John Law was the Scottish financier behind France's Mississippi Bubble, which collapsed in 1720.
Law became influential in France after arguing that paper money and a managed credit system could stimulate economic activity. In 1716, he founded a bank that later became the Banque Royale, and he gained control of the company associated with France's Mississippi territory and colonial trade.
The company absorbed other trading monopolies and became linked to government finance. Investors bought shares in Paris, driving prices far above levels justified by the company's actual colonial operations. The rising market attracted crowds and encouraged increasingly speculative behavior.
Confidence collapsed in 1720 when investors tried to convert paper wealth into coin and doubts grew about the company's prospects. Law lost political support and fled France. The episode is often confused with Britain's South Sea Bubble, which also burst in 1720, but the French scheme centered on the Mississippi Company.