Magic lanterns and raree shows: metaphors of financial speculation during the bubbles of 1720

Abstract

During what is described as the world’s first international stock market bubble–an economic bubble which burst in 1720–visual and literary metaphors were an important means to criticise new economic practices and events. In this article I will argue that within this context, magic lanterns and raree shows functioned as key metaphors. Engravings and texts picture the devices as machines of magic and illusion, but also of propaganda and education. As such, a visual or literary reference to a raree show could point to the deceit and illusions of financial speculation (‘wind trade’), or to the triumph over these illusions. This diverse use is not only an indication of the fact that the medium was already more flexible than we might expect in this period of time, but it also reflects the status of theatre itself: both the fascination for the theatre and the anti-theatrical sentiments were deeply embedded in western societies of the early modern period. It also shows that metaphors of financial speculation were not only used to make sense of something that could not yet fully be grasped; indeed, they were used strategically and reflect great knowledge about speculative trade.