This paper criticises the tight association in the political economy literature of speculation with liberal forms of governance. Having emphasised liberalisation, it is argued, scholars who ascribe to such a view are too often left without an institutional account of speculative dynamics. The paper then sets out the foundation for a political economy of speculation; one which emphasises the various forms speculation has taken and how these are rooted within specific institutional structures. In order to do so, the paper develops a distinction between premodern and modern speculation and uses it in order to contrast British and American finance. This contrast then serves as a basis for challenging the idea that speculation emerges from liberal forms of governance.