Like a Butterfly Stirring within a Chrysalis
Finance infiltrated fiction, just as fiction enabled readers of the early 1870s Arabic press to apprehend the dangerous and deceptive fictitiousness underwriting a financialized society. With the rise of a credit economy in Beirut, transactions textualized in the form of ledgers, receipts, checks, promissory notes, and mortgages were securing the economy, but the very immateriality of these exchanges introduced a new kind of risk and uncertainty. Fiction loomed within finance and threatened dreams of progress; speculating in Arabic became the province of novelists and financiers alike. Merchants and brokers became stock protagonists of novels by Salīm al-Bustānī and Yūsuf al- Shalfūn. Enabled by the telegraph, a new kind of speed emerged: merchants and traders relied on the press for the latest shipping news and commodity prices; a single year’s silk harvests could make or break fortunes; and imported fashions changed so fast, as one printed anecdote had it, that a wife’s hat could go out of style before her husband even made it home from the shop. Ultimately, a sense of anxiety pervaded a Beirut reading public increasingly worried about the costs of keeping pace with the flows and imbalances of a global order of finance capital.