what do you mean by speculative capital?

Answer 1

It's money or "capital" spent on "speculative" investments such as the stock market. It's the opposite of "finance capital" - money spent to build a business, produce a product, or otherwise use money for productive purposes.

In other words, with speculative capital, you're just making money off someone else's work. With finance capital, you produce the work yourself. It's like the difference between spending money to bet on a horse at the horse races (speculative) or spending money to purchase and train a horse that will race at the horse races (finance).