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Journal ArticleDOI

Time, role of the past and varieties of fictional expectations: comments on Jens Beckert’s Imagined Futures

02 Sep 2018-Distinktion: Scandinavian Journal of Social Theory (Informa UK Limited)-Vol. 19, Iss: 3, pp 336-340
TL;DR: Beckert as mentioned in this paper analyzes the nature of capitalism, the limitations of the economic approach, specifically rational choice theory, as an explanation for economic problems, and the role of rational choice in economic problems.
Abstract: Jens Beckert’s superb book builds on his earlier work analysing the nature of capitalism, the limitations of the economic approach, specifically rational choice theory, as an explanation for econom...
Citations
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Book
Max Saunders1
22 Oct 2019
TL;DR: The To-Day and To-Morrow series of 110 books published by Kegan Paul Trench and Trübner from 1923 to 1931 as mentioned in this paper provides the first substantial history and analysis of the series.
Abstract: This study provides the first substantial history and analysis of the To-Day and To-Morrow series of 110 books, published by Kegan Paul Trench and Trübner (and E. P. Dutton in the USA) from 1923 to 1931, in which writers chose a topic, described its present, and predicted its future. Contributors included J. B. S. Haldane, Bertrand Russell, Vernon Lee, Robert Graves, Vera Brittain, Sylvia Pankhurst, Hugh McDiarmid, James Jeans, J. D. Bernal, Winifred Holtby, André Maurois, and many others. The study combines a comprehensive account of its interest, history, and range with a discussion of its key concerns, tropes, and influence. The argument focuses on science and technology, not only as the subject of many of the volumes, but also as method—especially through the paradigm of the human sciences—applied to other disciplines; and as a source of metaphors for representing other domains. It also includes chapters on war, technology, cultural studies, and literature and the arts. This book has three main aims. First, to reinstate the series as a vital contribution to the writing of modernity. Second, to reappraise modernism’s relation to the future, establishing a body of progressive writing which moves beyond the discourses of post-Darwinian degeneration and post-war disenchantment, projecting human futures rather than mythic or classical pasts. Third, to show how, as a co-ordinated body of futurological writing, the series is also revealing about the nature and practices of modern futurology.

281 citations

Journal ArticleDOI
TL;DR: The Imagined Future: Fictional Expectations and Capitalist Dynamics as discussed by the authors examines the ways in which market participants confront market contingencies in modern capitalism and argues that market participants actually rely to a greater extent on what he labels as "imagined futures" and "fictional expectations" to deal with the contingencies they confront.
Abstract: In this original, erudite book, Jens Beckert examines the ways in which market participants confront market contingencies in modern capitalism. What sets Imagined Futures: Fictional Expectations and Capitalist Dynamics apart from most previous accounts is Beckert’s privileging of ‘‘imagined futures’’ and ‘‘fictional expectations’’ rather than the dominant practice of using past market patterns to explain future markets. In doing so, Beckert not only introduces a different framing for understanding how market participants confront market contingencies but provides a richer sociological framing of how markets function. A central theme running through this account is the temporal character of modern capitalism. Capitalism, according to Beckert, not only assumes an open future full of contingencies but embraces this future. In this ever-changing world, the ability to predict what the future will produce is of vital importance. You may not be able to be right all the time, but you need to be able to make ‘‘reasonable’’ predictions. Though numerous different means for doing this have been generated over the years, most, as noted above, have relied heavily on trying to discover patterns in the way past markets have behaved. Beckert reviews these methods in great detail. In doing so, he reveals their limitations. More importantly, he makes his own case that market participants actually rely to a greater extent on what he labels as ‘‘imagined futures’’ and ‘‘fictional expectations’’ to deal with the contingencies they confront. Beckert shows that the unpredictability of the market is due in large measure to the fact that modern markets are embedded in a wide range of multi-faceted socially grounded narratives. Different narratives generate different predictions. While this is an original argument, Beckert draws on a wide range of sociological, economic, and philosophical theorists, including Dewey, Durkheim, and Keynes, to make his case. Beckert realizes that these expectations can in no way actually predict the future for the simple reason that there always exists a multitude of these expectations. He nevertheless makes an extremely strong case that the dynamics of modern capitalism and market behavior rely on them, given that they are embedded in sociologically grounded narratives. Beckert provides a detailed account of how the four major ‘‘building blocks’’ of capitalism—money and credit, investments, innovation, and consumption—embody and utilize ‘‘imagined futures’’ and ‘‘fictional expectations.’’ He expands on this overview by showing how both economic forecasting and economic theory formalize their own range of narratives that rely on ‘‘imagined futures’’ and ‘‘fictional expectations.’’ Analysis and past behavioral patterns clearly play a role, but when it comes to grasping the dynamics of modern capitalism, ‘‘imagined futures’’ dominate. Though Beckert’s argument is focused on modern capitalism, he ends his book by suggesting that the power of ‘‘imagined futures’’ and ‘‘fictional expectations’’ is not limited to economics and modern capitalism. They function in a wide range of political and social activities. This perspective underscores another theme that deserves wider attention, namely the extent to which economic events and models continue to seep into other sectors of our society. Taken together, the central themes of this book more than qualify it as a significant contribution not only to economic sociology but to the social sciences in general. It does leave us, however, with an unacknowledged elephant in the room, namely, the contingencies of future events. Put somewhat differently, the contingencies of future events may necessitate ‘‘imagined futures,’’ but it is a stretch to credit them with generating these contingencies. They very well might contribute in the manner of ‘‘self-fulfilling prophecies,’’ but they can’t be held responsible for all contingencies. The physical world we live in is itself pervaded by all sorts of natural or physical contingencies. Keynes, who privileged 538 Reviews

