Note: I’ve also written a critical review of the whole series in one post.
Wrapping up her considerations of Capitalism’s temporal dimensions, Kathryn Tanner uses this fifth lecture to discuss the way one relates to the future in both Capitalism and Christianity. The future is a concern for capitalism for its ability to either make or break. But finance wants to collapse the future into the present such that the future is merely the outcome of the present. Traders and brokers have confidence that all of their complex financial instruments can allow them to anticipate the future. The future in this understanding is that which is given by the present. Future possibilities are constrained by the present whereby the future is just an extension of the present.
But market volatility seems to hinder these efforts. The value of stocks, for example, rises and falls constantly. The greater difference between the present and the future is what actually allows for the possibility of profit. Swings on markets are often extreme – they can wipe out a lifetime of gains in one moment or make one rich overnight – these large swings are rare, but extremely impactful (e.g. financial crisis of 2008). One’s actions in the present, in finance, are for the sake of the future. The present value of stock, for example, is a reflection of anticipated future value. Without anticipated future value, the demand for financial instruments is quite low.
In this way, the future must be calculable for present prices to reflect it. Reliably calculating the future, therefore, is the highest goal. But market volatility makes this difficult. So, often “ranges” of future value are given to describe the future’s range of possibilities. Traders, in fact, think they can predict future value all the time. But often this is actually the result of gauging stockholder opinion rather than actual market conditions in the future. If many people like the stock now, the price of that stock can become a self-fulfilling prophecy as demand perpetuates price. In other sectors of the economy, higher price means lower demand (e.g. high gas prices), but in finance the opposite is true. High prices increase demand and therefore increase the price further. This facet of financial markets can, however, Tanner argues, produce “bubbles” full of artificially pumped up prices that can result in quite catastrophic negative feedback loops.
Other more complex trading tactics like stock options or derivatives aim to get around these large differences in price present and future. One can take out a futures contract and buy (or decline to exercise their option) stocks in the future for a set price regardless of true market value. Derivatives similarly are meant to offset the risks and unpredictability of the future. But bets on these instruments just unload risk on insurers. These futures contracts and derivatives are meant to control the future so that it is dealt with in the present already. It is a pre-emptive warding off of the future, but this often fails because the future is unpredictable.
What might Christianity say to this? Tanner argues that Christians do not try to master the future in these ways because, for one, they know it will be great (e.g. new creation!). But Tanner doesn’t want to just focus on that aspect. The transformation between present and future is infinitely greater in Christianity because sin will be completely ripped away and all of our sinful attachments removed. In this life, we will always be repenting even if progress is made due to grace. In all of life’s ups and downs, we are dependent upon Christ’s grace. Enjoyment of God’s own life is impossible to be gained through human effort no matter how perfect one may be in holiness. No matter one’s present condition, Christians can bank on the future being radically different – indeed, Tanner argues that this is what makes it attractive: its difference from the present. The future is never to be collapsed into the present.
In Christianity, therefore, the future is much more important than in capitalism. We will live off the life of God. It is impossible to anticipate what this future life will be like because it is so radically different from the present. Tanner circumvents here a type of speculation regarding what resurrected life will be like. We can’t use current data to predict the future because it will be surprising from the point of view of the past and present. Though we don’t know specifics, we can be certain, Tanner argues, of resurrection itself because that is predicated on confidence in Christ.
Further, what Christians hope for isn’t based upon one’s current amount of progress. A grace-filled future does not depend upon how well one has done so far. A moral life is not a means to life with God, but the moral life is only possible because we are now alive in God. Life with God, enjoyed to a degree in the present, is also our final goal. One does not get to this goal through human success but through grace.
This is not escapism, Tanner cautions. The grace that exists now is the same that will exist in the future due to our current experience of life in Christ. This grace provides the possibility for change now because life in God begins now. Present hopes are fed by future eschatological hopes – ultimate hope drives present hope. The new world is only possible with God, not merely by the possibilities of the present. There is a gap between the two worlds but the other world need not be seen as absolutely separated from the current world; It can disrupt the present. One can hope on the ultimate success of their efforts because hope is really directed toward God whose success is guaranteed.