Through a critique of Margaret Archer's theory of reflexivity, this paper explores the theoretical contribution of a Bourdieusian sociology of the subject for understanding social change. Archer's theory of reflexivity holds that conscious ‘internal conversations’ are the motor of society, central both to human subjectivity and to the ‘reflexive imperative’ of late modernity. This is established through critiques of Bourdieu, who is held to erase creativity and meaningful personal investments from subjectivity, and late modernity is depicted as a time when a ‘situational logic of opportunity’ renders embodied dispositions and the reproduction of symbolic advantages obsolete. Maintaining Archer's focus on ‘ultimate concerns’ in a context of social change, this paper argues that her theory of reflexivity is established through a narrow misreading and rejection of Bourdieu's work, which ultimately creates problems for her own approach. Archer's rejection of any pre‐reflexive dimensions to subjectivity and social action leaves her unable to sociologically explain the genesis of ‘ultimate concerns’, and creates an empirically dubious narrative of the consequences of social change. Through a focus on Archer's concept of ‘fractured reflexivity’, the paper explores the theoretical necessity of habitus and illusio for understanding the social changes that Archer is grappling with. In late modernity, reflexivity is valorized just as the conditions for its successful operation are increasingly foreclosed, creating ‘fractured reflexivity’ emblematic of the complex contemporary interaction between habitus, illusio, and accelerating social change.