For decades we have known about the dangers of global warming. Nevertheless, greenhouse gas emissions continue to increase. How can we explain our failure to take the necessary measures to stop climate change? Why are societies, despite the mounting threat to ourselves and our children, so reluctant to take action?

In this important new book, Jens Beckert provides an answer to these questions. Our apparent inability to implement basic measures to combat climate change is due to the nature of power and incentive structures affecting companies, politicians, voters, and consumers. Drawing on social science research, he argues that climate change is an inevitable product of the structures of capitalist modernity which have been developing for the past 500 years. Our institutional and cultural arrangements are operating at the cost of destroying the natural environment and attempts to address global warming are almost inevitably bound to fail. Temperatures will continue to rise and social and political conflicts will intensify. The tragic truth is: we are selling our future for the next quarterly figures, the upcoming election results, and today's pleasure. Any realistic climate policy needs to focus on preparing societies for the consequences of escalating climate change and aim at strengthening social resilience to cope with the increasingly unstable natural world. Civil society is the only source of pressure that could build the necessary strength and support for climate protection.

How We Sold Our Future is a crucial intervention into the most pressing issue of our time.

Beyond the Market launches a sociological investigation into economic efficiency. Prevailing economic theory, which explains efficiency using formalized rational choice models, often simplifies human behavior to the point of distortion. Jens Beckert finds such theory to be particularly weak in explaining such crucial forms of economic behavior as cooperation, innovation, and action under conditions of uncertainty--phenomena he identifies as the proper starting point for a sociology of economic action.

Beckert levels an enlightened critique at neoclassical economics, arguing that understanding efficiency requires looking well beyond the market to the social, cultural, political, and cognitive factors that influence the coordination of economic action. Beckert searches social theory for the components of an alternative theory of action, one that accounts for the social embedding of economic behavior. In Durkheim and Parsons he finds especially useful approaches to cooperation; in Luhmann, a way to understand how people act under highly contingent conditions; and in Giddens, an understanding of creative action and innovation. Together, these provide building blocks for a research program that will yield a theoretically sophisticated understanding of how economic processes are coordinated and the ways that markets are embedded in social, cultural, and cognitive structures.

Containing one of the most fully informed critiques of the neoclassical analysis of economic efficiency--as well as one of the most thoughtful blueprints for economic sociology--this book reclaims for sociology the study of one of the most important arenas of human action.

In a capitalist system, consumers, investors, and corporations orient their activities toward a future that contains opportunities and risks. How actors assess uncertainty is a problem that economists have tried to solve through general equilibrium and rational expectations theory. Powerful as these analytical tools are, they underestimate the future's unknowability by assuming that markets, in the aggregate, correctly forecast what is to come.

Jens Beckert adds a new chapter to the theory of capitalism by demonstrating how fictional expectations drive modern economies--or throw them into crisis when the imagined futures fail to materialize. Collectively held images of how the future will unfold are critical because they free economic actors from paralyzing doubt, enabling them to commit resources and coordinate decisions even if those expectations prove inaccurate. Beckert distinguishes fictional expectations from performativity theory, which holds that predictions tend to become self-fulfilling prophecies. Economic forecasts are important not because they produce the futures they envision but because they create the expectations that generate economic activity in the first place. Actors pursue money, investments, innovations, and consumption only if they believe the objects obtained through market exchanges will retain value. We accept money because we believe in its future purchasing power. We accept the risk of capital investments and innovation because we expect profit. And we purchase consumer goods based on dreams of satisfaction.

As Imagined Futures shows, those who ignore the role of real uncertainty and fictional expectations in market dynamics misunderstand the nature of capitalism.

Uncertain Futures considers how economic actors visualize the future and decide how to act in conditions of radical uncertainty. It starts from the premise that dynamic capitalist economies are characterized by relentless innovation and novelty and hence exhibit an indeterminacy that cannot be reduced to measurable risk. The organizing question then becomes how economic actors form expectations and make decisions despite the uncertainty they face.

This edited volume lays the foundations for a new model of economic reasoning by showing how, in conditions of uncertainty, economic actors combine calculation with imaginaries and narratives to form fictional expectations that coordinate action and provide the confidence to act. It draws on groundbreaking research in economic sociology, economics, anthropology, and psychology to present theoretically grounded empirical case studies. These demonstrate how grand narratives, central bank forward guidance, economic forecasts, finance models, business plans, visions of technological futures, and new era stories influence behaviour and become instruments of power in markets and societies. The market impact of shared calculative devices, social narratives, and contingent imaginaries underlines the rationale for a new form of narrative economics.

The International Encyclopedia of Economic Sociology is the first encyclopedia in the field and a timely response to the surge of interest in economic sociology over the last 30 years.

Economic Sociology deals with the multiple and complex relations between economy and society. In particular, it focuses on the impact of social, political and cultural factors on economic behaviour. The Encyclopedia gives comprehensive and accessible coverage of the wide range of areas and subjects covered by the field, including, amongst many others, such major topics as consumption, corruption, democracy and economy, ecology, embeddedness, gender and economy, globalization, industrial relations, law and economy, markets, organization theory, political economy, religion and economic life, social capital, the sociology of money, state and economy, trust, and work.

