The article investigates the astonishing volte-face that Timon performs in Shakespeare and Middleton's Timon of Athens. The main character is not, as is often claimed, unaware of what is going on around him, he is not simply the naïve victim of his avaricious guests, but rather complicit in his own delusions. My reading is informed by two different theoretical concepts: Thorstein Veblen’s concept of “conspicuous consumption” on the one hand, and Octave Mannoni’s concept of “croyance” on the other. By combining (...) these two distinct theories, I want to account for the characteristics of both Timon’s individual and public behaviour, and its radical change between Acts 1–2 and Acts 3–5 of the play. I argue that in Timon of Athens, Shakespeare and Middleton explore the different forms of capital and its limited convertibility in the early modern mercantilist society. (shrink)