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James’s late novels turn upon the need to resolve representational issues arising from the eruption of an excessive pleasure within composed “pictures” of civility. The acute dialectical tensions between “picture” and “scene” that result draw attention to a certain limitation in Jameson’s influential new account of the interplay between récit and affect in nineteenth-century fiction. Narrative takes its cue from affective seizures, and affect is felt in the discrepancies between mutually contaminating points of view. This unique balance of forces suggests a specific historical conjuncture in the first age of finance capital.