Fiction, Finance, and Belief in an Age of Shocks
from Part II - Histories
Published online by Cambridge University Press: 03 July 2025
In the 1970s, due to the Nixon administration’s decision to abolish the gold standard, money entered into an ontological crisis. This crisis has reverberated, via an avalanche of other financial events in the decade and after, all the way into the twenty-first century. In this chapter, I consider various novels (and some films as well) that point to deep philosophical relations between the kinds of questions that money’s post-1970 ontological crisis opens up, and the art of fiction-writing. These relations are especially evident in the tensions between literary realism – exemplified in the field by Tom Wolfe’s The Bonfire of the Vanities (1987) – and postmodernism, which comes to challenge realism in the early 1970s, exactly when money’s ontological crisis opens up. Whereas the realist project, which has seen a revival after the 2007–8 global market crash, seeks to provide epistemological responses to money’s ongoing crisis – a descriptive and explanatory project that is necessary, even if it may be doomed to failure – post-1970s postmodernism and more experimental fiction are better placed to engage money’s ontological crisis, which has laid bare the ways in which money exceeds what we can know about it and demands a realism that is speculative – like contemporary finance itself.
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