The phrase “great expectations” is first introduced in when Mr. Jaggers reveals that Pip will receive a “great” sum of money to finance his transition to the upper class. While the phrase initially refers to money in a very literal way, the text repeats it many times and in many different contexts. Its meaning subtly evolves with each repetition. At some intervals in the novel, “great expectations” becomes a shorthand for big dreams or lofty aspirations. For example, when Herbert Pocket first speaks to Pip of his hopes to build his own trade business, Pip remarks that Herbert might have “greater expectations than [his] own” (412).

At other intervals, the phrase seems to stand in for high ideals that did not pan out as hoped (or “expected”). For example, at the beginning of Chapter 34, Pip reflects that he has “grown accustomed to [his] expectations,” and thus hardly notices their effect on him, though he recognizes that they’re not all good. He goes on the reflect on the many ways he might have been better off if his “expectations” had never come to fruition.