文档介绍：Early Speculative Bubbles and
Increases in the Supply of Money
Early Speculative Bubbles and
Increases in the Supply of Money
DOUGLAS E. FRENCH
Second Edition
LvMI
MISES INSTITUTE
To Deanna,
for loving me through
the boom and the bust.
First edition ©1992 by Douglas E. French
Second edition © 2009 by the Ludwig von Mises Institute and published
under the mons Attribution License . http://cre-
/licenses/by//
Ludwig von Mises Institute
518 West Magnolia Avenue
Auburn, Alabama 36832
ISBN: 978-1-933550-44-2
Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii
Chapter 1—The Greater Fool Theory. . . . . . . . . . . . . . . . . . . . . . . . 1
Chapter 2—Tulipmania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Chapter 3—Free Coinage, the Bank of Amsterdam,
and Tulipmania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Chapter 4—John Law, Genius or Swindler. . . . . . . . . . . . . . . . . . . . 35
Chapter 5—John Law’s ary Theories . . . . . . . . . . . . . . . . . . . 41
Chapter 6—The Mississippi Bubble . . . . . . . . . . . . . . . . . . . . . . . . . 51
Chapter 7—The South Sea Bubble. . . . . . . . . . . . . . . . . . . . . . . . . . 75
Chapter 8—Increases in the Supply of Money, Speculative
Bubbles, and the Austrian Malinvestment Theory . . . . . . . . . . . 105
Bibliography. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
v
Introduction
As all the world economies writhe in financial pain from the cleans-
ing of the largest bubble in financial history, the question is being
asked—how could this happen? Of course the usual answers are
trotted out—human greed, animal spirits, criminal fraud, or capi-
talism itself. Modern financial history has