The Mississippi Bubble

The Mississippi Bubble, published in 1902, tells the story of Scottish financier John Law and his involvement in one of history's first major financial crashes in 18th century France. The novel became Emerson Hough's first bestseller and ranked as the fourth most popular book in America that year. The narrative centers on Law's creation of an economic system in France based on paper currency and shares in the Mississippi Company, which controlled trade in the Louisiana Territory. The plot follows both the financial developments and the personal relationships that emerge during this pivotal period in French colonial history. Set against the backdrop of European high society and the American frontier, the story moves between Paris salons and the wilderness of colonial Louisiana. The characters navigate romance, ambition, and survival as speculation in the Mississippi Company reaches a fever pitch. The novel explores themes of financial innovation, human greed, and the tension between civilization and wilderness that marked the colonial era in North America. Through its historical framework, it examines questions about the nature of value and the consequences of unchecked speculation.

Readers found this historical novel brings 18th century colonial America and France to life through its depiction of John Law's financial schemes. Reviews highlight Hough's attention to period details and ability to explain complex economic concepts through an engaging narrative. Liked: - Rich descriptions of colonial New Orleans - Clear explanations of early banking/credit systems - Romance subplot adds human element - Historical accuracy and research Disliked: - Slow pacing in middle sections - Some found economic details too dense - Period-typical racial attitudes and language - Romantic elements feel forced to some readers Ratings: Goodreads: 3.4/5 (43 ratings) Amazon: 3.8/5 (12 ratings) Internet Archive: 4/5 (8 ratings) Notable reader comment from Goodreads: "Fascinating look at one of history's first economic bubbles, though the writing style takes some adjustment for modern readers."

The Age of Capital by Eric Hobsbawm The birth and rapid expansion of global financial markets in the 19th century forms a historical foundation for understanding economic bubbles and market speculation.

The First Tycoon by T. J. Stiles The rise of Cornelius Vanderbilt parallels themes of financial innovation, speculation, and the creation of early American wealth through untested economic ventures.

Amsterdam: A History of the World's Most Liberal City by Russell Shorto The story of the first modern stock market and the tulip bubble provides context for understanding financial manias and their effects on society.

Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor This examination of financial bubbles throughout history includes detailed accounts of market manipulation and economic disasters from the 1700s onward.

The Company: A Short History of a Revolutionary Idea by John Micklethwait The evolution of the joint-stock company concept shows how financial instruments and speculation became embedded in modern economics.

🔹 The Mississippi Bubble of 1720 was one of the first recorded financial bubbles in history, causing widespread economic devastation in France when shares in the Mississippi Company plunged by 97% in value. 🔹 Author Emerson Hough was also a pioneer conservationist who wrote extensively about American frontier life and helped establish the Yellowstone National Park Protection Act. 🔹 John Law, the novel's central historical figure, went from being a convicted murderer in England to becoming France's Controller General of Finances - essentially the most powerful financial position in the country. 🔹 The colonial scheme described in the book led to the founding of New Orleans in 1718, which was named after Philippe II, Duke of Orléans, who was then Regent of France. 🔹 The financial crisis portrayed in the book was so severe that the word "millionaire" was coined during this period in France, as unprecedented fortunes were made and lost through speculation in Mississippi Company shares.