Abstract

Some time before deconstruction theoretically destabilized the founding oppositions of Western metaphysics, Pierre‐Joseph Proudhon noted their everyday, practical unravelling in the Bourse Stock Exchange in nineteenth‐century Paris. In his Broker's Handbook, Proudhon considered the profound implications of the speculative model of value introduced by the stock market and recommended that modern reformers and revolutionaries seek their instruction there. The mobilization of value exemplified in the operations of the Bourse propelled capitalism through the twentieth century towards its present global dominance, bringing in its train all the features of supermodernity that currently confound the thinking of cultural values today. For it is not just economic questions that are posed from within the logic of the financial security of the mobile values of share prices, but also questions of ethics, aesthetics, semantics and metaphysics. This essay historicizes and interrogates the new paradigm of value emanating from ‘the temple of speculation’ and attempts to think through its global, cultural and economic effects beyond the mystifications that it engenders.