  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 sp\'eculateur \`a 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 section has two objectives: one part places in
perspective the views of Proudhon and the characteristics of stock market
activity under the Second Empire whilst the other part examines current-day
aspects of the characteristics evoked by Proudhon. We are interested especially
in the question of the regulation and that of the relevance today of certain
accounting practices.
