Positive cones on algebras with involution

We introduce positive cones on algebras with involution. These allow us to prove analogues of Artin's solution to Hilbert's 17th problem, the Artin-Schreier theorem characterizing formally real fields, and to define signatures with respect to positive cones. We consider the space of positive cones of an algebra with involution and investigate its topological properties, showing in particular that it is a spectral space. As an application we solve the problem of the existence of positive involutions.