221 citations

Journal ArticleDOI
03 Apr 2021
TL;DR: In this paper, the authors study the expectations of hoteliers in the tourism city of Antalya who intend to start a new firm during the recent (geo)political crisis in Turkey.
Abstract: This study is about the expectations of the future of hoteliers in the tourism city of Antalya who intend to start a new firm during the recent (geo)political crisis in Turkey. The starting point ...

4 citations

Journal ArticleDOI
Jens Beckert1
TL;DR: In this article, Imagined futures attempt to provide a fresh lens through which to understand the unfolding of capitalist dynamics, starting from the observation that modern societies develop a specific temporal structure.
Abstract: Imagined Futures attempts to provide a fresh lens through which to understand the unfolding of capitalist dynamics. It starts from the observation that modern societies develop a specific temporal ...

1 citations

Journal ArticleDOI
01 Dec 2019
TL;DR: In this article, the authors present Imagined Futures, a book by economic sociologist Jens Beckert and the main concepts he proposes, particularly that of "Fictional Expectation", as well as the path followed for coming to its definition.
Abstract: The article presents Imagined Futures. Fictional Expectations and Capitalist Dynamics by economic sociologist Jens Beckert and the main concepts he proposes, particularly that of “Fictional Expectation”, as well as the path followed for coming to its definition. The book focuses on the issue of the temporal nature of social and economic action, and the connected fundamental problem of uncertainty of the future. Dealing with these issues is a challenge for economic sociology and for economics, as well as for all the social sciences. The author addresses the challenge through an interdisciplinary approach, that also resorts to literature and narrative theory in order to deal with the fictional nature of expectations. Beckert’s book has not been translated into Italian but it has been widely read and appreciated overseas (some reviewers say it could become a “modern classic” of economic sociology). The article also addresses some of the issues that have emerged from the debate that followed the publishing of the book.
References
More filters
Journal ArticleDOI
TL;DR: In this article, the extent to which economic action is embedded in structures of social relations, in modern industrial society, is examined, and it is argued that reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong.
Abstract: How behavior and institutions are affected by social relations is one of the classic questions of social theory. This paper concerns the extent to which economic action is embedded in structures of social relations, in modern industrial society. Although the usual neoclasical accounts provide an "undersocialized" or atomized-actor explanation of such action, reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong. Under-and oversocialized accounts are paradoxically similar in their neglect of ongoing structures of social relations, and a sophisticated account of economic action must consider its embeddedness in such structures. The argument in illustrated by a critique of Oliver Williamson's "markets and hierarchies" research program.

25,601 citations


"Time, role of the past and varietie..." refers background in this paper

  • ...Similarly to Mark Granovetter (1985), whose dissatisfaction with both over- and undersocialized conceptions of human action ushered in the concept of embeddedness, Beckert introduces fictional expectations as his own solution to a similar problem....

    [...]

Book
01 Jan 1980
TL;DR: In this article, the Imaginary Anthropology of Subjectivism is described as an "imaginary anthropology of subjectivism" and the social uses of kinship are discussed. And the work of time is discussed.
Abstract: Preface. Part I: Critique of Theoretical Reason. Foreword. 1. Objectifying Objectification. 2. The Imaginary Anthropology of Subjectivism. 3. Structures, Habitus, Practices. 4. Belief and the Body. 5. The Logic of Practice. 6. The Work of Time. 7. Symbolic Capital. 8. Modes of Domination. 9. The Objectivity of the Subjective. Part II: Practical Logics. 1. Land and Matrimonial Strategies. 2. The social uses of kinship. 3. Irresistible Analogy. Appendix. Bibliography. Index.

