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Capitalist dynamics fictional expectations and the openness of the future

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  • Beckert, Jens

Abstract

Capitalism is an economic and social order oriented toward the future. In this paper, I describe the unfolding of the temporal order of capitalism and relate it to the restless dynamism of capitalism we have observed since the Industrial Revolution. Since the future is open, actors are confronted with the uncertainty of the outcomes of their decisions. What can expectations be under conditions of uncertainty? To answer this question, I introduce the notion of fictional expectations which can be used to describe decisions made under conditions of an open and uncertain future. In the paper's penultimate section, I apply the concept of fictional expectations to the analysis of four crucial processes of capitalism: money and credit, investments, innovation, and consumption. The main thrust of the paper is that in order to understand economic action in capitalism, actors' perceptions of the future need to take center stage. Not only history matters, but also the future matters.

Suggested Citation

  • Beckert, Jens, 2014. "Capitalist dynamics fictional expectations and the openness of the future," MPIfG Discussion Paper 14/7, Max Planck Institute for the Study of Societies.
    • Handle: RePEc:zbw:mpifgd:147
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    References listed on IDEAS

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    1. Philip Mirowski, 1991. "Postmodernism and the Social Theory of Value," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 13(4), pages 565-582, July.
    2. Piotti, Geny, 2009. "German companies engaging in China: Decision-making processes at home and management practices in Chinese subsidiaries," MPIfG Working Paper 09/14, Max Planck Institute for the Study of Societies.
    3. Beckert, Jens & Aspers, Patrik (ed.), 2011. "The Worth of Goods: Valuation and Pricing in the Economy," OUP Catalogue, Oxford University Press, number 9780199594658.
    4. Elena Esposito, 2011. "The Future of Futures," Books, Edward Elgar Publishing, number 13975.
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    Cited by:

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