Mammonana: Lutheran Ethics in the 1980s

Sixteenth Sunday after Pentecost

Third Year

Gospel of Matt. 6:19–24 God’s Providence

Jesus says:

“Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.

The eye is the lamp of the body. If your eye is single, your whole body will be full of light. But if your eye is bad, your whole body will be full of darkness. If therefore the light that is in you is darkness, how great that darkness is!

No one can serve two masters. For either he will love the one and hate the other; or he will be devoted to the one and despise the other. You cannot serve God and mammon.” (Matthew 6:19–24 Third Edition)

A Review of the 1980s

The late 1980s were a revolutionary time for Finland in the economic field. Stock market prices quadrupled in just a few years, and housing prices rose at a dizzying rate—up to 100 percent. This special era, which we can call the “casino economy,” raised expectations and fears. Although the growth of wealth was rapid, it led to a serious banking crisis just a few years later. In these circumstances, Lutheran ethics carries with it teachings that help us understand the role of money in our lives and culture.

The Economic Rise and Its Consequences

In the early 1980s, Finland experienced rapid economic growth, based on the liberalization of the market economy and the breakthrough of exports. For example, in 1986, Finland’s GDP grew by 3.5 percent, which was an encouraging signal. For many Finns, for the first time, they had the opportunity to experience economic abundance. Optimism was high, but at the same time economic risks were increasing.

However, this economic boom did not benefit everyone. Many citizens began to invest without careful consideration. This caused economic imbalances and laid the foundation for later problems. When the banking crisis hit in 1991, more than 20,000 Finns lost their homes, and the economy collapsed. The crisis raised questions about the true value and meaning of money and wealth.

The era of the casino economy

The era of the casino economy was like a whirlwind boom – huge but short-lived. Speculative investing and the accumulation of wealth meant that when the economic collapse occurred, it took with it the dreams and hopes of many people. In 1990, unemployment in Finland rose to over 8 percent, the highest figure since World War II. The banking crisis was not just an economic tragedy. It also affected social relations and people’s moods. Many lost their life savings, which drove people to despair. The government and taxpayers supported the banks, which sparked a debate about whether the fundamental pillars of our society had been compromised by money and ownership.

The Importance of Lutheran Ethics

Lutheran ethics offers a perspective on the management of money and wealth. Many people today think that money brings security. Luther emphasized that money should not be the number one priority in life. The Bible warns against treasures being stored up on earth; instead, Jesus advises storing up treasures in heaven. This idea is also relevant today, when many Finns struggle with the challenges of mammon. Money itself is not evil, but loving it too much can lead to greed and problems. We should focus on real values, such as family ties, friendship, and supporting the community.

The impact of our society

The crisis of the 1980s highlighted the need to discuss money and property ethics at a national level. The bailouts to help the banks aroused strong emotions. Some people wanted the banks to bear the risks themselves, while others saw that the consequences of the financial crisis were so serious that help had to be provided. Lutheran ethics can guide us to think about financial responsibility. It highlights that money should be used as a tool that can improve our lives and help others. When we understand the role and influence of money, we can turn it into a tool that can help us build a better society.

Money and the control of life

The message of the Bible emphasizes the influence of money on the human mind. If money becomes our number one value, it can bring problems. Wealth can distort people's views and lead to selfishness. Therefore, we must learn to control money, instead of letting money control us. Money can bring risks and competition, but it can also serve as a tool to build a better lifestyle. We can ask ourselves how we can live a financially responsible life that brings joy to ourselves and to those around us.

Values taught by Lutheranism

Lutheran ethics encourage compassion and social responsibility. In times of economic prosperity, it is important to remember that social support plays a crucial role, especially in difficult times. This change can be an opportunity to learn to help each other. Lutheran values encourage us to choose environmentally friendly and sustainable solutions. Money can improve our lives, but its use must always be ethically correct. We ask ourselves whether the use of money is good or harmful, and whether we are helping others or only ourselves. Social responsibility brings meaning to our lives, regardless of our financial situation.

Future prospects

Lessons from the crisis of the 1980s may shape our current attitude towards money. It is important to consider whether we have truly learned from the mistakes of the past or whether history may repeat itself. Today's young people live in a different economic environment than in the 1980s. Business models have changed thanks to technology and globalization. In this time, it is paramount to embrace Lutheran values such as responsibility, compassion, and honesty.

Conclusion

Freedom from mammon is not an easy path, but it is possible. The teachings of the 1980s show that wealth and money can be powerful, but only if we know how to use them properly. Lutheran ethics help us develop a moral and ethical perspective that can improve our lives and society. By valuing aspects of life other than money, we can build a humane and sustainable society. Trust in God and human values can protect us from thinking that money is the end all and remind us that financial well-being is just a means to an end.