10,416 citations

Journal ArticleDOI
TL;DR: The authors argues that the problem of uncertainty represents the central limitation of efficiency-based approaches to the explanation and prediction of economic outcomes and connects questions of economic decision-making with social theory.
Abstract: This article argues that the problem of uncertainty represents the central limitation of efficiency-based approaches to the explanation and prediction of economic outcomes. The problem of uncertainty reintroduces the Hobbesian problem of order into economics and makes it possible to connect questions of economic decision-making with social theory. The emphasis lies not, as in the behavioral theories of the Carnegie School, in the influence of uncertainty on the actual decision process, but in those social “devices” that actors rely on in decision-making, i.e., that structure the situation for the agents. If agents cannot anticipate the benefits of an investment, optimizing decisions become impossible, and the question opens up how intentionally rational actors reach decisions under this condition of uncertainty. This provides a systematic starting point for economic sociology. Studies in economic sociology that argue from different theoretical perspectives point to the significance of uncertainty and goal ambiguity. This contribution reflects theoretically why economic sociology can develop a promising approach by building upon these insights. It becomes understandable why culture, power, institutions, social structures, and cognitive processes are important in modern market economies. But it should be equally emphasized that the maximizing paradigm in economics will not be dethroned without a causal theory of the relationship of intentional rationality and social rigidities.

399 citations


"Time, role of the past and varietie..." refers background in this paper

  • ...Jens Beckert’s superb book builds on his earlier work analysing the nature of capitalism, the limitations of the economic approach, specifically rational choice theory, as an explanation for economic behaviour, and the prominent role of uncertainty in economic life (Beckert 1996)....

    [...]

Book
Max Saunders1
22 Oct 2019
TL;DR: The To-Day and To-Morrow series of 110 books published by Kegan Paul Trench and Trübner from 1923 to 1931 as mentioned in this paper provides the first substantial history and analysis of the series.
Abstract: This study provides the first substantial history and analysis of the To-Day and To-Morrow series of 110 books, published by Kegan Paul Trench and Trübner (and E. P. Dutton in the USA) from 1923 to 1931, in which writers chose a topic, described its present, and predicted its future. Contributors included J. B. S. Haldane, Bertrand Russell, Vernon Lee, Robert Graves, Vera Brittain, Sylvia Pankhurst, Hugh McDiarmid, James Jeans, J. D. Bernal, Winifred Holtby, André Maurois, and many others. The study combines a comprehensive account of its interest, history, and range with a discussion of its key concerns, tropes, and influence. The argument focuses on science and technology, not only as the subject of many of the volumes, but also as method—especially through the paradigm of the human sciences—applied to other disciplines; and as a source of metaphors for representing other domains. It also includes chapters on war, technology, cultural studies, and literature and the arts. This book has three main aims. First, to reinstate the series as a vital contribution to the writing of modernity. Second, to reappraise modernism’s relation to the future, establishing a body of progressive writing which moves beyond the discourses of post-Darwinian degeneration and post-war disenchantment, projecting human futures rather than mythic or classical pasts. Third, to show how, as a co-ordinated body of futurological writing, the series is also revealing about the nature and practices of modern futurology.

281 citations


"Time, role of the past and varietie..." refers background in this paper

  • ...…the main point of forecasts is not divining the truth, but coordination and legitimacy (they ‘transform uncertainty into a fictitious certainty’, Beckert 2016, 242), they can lead to isomorphism and operate as conventions (we also learn that macroeconomic forecasters tend to be…...

    [...]

  • ...Beckert is also critical of stratification research because it does ‘not account for the creativity engendered by expectations, for an actor’s ability to imagine futures that deviate from existing norms and habits and create counterfactual worlds’ (Beckert 2016, 53)....

    [...]

  • ...…open (‘If the future is unforeseeable, then expectations are necessarily contingent; since no one can know what the future will look like, the number of possible scenarios to be imagined is infinite’ (Beckert 2016, 275) and (2) imaginaries are shaped by the past and not everything is possible....

    [...]

  • ...Furthermore, Beckert contends that ‘if forecasts are to serve their true purpose, their functional character must remain hidden’ (Beckert 2016, 244)....

    [...]

  • ...…when referencing Carruthers and Babb (1996), Beckert seems to agree with the last point: ‘Belief in the stability of money, as in other institutions, is most effective if actors are unaware of the possibility of its faltering: that is, if its stability becomes naturalized’ (Beckert 2016, 109)....

    [...]

