Tragicomic Redemptions
Tragicomic Redemptions: Global Economics and the Early Modern English Stage
VALERIE FORMAN
Copyright Date: 2008
Published by: University of Pennsylvania Press
Pages: 288
https://www.jstor.org/stable/j.ctt3fj3jk
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Tragicomic Redemptions
Book Description:

In the early modern period, England radically expanded its participation in an economy that itself was becoming increasingly global. Yet less than twenty years after the highly profitable English East India Company made its first voyage, England was suffering from an economic depression, blamed largely on the shortage of coin necessary to exploit those very same profitable routes. How could there be profit in the face of so much loss, and loss in the face of so much profit? In Tragicomic Redemptions, Valerie Forman contends that three seemingly unrelated domains-the development of new economic theories and practices, especially those related to global trade; the discourses of Christian redemption; and the rise of tragicomedy as the stage's most popular genre-were together crucial to the formulation of a new and paradoxical way of thinking about loss and profit in relationship to one another. Forman reads plays-including Shakespeare's Twelfth Night, The Merchant of Venice, Pericles, and The Winter's Tale, Fletcher's The Island Princess, Massinger's The Renegado, and Webster's The Devil's Law-Case-alongside a range of historical materials that provide a fuller picture of England's participation in a global economy: the writings of the country's earliest economic theorists, narrative accounts of merchants and captives in the Spice Islands and the Ottoman Empire, and documents that detail the development of the English East India Company, the Levant Company, and even the very idea of the joint-stock company. Unique in its dual focus on literary form and economic practices, Tragicomic Redemptions both shows how concepts fundamental to capitalism's existence, such as "free trade," and "investment," develop within a global context and reveals the exceptional place of dramatic form as a participant in the newly emerging, public discourse of economic theory.

eISBN: 978-0-8122-0192-5
Subjects: Language & Literature
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  1. Front Matter
    Front Matter (pp. [i]-[vi])
  2. Table of Contents
    Table of Contents (pp. [vii]-[xviii])
  3. Introduction. The Economics of Redemption: Theories of “Investment” and Early Modern English Tragicomedy
    Introduction. The Economics of Redemption: Theories of “Investment” and Early Modern English Tragicomedy (pp. 1-24)

    This is a book about the productivity of loss in early modern economic theory and on the early modern English stage. In the closing decades of the sixteenth century and the opening decades of the early seventeenth, England was radically expanding its participation in an economy that was itself becoming increasingly global.¹ The highly profitable English East India Company, for example, made its first voyage in 1601. Fewer than twenty years later, just as that radical increase was really getting under way, England was suffering from an economic depression, blamed largely on the shortage of coin necessary to conduct those...

  4. Part I. Tragicomedy and Generic Expansion
    • Chapter One Stasis and Insularity in The Merchant of Venice and Twelfth Night
      Chapter One Stasis and Insularity in The Merchant of Venice and Twelfth Night (pp. 27-63)

      The Merchant of Venice and Twelfth Night might at first appear an unusual pairing. The Merchant of venice is deeply steeped in economic questions and concerns, and it could be said that the plight of its main lovers, which is resolved early, is in many ways in service to the economic concerns that dominate the play.¹ Given the role of a pound of flesh as collateral for a loan at the center of a conflict between Jews and Christians, it, unlike Twelfth Night, seems a play one could not possibly leave out of a study on the economics of redemption....

    • Chapter Two The Voyage Out: Pericles
      Chapter Two The Voyage Out: Pericles (pp. 64-84)

      Unlike Twelfth Night, which ends with insulation from foreigners and obstruction of profits, Pericles explores the possibilities of expanding economically by expanding geographically. So, while the ending of Shakespeare’s late plays might seem conservative in the strictest political sense (of reunion and restoration) as critics have long suggested, the play’s focus is on expansion, both geographic and economic. These are not opposites, but different models. This play (and other of Shakespeare’s “romances” as well, I will argue) are not only interested in restoration or conservation, but also in exploring the relationships among production, profit, and the accumulation of value that...

    • Chapter Three Poverty, Surplus Value, and Theatrical Investment in The Winter’s Tale
      Chapter Three Poverty, Surplus Value, and Theatrical Investment in The Winter’s Tale (pp. 85-110)

      How is it that something can come from nothing or, even more perplexing, from loss itself? This chapter focuses on Shakespeare’s The Winter’s Tale, whose engagement with redemption addresses this very question. As I argued in the preceding chapter, Pericles is very much concerned with the relationship between loss and redemption. The Winter’s Tale not only shares this concern, but also intensifies it. This intensification is in part a result of the way that The Winter’s Tale forges a more specific relationship between its tragic and comedic components and thus between its losses and its gains. While both plays are...

  5. Part II. Eastern Engagements
    • Chapter Four Captivity and “Free” Trade: Fletcher’s The Island Princess and English Commerce in the East Indies in the Early 1600s
      Chapter Four Captivity and “Free” Trade: Fletcher’s The Island Princess and English Commerce in the East Indies in the Early 1600s (pp. 113-145)

      The previous chapters focused on Christian redemption as a model for how tragicomedy might turn potentially unredeemable losses into sources of anticipated future profits. This chapter turns to how tragicomic narratives of captivity might provide a means and a model for reconfiguring trade itself as a source of redemption. In the previous chapters, I argued that tragicomedy unblocked the impasses produced by romantic comedy’s insistence on closure. In this chapter, my argument is that tragicomic historical narratives and plays work not only to imagine a larger, noninsular and thus prosperous economy, but also an economy that imagines trade as having...

    • Chapter Five Balance, Circulation, and Equity in the “Prosperous Voyage” of The Renegado
      Chapter Five Balance, Circulation, and Equity in the “Prosperous Voyage” of The Renegado (pp. 146-185)

      As I argued in the Introduction, profit was as troublesome to early modern thinkers as loss, and the mixing of two genres to produce a third kind makes tragicomedy a particularly effective form for addressing both problems simultaneously. All of the tragicomedies discussed in the preceding chapters, however, are much more exclusively focused on the problem of loss. In fact, as I have argued throughout the book, the solution tragicomedy offers to the problems of loss depends on transforming that loss into profit, and profit through its derivation in loss is legitimated, in some sense, prior to its appearance. But...

  6. Epilogue. Webster’s The Devil’s Law-Case, the Limits of Tragicomic Redemption, and Tragicomedy’s Afterlife
    Epilogue. Webster’s The Devil’s Law-Case, the Limits of Tragicomic Redemption, and Tragicomedy’s Afterlife (pp. 186-204)

    The main character of Webster’s The Devil’s Law-Case (c. 1617–19), the merchant Romelio, could be read as an embodiment of the productive power of capital discussed in this book. He trades as “generally” as the Hollanders do; he has money invested in the East Indies trade; he vents gold from mines in the West Indies; he thinks the nobility a “superstitious relique of time past.”¹ Moreover, his wealth has far-reaching effects. Not only do his enterprises abroad prevent a glut of coins, they also make wealthy men of those who work for him: even his factors’ and scriveners’ wives...

  7. Notes
    Notes (pp. 205-250)
  8. Bibliography
    Bibliography (pp. 251-262)
  9. Index
    Index (pp. 263-276)
  10. Acknowledgments
    Acknowledgments (pp. 277-279)
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