Conrad’s novels engage in a critique of imperialism, but the precise nature of that critique persists as a source of debate among scholars. This chapter argues that three of Conrad’s novels – Lord Jim, Nostromo, and Victory – level an increasingly sharp critique at a system of capitalism and imperialism based on the modern corporation. In the novels, an opposition develops between an idealized British model of family-based capitalism and a corporate capitalism corrupted by investor ownership. In this dichotomy, the novels associate the family-based system of capitalism with the positivity of material value, meaning, character, and emotion that stands in contrast to the utter waste – the “nothing” of Victory’s end – left in the wake of an invisible and ever-changing network of social relations temporarily connected within the speculative structure of investor ownership and the new imperialism.

Via an analysis of Anthony Trollope’s Palliser series, this chapter argues that character – the notion that a person’s value is defined by attributes of character – was the dominant value form shaping novelistic poetics under the nineteenth-century industrial economy. Trollope’s novels bear witness to the growing influence of financial transactions in the British economy. Upon first glance, Trollope’s critique of finance capital is fairly well worn, embedded as it is in anti-Semitic and xenophobic tropes, but this chapter focuses on how the financial narratives in Can You Forgive Her? (1864) and The Prime Minister (1876) cast finance capital as an affront to the very logic of character as a novelistic value form. In those novels, we begin to see the unraveling of character, which opens up the possibility for another literary value form to emerge under modernism.

Drawing on Giovanni Arrighi’s The Long Twentieth Century, the introduction develops a theory of finance capital as a complex historical process, which, during the modernist period, involved the economic and cultural turn toward London, the rise of the modern corporation, the growth of the professional classes, and the emergence of affect as value form. The introduction differentiates this definition of finance capital from those definitions that inform the field of critical financial studies, and it surveys economic criticism in modernist studies to demonstrate the minimal attention paid to finance capital in the field despite the fact that the period corresponds to an era of rapid and widespread financialization. The introduction argues that the crisis in representation often identified with modernism participates in a historical moment of financial crisis as artists and intellectuals account for the emergence of new value forms like speculation, volatility, risk, and affect.

Via an analysis of H. G. Wells’s Tono-Bungay, this chapter explores how novels adapted to accommodate the metropolitan spaces of London, and it argues that Wells’s novel links the financialization of the British economy and the cultural turn toward London to the emergence of a new novelistic poetics and to the development of a new novelistic character. Tono-Bungay narrates the rise and fall of Teddy Ponderevo’s financial empire, but the source of drama in the novel is more often the narrator’s inability to reconcile classical novelistic poetics with the logic of value production under finance capitalism and with his experiences in London. The narrator longs for a new mode of representation that can account for the largely imaginary and highly volatile value produced by the financial empire, and he finds inspiration for that new mode of representation in the urban spaces of London.

This chapter interprets Virginia Woolf’s The Waves through the economic theory of John Maynard Keynes. Keynes’s The General Theory of Employment, Interest, and Money waxes nostalgic for a world of industrial capital where people with good characters invest in respected businesses over the long term. Keynes blames the “great slump” on a system of financial speculation made possible by the modern corporation that encourages investors to anticipate and value the vacillations of popular opinion instead of sound business practices. This chapter argues that Woolf’s novel encodes the logic of financial speculation as described by Keynes in her depiction of characters who redefine themselves according to fluctuating social configurations. The resulting novelistic poetics constitute an aesthetic of volatility characteristic of high modernism that anticipates the emergence of affective intensity as the dominant value form of our own era of capitalism.

The conclusion applies the semiotics of affect imagined by Imagism and The Waste Land to several of the novels from the earlier parts of the book, including The Moonstone, A Study in Scarlet, The Waves, and Voyage in the Dark. The conclusion argues that in late Victorian novels affective expressions are incorporated into a novelistic poetics of character, while in the proto-modernist and modernist novels affective expression becomes an object of literary conjecture, a vector of critique, and a source of literary and economic value.

Jean Rhys’s Voyage in the Dark maps the distinction between the country and the city onto the geopolitical scale of colonial metropole and periphery, where the colonial periphery is the semiotic placeholder for the role that London plays in the previous two chapters as the space that disrupts conventional novelistic poetics. In Anna Morgan, two worlds that do not compute – the financialized metropole of London and the preindustrial periphery – collide and the result is a character that operates according to the logic of affect rather than conventional narratives of sentiment and emotion. Her character thereby anticipates the emergence of affect as value form.