Weber saw the speculator as a charismatic socially embedded figure beyond rational calculation

Evidence

In this essay, he does not altogether condemn speculation as “immoral gambling”; what interests him is that it both incorporates and exceeds the instrumental rationality of homo economicus. Speculation may be seen, at first sight, as the embodiment of capitalism’s “imitative,” “atavistic,” and “substantive irrationality.” For Weber, however, the speculator substantiates a fascinating, “charismatic,” and socially embedded creature that channels both tradition and personal authority, both passions and interests (Preda 2009, 42; also see Appadurai 2016). — Aris Komporozos-Athanasiou, Speculative Communities, 226

Categorization

• DEFINE: Distinguishes Weber’s view of speculation as ‘substantive irrationality’ yet also ‘charismatic’ from the homo economicus model — useful definitional anchor for the finance reader.
• QUESTION: Worth chasing why Weber called speculation ‘atavistic’ and how Appadurai’s more recent reading extends that.
• XREF: connects to: Weber treated the speculator as a charismatic figure combining passion and rationality — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 226; Weber saw speculation as socially constructive, building solidarity among traders — Aris Komporozos-Athanasiou, Speculative Communities: Living With…, 143; Weber framed markets as built from webs of reciprocal obligation between speculators — Aris Komporozos-Athanasiou, Speculative Communities: Living with…, 223 (+1 more)

Broader Connections

• Weber treated the speculator as a charismatic figure combining passion and rationality #expands (0.92) — Aris Komporozos-Athanasiou, Speculative Communities, 226
• Speculation performs a social function beyond individual risk-taking #expands (0.85) — Aris Komporozos-Athanasiou, Speculative Communities, 169
• Weber saw speculation as socially constructive, building solidarity among traders #expands (0.78) — Aris Komporozos-Athanasiou, Speculative Communities, 143
• Weber framed markets as built from webs of reciprocal obligation between speculators #expands (0.75) — Aris Komporozos-Athanasiou, Speculative Communities, 223