Beckert 329 Table I.The four Cs of capitalism. Management of Expectations Motivating Belief Underlying Structures(Examples) Creativity Management of imaginaries Belief in imaginary Social myths (Innovation) Social inequality Legitimation of success seeking through risk taking Social networks Credit Management of confidence Belief in promise 。Economic ethics Calculation technologies (e.g. credit rating.scoring models) Legal system Social networks Power Commodification Management of value Belief in performance Private property rights of good Legitimation of profit-oriented exchanges Classification of goods Competition Management of strategic Belief in strategy 8 Position in market expectations outcome Economic theories Power Entrance barriers entrepreneur will,based on the imaginary of a new factor combination,change the value assessment of the goods offered in the market and change product demand.The late Steve Jobs is the exemplification par excellence of the creation of successful inno- vations through the communication of imaginaries,captivating the computer industry and large consumer groups. Schumpeter insists that innovation is incompatible with the calculative behavior assumed by economic theory because innovations cannot be rationally deduced from existing knowledge.Instead,the expectations regarding the outcome of the innovation motivate and guide an inherently incalculable process41 based on the belief in the imagined new combination as a"future present."42 The openness of the future implies that the expectations regarding innovations must necessarily be contingent and helps to explain why it is possible to predict the expansion of capitalism without being able "to predict the actual direction of future logics."43 Schumpeter has rightly been criticized for providing an overly individualistic account of the motivation to engage in innovative activity.Entrepreneurs'expectations must be understood also as socially constituted.Studies of innovation processes have repeatedly shown that the "voicing of promises,"which show the way to the future,are in fact collective projections,44 and are thus bound to cultural patterns and social structures. Expectations regarding innovative activities have further social preconditions. "Capitalist entrepreneurs do not fall from heaven but can grow only in a particular structural,institutional,and cultural environment."45 Robert Merton46 showed that innovative activities are anchored in the normative structure of modern societies that value inner-worldly transcendence through success seeking by risk taking.Another Downloaded from pas.sagepub.com at Shanghai Jiaotong University on February 4.2015Beckert 329 entrepreneur will, based on the imaginary of a new factor combination, change the value assessment of the goods offered in the market and change product demand. The late Steve Jobs is the exemplification par excellence of the creation of successful inno￾vations through the communication of imaginaries, captivating the computer industry and large consumer groups. Schumpeter insists that innovation is incompatible with the calculative behavior assumed by economic theory because innovations cannot be rationally deduced from existing knowledge. Instead, the expectations regarding the outcome of the innovation motivate and guide an inherently incalculable process41 based on the belief in the imagined new combination as a “future present.”42 The openness of the future implies that the expectations regarding innovations must necessarily be contingent and helps to explain why it is possible to predict the expansion of capitalism without being able “to predict the actual direction of future logics.”43 Schumpeter has rightly been criticized for providing an overly individualistic account of the motivation to engage in innovative activity. Entrepreneurs’ expectations must be understood also as socially constituted. Studies of innovation processes have repeatedly shown that the “voicing of promises,” which show the way to the future, are in fact collective projections,44 and are thus bound to cultural patterns and social structures. Expectations regarding innovative activities have further social preconditions. “Capitalist entrepreneurs do not fall from heaven but can grow only in a particular structural, institutional, and cultural environment.”45 Robert Merton46 showed that innovative activities are anchored in the normative structure of modern societies that value inner-worldly transcendence through success seeking by risk taking. Another Table 1. The four Cs of capitalism. Management of Expectations Motivating Belief Underlying Structures (Examples) Creativity (Innovation) Management of imaginaries Belief in imaginary •• Social myths •• Social inequality •• Legitimation of success seeking through risk taking •• Social networks Credit Management of confidence Belief in promise •• Economic ethics •• Calculation technologies (e.g., credit rating, scoring models) •• Legal system •• Social networks •• Power Commodification Management of value Belief in performance of good •• Private property rights •• Legitimation of profit-oriented exchanges •• Classification of goods Competition Management of strategic expectations Belief in strategy outcome •• Position in market •• Economic theories •• Power •• Entrance barriers Downloaded from pas.sagepub.com at Shanghai Jiaotong University on February 4, 2015