John Law was a Scottish economist and financier born in 1671. He is best known for his role in the establishment of the first paper money system in France during the early 18th century. Law believed that a stable economy could be achieved through the use of paper currency, which would facilitate trade and investment. In 1716, Law founded the Mississippi Company, which aimed to exploit the resources of the Mississippi River region. His policies initially led to economic growth, but they eventually resulted in the infamous Mississippi Bubble, a financial crisis that caused widespread economic turmoil in France by 1720.