Expectations of the Gift: Toward a Future-Oriented Taxonomy of Transactions

People engage in transactions because they expect to bring about certain futures. This suggests replacing Marcel Mauss's three obligations of gift exchange—giving, taking, and returning—with the notion of expectations. From this perspective, three contingencies constitute gift exchange: gifts create futures that remain indeterminate; they presuppose a social whole whose boundaries are unclear; and they visibly constitute opaque persons. Reconsidering gift exchange in these terms provides a set of analytical terms, like strong and weak expectations, moral horizons of value systems, and the opacity of personhood, that can be applied to sharing and commodity trade as well. This constitutes a dynamic and expansive theory for the analysis and comparison of case studies that understands society as a shared project of expecting the future.