TAILIEUCHUNG - A discussion of stock market speculation by Pierre-Joseph Proudhon

Most stock market speculation is based upon either random calculations or upon restricted information. The first group of speculations includes games and betting in all their forms, particularly the purchase and sale within the account that is often performed in precarious circumstances: purchase without the available funds when the trade is opened and sale without possessing at that date the contract for the asset concerned. The second category relates to ―misdemeanours or commercial crimes: misrepresentation, deceit, monopoly, cornering a market, misappropriation of funds, disloyalty, extortion, fraud, theft.” Proudhon was very shocked to find that “the financial world admits, tolerates, excuses. | A discussion of stock market speculation by Pierre-Joseph Proudhon Nice February 2008 Jean-Claude JUHEL Professeur des Universités Université de Nice - Sophia Antipolis Groupe de Recherche en Management de 1 IAE de Nice GRÉMAN ex CRIFFP EA 1195 UNSA Ancien Directeur de 1 Institut Universitaire de Technologie Nice - Côte d Azur Dominique DUFOUR Maĩtre de conférences des Universités Université de Nice - Sophia Antipolis Groupe de Recherche en Management de 1 IAE de Nice GRÉMAN ex CRIFFP EA 1195 UNSA Professeur à 1 Institut d Administration des Entreprises de Nice A discussion of stock market speculation by Pierre-Joseph Proudhon Abstract The object of this contribution is to present the ideas behind the thinking of the French economist Pierre-Joseph Proudhon 1809-1865 in relation to the causes and effects of Stock market speculation. It is based upon the works of this author but particularly on his Manuel du spéculateur à la Bourse Stock Market Speculator Manual edited in 1857 in Paris. Compared to the markets of today however the stock market described by Proudhon appears embryonic. Nevertheless it represents the location for transactions in financial assets commodities precious metals and even some transactions involving options. This contribution is organised in the following manner - the first section is devoted to the development of Proudhon s thought in relation to speculation. It is divided into two parts. The first part is dedicated to Pierre-Joseph Proudhon s definitions of stock market speculation or gambling with shares that for him served no purpose either from a human or economic perspective and was therefore condemnable and to be contrasted with entrepreneurial speculation that even though it is a highly-risky activity involves the spirit of enterprise and provides the lifeblood of economic growth. The second part allows us to present Pierre-Joseph Proudhon s propositions in relation to restricting the speculation that he considers obnoxious. The second

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