A project of Time horizons in Christian anthropology and ethics in finance Presenter: Prof. Dr. Jörg Hübner Workshop: B2, Sustainable Finance: A New Unterstanding of Time Horizons Global Ethics Forum of Globethics.net, June 2012 “Seeds for Successful Transformation The Value of Values in Responsible Business”, Geneva/Switzerland

A project of Thesis 1 The Christian way of thinking and the Christian theology uses the word “kairos”, when talking about the fundamental understanding of time. This Greek term means a special moment of time opposite to the passing time, “chronos”. God reveals himself in the special moment of “kairos”. This fact enables the humans to use their own “kairos” in order to follow their responsibility as God’s images Workshop presentation 2

A project of Thesis 2 As the Christian way of thinking mainly talks of “kairos”, it seems to favour a concept of time which dares to think in short and momentary periods. Thinking and acting within short periods of time may have lots of advantages: opportunities can be used, one can quickly react to changes, and the human liberty of unfolding one’s personal possibilities can be lived Workshop presentation 3

A project of Thesis 3 However, you should never forget, that this “kairos” is one of God’s gifts to people. This gift of time must not be used for the personal advantages of an individual, but for his “vocation” in the world: on this background of the Christian understanding of time Martin Luther exactly created this linguistic term for “profession” (in German “Beruf”) and introduced it into the German language Workshop presentation 4

A project of Thesis 4 Understanding „kairos“(time) as a gift and a present – this is closely linked to the fact that man can only unfold his true nature in relationships and reciprocal life conditions. This does not only apply to the community life of a Christian parish, but to all kind of life conditions Workshop presentation 5

A project of Thesis 5 For behavioral economics this means : Economy as one kind of cooperation is located in time and amidst God’s creation. It will reach its aim, if people invest in cooperation. It must never degenerate into a one man show Workshop presentation 6

A project of Thesis 6 Therefore banks, the origin of which is closely connected to the history of the Christian church, could be seen as institutions of accumulating chances of “kairos”. Accumulated asset can be saved for a later time in order to make it available for other participants of the economic circuit. Thus, from their origin banks help to improve economic cooperation Workshop presentation 7

A project of Thesis 7 The idea of planning time horizons has currently got lost in the capitalism of the financial market. Banks have become enterprises of the financial industry. Their aim is to achieve profit at a maximum level. ”kairos” and its idea of serving a society change into the isolated way of thinking in short periods Workshop presentation 8

A project of Thesis 8 You can clearly realize this if you look at the common way of risk management. The capital resources of a bank, which are meant as a risk buffer towards society, have recently been reduced to a minimum. The new parameters after Basel II did not change much. A reasonable protection against risks is not carried out. Instead of this risks are passed onto society Workshop presentation 9

A project of (Thesis 8) The isolated way of thinking in short periods of time has become independent. Only on a basis of shareholder’s funds of 25 to 30 percent there is a solid risk bearing ability, as current studies are showing. Then there is again the possibility of accumulated “kairos”, which the banks provide in favour of an increased cooperation in society Workshop presentation 10

A project of Thesis 9 Other measures must be added like: linking payments of bonus to the mediation of capital investment in ethical and sustainable investment. Up to now nothing has changed here either. The reduction of computer sale of bonds in milliseconds by a financial transaction tax also belongs to a bundle of measures, which will make the isolated way of thinking in very short periods collaborative Workshop presentation 11

A project of Thesis 10 From the perspective of Christian anthropology the way of thinking in short periods is not demonized. Instead, it is about a way of thinking which tries to discover chances of a human development in a sustainable society. This can definitely include the way of thinking in shorter time horizons Workshop presentation 12

A project of Thank you for attention!