first edition
of the writings of Law’s close collaborator, Dutot), and Edgar
Faure , historians and economic historians have since defined the
various stages and analysed the chain of events that led to the
bankruptcy of the first royal bank and gave rise to an enduring
distrust of finance and money in its fiduciary form. While this
research has established a chronology of the crisis and has shed light
on many aspects of the System (for example, the recent research by the
historian Antoin E. Murphy on unpublished writings of Nicolas Dutot),
there has been little transversal or global analysis of the events.
Litterature specialists have also identified allusions to the drama of
1720. These can be more or less allegorical passing references (as in
Montesquieu’s Lettres Persanes) or can also be more ingrained,
influencing, for example, how money or transactions are represented .
In 2006, two articles on the representations of Law's bankruptcy were
published by litterature specialists, both of which sought to analyse
the fiction of that period in the light of the historical economic
events. Yves Citton interprets a text penned by Jean-François Melon, a
close associate of Law, Mamhoud le Gasnévide, that chronicles
allegorically the events which took place under the Regency . Erik
Leborgne, on the other hand, analyses contemporary texts with a view
to highlighting the fantasies behind the representations therein of
money and speculation . This project aims to build on this work, to
encourage an interdisciplinary approach to the subject, and to
synthesise a new vision of this event, which can be considered as a
traumatic and formative influence on modern France, by proposing three
non-exclusive approaches:
- An original generic and temporal analysis : periodicals, journals
and chronicles.
Participants are invited to undertake a synchronised study of texts
produced around the events of 1719 to 1720 under the Regency. For
example, no systematic analysis has been made of periodicals from
1720, the year of the bankruptcy itself, despite these potentially
providing a valuable contemporary perspective of the events and a
useful context for interpreting the different points of view.
"Journals", such as those of Buvat or Barbier, can provide a precise
chronicle of the events, even if they have been reworked. On yet
another level, chronicles further removed from the events offer a body
of text, often rewritten, often published several years later, yet
based on first-hand commentaries (Marmont du Hautchamp, Eon de
beaumont).
- The spatial aspect of the events: different perceptions within
Europe, iconographic treatment, impact on public space.
We would like to encourage studies that address national differences
in the representation of the rise and fall of financial systems. In
this grain, for example, Catherine Labio has already sought to set out
the national differences in the development and perception of market
crises through her study of the Dutch in-folio collection of satirical
texts and engravings published in the weeks that followed the crash,
Het groote tafereel der dwaasheid .
Analysis of the transnational dimension of the phenomenon might also
shed light on how the distribution and adaptation of images and
iconography of the events were shaped by the context of each recipient
national market.
Finally, John Law's financial innovations often led to a variety of
attempts to modify public spaces (decoration, painting, architectural
restructuring of the district surrounding the royal bank, traffic
management, policing). Urban interference on this scale provides an
indication of the impact of the events on citizens at the time.
- Lasting trauma: shock wave and after-shocks.
We invite contributions that consider the long term influence of the
1720 crisis, in particular in terms of its influence on how paper
money and financial transactions were represented, the morality of
transactions, and the denotative and connotative uses of the financial
and commercial lexicon. Our target here is the symbolic and
fantasmagorical dimension of an episode that Jean-Michel Rey has
suggested was one of the formative elements of a national subconscious:
Ruin, insolvency and other similar processes: in other words, these
unforseen shifts that bring to a swift and brutal end that which would
shortly after come to be known as "the wealth of nations"; beg the
question what exactly is this "wealth", how does it manifest itself,
how can it be obtained and what future does it hold .
"Wealth", "ruin", "heritage": the polysemy of these terms reveals more
than simply the shared Indoeuropean origins of the vocabularies of
sentiment and economy. Dominant and domineering, our early XXIst
century economy seeks to impose a model of language and reason. This
is more than a thematic or disciplinary field but a paradigm that
seeks to influence how we represent the world. While the historical
episode with which this project is concerned cannot be considered as
the mythical birth of a capitalism which is reborn and metamorphoses
with each passing era, it does represent the first, or at least the
most resounding, example of an economic event becoming an event of
absolute social significance, an event relayed throughout society on
the one hand by State propaganda and on the other by the System's
bitter opponents.
Participants are invited to submit proposals, in French or in English
before the 15th July 2013 to :
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Scientific Committee : Catherine Labio (U. of Colorado at Boulder),
Erik Leborgne (U. Paris III), Florence Magnot-Ogilvy (U. Montpellier
III), Arnaud Orain (U. Paris VIII), Martial Poirson (U. Grenoble III),
Jean-Michel Rey (U. Paris VIII).
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