Journal ArticleDOI
TL;DR: The Imagined Future: Fictional Expectations and Capitalist Dynamics as discussed by the authors examines the ways in which market participants confront market contingencies in modern capitalism and argues that market participants actually rely to a greater extent on what he labels as "imagined futures" and "fictional expectations" to deal with the contingencies they confront.
Abstract: In this original, erudite book, Jens Beckert examines the ways in which market participants confront market contingencies in modern capitalism. What sets Imagined Futures: Fictional Expectations and Capitalist Dynamics apart from most previous accounts is Beckert’s privileging of ‘‘imagined futures’’ and ‘‘fictional expectations’’ rather than the dominant practice of using past market patterns to explain future markets. In doing so, Beckert not only introduces a different framing for understanding how market participants confront market contingencies but provides a richer sociological framing of how markets function. A central theme running through this account is the temporal character of modern capitalism. Capitalism, according to Beckert, not only assumes an open future full of contingencies but embraces this future. In this ever-changing world, the ability to predict what the future will produce is of vital importance. You may not be able to be right all the time, but you need to be able to make ‘‘reasonable’’ predictions. Though numerous different means for doing this have been generated over the years, most, as noted above, have relied heavily on trying to discover patterns in the way past markets have behaved. Beckert reviews these methods in great detail. In doing so, he reveals their limitations. More importantly, he makes his own case that market participants actually rely to a greater extent on what he labels as ‘‘imagined futures’’ and ‘‘fictional expectations’’ to deal with the contingencies they confront. Beckert shows that the unpredictability of the market is due in large measure to the fact that modern markets are embedded in a wide range of multi-faceted socially grounded narratives. Different narratives generate different predictions. While this is an original argument, Beckert draws on a wide range of sociological, economic, and philosophical theorists, including Dewey, Durkheim, and Keynes, to make his case. Beckert realizes that these expectations can in no way actually predict the future for the simple reason that there always exists a multitude of these expectations. He nevertheless makes an extremely strong case that the dynamics of modern capitalism and market behavior rely on them, given that they are embedded in sociologically grounded narratives. Beckert provides a detailed account of how the four major ‘‘building blocks’’ of capitalism—money and credit, investments, innovation, and consumption—embody and utilize ‘‘imagined futures’’ and ‘‘fictional expectations.’’ He expands on this overview by showing how both economic forecasting and economic theory formalize their own range of narratives that rely on ‘‘imagined futures’’ and ‘‘fictional expectations.’’ Analysis and past behavioral patterns clearly play a role, but when it comes to grasping the dynamics of modern capitalism, ‘‘imagined futures’’ dominate. Though Beckert’s argument is focused on modern capitalism, he ends his book by suggesting that the power of ‘‘imagined futures’’ and ‘‘fictional expectations’’ is not limited to economics and modern capitalism. They function in a wide range of political and social activities. This perspective underscores another theme that deserves wider attention, namely the extent to which economic events and models continue to seep into other sectors of our society. Taken together, the central themes of this book more than qualify it as a significant contribution not only to economic sociology but to the social sciences in general. It does leave us, however, with an unacknowledged elephant in the room, namely, the contingencies of future events. Put somewhat differently, the contingencies of future events may necessitate ‘‘imagined futures,’’ but it is a stretch to credit them with generating these contingencies. They very well might contribute in the manner of ‘‘self-fulfilling prophecies,’’ but they can’t be held responsible for all contingencies. The physical world we live in is itself pervaded by all sorts of natural or physical contingencies. Keynes, who privileged 538 Reviews

221 citations


"Time, role of the past and varietie..." refers background in this paper

  • ...…the main point of forecasts is not divining the truth, but coordination and legitimacy (they ‘transform uncertainty into a fictitious certainty’, Beckert 2016, 242), they can lead to isomorphism and operate as conventions (we also learn that macroeconomic forecasters tend to be…...

    [...]

  • ...Beckert is also critical of stratification research because it does ‘not account for the creativity engendered by expectations, for an actor’s ability to imagine futures that deviate from existing norms and habits and create counterfactual worlds’ (Beckert 2016, 53)....

    [...]

  • ...…open (‘If the future is unforeseeable, then expectations are necessarily contingent; since no one can know what the future will look like, the number of possible scenarios to be imagined is infinite’ (Beckert 2016, 275) and (2) imaginaries are shaped by the past and not everything is possible....

    [...]

  • ...Furthermore, Beckert contends that ‘if forecasts are to serve their true purpose, their functional character must remain hidden’ (Beckert 2016, 244)....

    [...]

  • ...…when referencing Carruthers and Babb (1996), Beckert seems to agree with the last point: ‘Belief in the stability of money, as in other institutions, is most effective if actors are unaware of the possibility of its faltering: that is, if its stability becomes naturalized’ (Beckert 2016, 109)....

    [...]