The International Encyclopedia of Economic Sociology is the much-needed major reference work on one of the richest areas of development in the social sciences in recent years. It is an extremely valuable new resource for students and researchers in sociology, economics, political science, and business, organization and management studies.

Entries are cross-referenced and carry compact bibliographies. There is a full index.

Uncertain Futures considers how economic actors visualize the future and decide how to act in conditions of radical uncertainty. It starts from the premise that dynamic capitalist economies are characterized by relentless innovation and novelty and hence exhibit an indeterminacy that cannot be
reduced to measurable risk. The organizing question then becomes how economic actors form expectations and make decisions despite the uncertainty they face.

This edited volume lays the foundations for a new model of economic reasoning by showing how, in conditions of uncertainty, economic actors combine calculation with imaginaries and narratives to form fictional expectations that coordinate action and provide the confidence to act. It draws on
groundbreaking research in economic sociology, economics, anthropology, and psychology to present theoretically grounded empirical case studies. These demonstrate how grand narratives, central bank forward guidance, economic forecasts, finance models, business plans, visions of technological
futures, and new era stories influence behaviour and become instruments of power in markets and societies. The market impact of shared calculative devices, social narratives, and contingent imaginaries underlines the rationale for a new form of narrative economics.

From illegal drugs, stolen artwork, and forged trademarks, to fraud in financial markets - the phenomenon of illegality in market exchanges is pervasive. Illegal markets have great economic significance, have relevant social and political consequences, and shape economic and political structures.

Despite the importance of illegality in the economy, the field of economic sociology unquestioningly accepts the premise that the institutional structures and exchanges taking place in markets are law-abiding in nature. This volume makes a contribution to changing this. Questions that stand at the centre of the chapters are: What are the interfaces between legal and illegal markets? How do demand and supply in illegal markets interact? What role do criminal organizations play in illegal markets? What is the relationship between illegality and governments? Is illegality a phenomenon central to capitalism?

Anchored in economic sociology, this book contributes to the analysis and understanding of market exchanges in conditions of illegality from a perspective that focuses on the social organization of markets. Offering both, theoretical reflections and case studies, the chapters assembled in the volume address the consequences of the illegal production, distribution, and consumption of products for the architecture of markets. It also focuses on the underlying causes and the political and social concerns stemming from the infringement of the law.

How do we place value on goods--and, importantly, why? Valuation and pricing are core issues in the market economy, but understanding of these concepts and their interrelation is weak. In response, The Worth of Goods takes a sociological approach to the perennial but timely question of what makes a product valuable.

Structured in three parts, it first examines value in the broader sense--moral values and how they are formed, and the relations between economic and non-economic values-- discussing such matters as the value of an oil spill, the price of a scientific paper, value in ethical consumption, and imaginative value. The second part discusses the issues surrounding valuation in aesthetic markets, specifically wine, fashion models, art, and the creative industries. The third part analyzes valuation in financial markets--credit rating agencies, stock exchange markets, and industrial production.

This pioneering volume brings together leading social scientists to provide a range of theoretical tools and case studies for understanding price and the creation of value in markets within social and cultural contexts and preconditions. It is an important source for scholars in economics, sociology, anthropology, and political science interested in how markets work, and how value is established.

How to regulate the transfer of wealth from one generation to the next has been hotly debated among politicians, legal scholars, sociologists, economists, and philosophers for centuries. Bequeathing wealth is a vital ingredient of family solidarity. But does the reproduction of social inequality through inheritance square with the principle of equal opportunity? Does democracy suffer when family wealth becomes political power?

The first in-depth, comparative study of the development of inheritance law in the United States, France, and Germany, Inherited Wealth investigates longstanding political and intellectual debates over inheritance laws and explains why these laws still differ so greatly among these countries. Using a sociological perspective, Jens Beckert sheds light on the four most controversial issues in inheritance law during the past two centuries: the freedom to dispose of one's property as one wishes, the rights of family members to the wealth bequeathed, the dissolution of entails (which restrict inheritance to specific classes of heirs), and estate taxation. Beckert shows that while the United States, France, and Germany have all long defended inheritance rights based on the notion of individual property rights, they have justified limitations on inheritance rights in profoundly different ways, reflecting culturally specific ways of understanding the problems of inherited wealth.

The International Encyclopedia of Economic Sociology is the first encyclopedia in the field and a timely response to the surge of interest in economic sociology over the last 30 years.

Economic Sociology deals with the multiple and complex relations between economy and society. In particular, it focuses on the impact of social, political and cultural factors on economic behaviour. The Encyclopedia gives comprehensive and accessible coverage of the wide range of areas and subjects covered by the field, including, amongst many others, such major topics as consumption, corruption, democracy and economy, ecology, embeddedness, gender and economy, globalization, industrial relations, law and economy, markets, organization theory, political economy, religion and economic life, social capital, the sociology of money, state and economy, trust, and work.

The International Encyclopedia of Economic Sociology is the much-needed major reference work on one of the richest areas of development in the social sciences in recent years. It is an extremely valuable new resource for students and researchers in sociology, economics, political science, and business, organization and management studies.

Entries are cross-referenced and carry compact bibliographies. There is a full index.