Truth and Verediction: How to Construct a Speaking Subject (even if that subject is ‘money’ or ‘the market’)

When I spoke of the coupling carried out in the eighteenth century between a regime of truth and a new governmental reason, and the connection of this with political economy, in no way did I mean that there was the formation of a scientific and theoretical discourse of political economy on one side, and then, on the other, those who governed who were either seduced by this political economy, or forced to take it into account by the pressure of this or that social group. What I meant was that the market-which had been the privileged object of governmental practice for a very long time and continued to be in the sixteenth and seventeenth centuries under the regime of raison d’etat and a mercantilism which precisely made commerce one of the major instruments of the state’s power-was now constituted as a site of veridiction. And this is not simply or so much because we have entered the age of a market economy-this is at once true, and. says nothing exactly-and it is not because people wanted to produce the rational theory of the marlcet-which is what they did, but it was not sufficient. In fact, in order to reach an understanding of how the market, in its reality, became a site of veridiction for governmental practice, we would have to establish what I would call a polygonal or polyhedral relationship between: the particular monetary situation ofthe eighteenth century, with a new influx of gold on the one hand, and a relative consistency of currencies on the other; a continuous economic and demographic growth in the same period; intensification of agricultural production;the access to governmental practice of a number of technicians who brought with them both methods and instruments of reflection; and finally a number of economic problems being given a theoretical form.

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