Credit - lending money or goods, usually with the payment of interest; a value economic category, an integral element of commodity-money relations.

It is worth remembering that credit plays a significant role in the economic development of the country, which is characterized by the results that appear during its operation for all participants in society, individuals, business entities, and the state. It manifests itself in all forms of credit (commercial, banking, consumer, international, government), as well as in different ways:

• redistribution of material resources in the interests of developing production and sales of products while providing and mobilizing funds from individuals and legal entities;
• impact on the continuity of production processes and sales of products. Loans satisfy temporary discrepancies between current cash receipts and expenses of enterprises. As a result, repeated delays in the reproduction process are overcome and uninterrupted and accelerated production is ensured. This role of credit is especially important during seasonal production and sale of certain types of products;
• participation in the expansion of production, when loans and resources are used as a source of increasing fixed assets and capital costs;
• acceleration of consumer receipt of goods, services, housing using borrowed funds;
• regulation of cash and non-cash money turnover.

The Bank of Russia, being a monopolist in the field of issuing cash, organizes its circulation, and also manages non-cash payments made by the credit system, thus stimulating the entire production process.

In general, the possibility of the emergence and development of credit is associated with the circulation and turnover of capital. In the process of movement of fixed and working capital, resources are released. The means of labor are used in the production process for a long time, their cost is transferred to the cost of the finished product in parts. The gradual restoration of the value of fixed capital in monetary form leads to the fact that the released funds are deposited in the accounts of enterprises. At the same time, at the other pole, there is a need to replace worn-out labor tools and quite large one-time costs.

Processes of a similar nature occur in the movement of working capital. Moreover, here fluctuations in circulation and circulation manifest themselves in more diverse ways. Thus, due to the seasonality of production, uneven supplies, etc., there is a discrepancy between the time of creation and circulation of products. Some subjects have a temporary surplus of funds, while others have a shortage. This creates the possibility of the emergence of credit relations, that is, credit resolves the relative contradiction between the temporary settling of funds and the need for their use in the economy.

Basic principles of credit relations:

• loan repayment;
• the urgency of the loan (reflects the need to repay within a precisely defined period fixed in the loan agreement);
• loan payment, loan interest;
• loan security (this principle presupposes the need to ensure the protection of the lender’s property interests in the event of a possible violation by the borrower of its obligations; loans secured by collateral or financial guarantees are currently widely practiced);
• the targeted nature of the loan (violation of this obligation may become the basis for early revocation of the loan or the introduction of a penalty (increased) loan interest);
• differentiated nature of the loan (determines a differentiated approach on the part of the credit institution to various categories of potential borrowers);

Speaking about the role of credit in a market economy, it is difficult to overestimate it.

Credit ensures the transformation of money capital into loan capital and expresses the relationship between lenders and borrowers. With its help, free cash capital and income of enterprises, the personal sector and the state are accumulated and converted into loan capital, which is transferred for temporary use for a fee. Capital physically, in the form of means of production, cannot flow from one industry to another. This process is usually carried out in the form of movement of money capital. Therefore, credit in a market economy is necessary primarily as an elastic mechanism for the flow of capital from one industry to another and equalization of the rate of profit.

Credit resolves the contradiction between the need for the free transfer of capital from one branch of production to another and the fixation of production capital in a certain natural form. It also allows one to overcome the limitations of individual capital. At the same time, a loan is necessary to maintain the continuity of the circulation of funds of operating enterprises and to service the process of selling industrial goods.

Loan capital is redistributed between industries, rushing, taking into account market guidelines, into those areas that provide higher profits or are given preference in accordance with national programs. Therefore, credit performs a redistributive function. This function is of a public nature and is actively used by the state in regulating production proportions and managing total monetary capital.

Credit can have an active impact on the volume and structure of the money supply, payment turnover, and the speed of circulation of money. Thanks to credit, there is a faster process of capitalization of profits, and, consequently, concentration of production.

Credit stimulates the development of production forces, accelerates the formation of sources of capital to expand reproduction based on the achievements of scientific and technological progress. By regulating borrowers' access to the loan capital market, providing government guarantees and benefits, the state directs banks to preferentially lend to those enterprises and industries whose activities correspond to the objectives of implementing national socio-economic development programs.

The state can use the loan to stimulate capital investment, housing construction, export of goods, and development of backward regions.

In conclusion, I would like to note that without credit support it is impossible to ensure the rapid and civilized development of farms, small and medium-sized businesses, and the introduction of other types of business activities in the domestic and foreign economic space.

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1 FEDERAL STATE EDUCATIONAL BUDGETARY INSTITUTION OF HIGHER EDUCATION FINANCIAL UNIVERSITY UNDER THE GOVERNMENT OF THE RUSSIAN FEDERATION Penza branch Department of Economics and Finance FINANCE Guidelines for writing an essay for the direction of preparation “Economics” profile “Accounting, analysis and audit Penza” 2016

2 Methodological instructions were developed by: Associate Professor of the Department of Economics and Finance, Ph.D. Yudaeva N.Yu. Finance: guidelines for writing essays for students studying in the field of study “Economics” (profile “Accounting, Analysis and Audit”). Penza branch of the Financial University, 2016

3 The curriculum for the essay discipline. “Finance” is intended to be completed 1. General methodological recommendations for completing the essay The main goal of completing the essay is to develop in the student the ability to develop and correctly argue his point of view on solving new problems. The essay involves an in-depth study of the topics covered, a creative understanding of modern scientific literature, periodicals and other sources of information, and mastering the skills of logical presentation of independent conclusions and recommendations aimed at solving individual tasks and problems of the company. The essay is designed to develop in students the skills of independent scientific and practical work, creative thinking and written presentation of their own thoughts, necessary to complete their final qualifying work. Thus, in addition to a deep study of the topic, a clear, concise statement of the essence of the problem posed, the essay must necessarily contain an independent analysis and conclusions on the problem posed, demonstrating the student’s own position. Structure and content of the essay: - justification for the choice of object and subject of research and the relevance of choosing the direction of research, its methodological basis; - analysis of the selected topic with a detailed presentation of the issues under consideration; - conclusions on the study, justification for the identified shortcomings and prospects for the development of the provisions considered, the author’s summary of the analysis; generalization and reasoned conclusions; a forecast in which the author’s own positions are clearly indicated. At the end of the essay there should be a list of references used and a link to the sources of information used according to generally accepted rules. The work is performed by each student in writing individually, independently, within the time limits determined by the teacher. When completing an essay, a student, in addition to the basic and additional literature recommended for study, can use publications on the topic being studied in special magazines and on Internet sites. The total number of pages for the essay should not exceed 3-5 pages.

4 2. The role of the supervisor in writing an essay The completed essay is checked, as a rule, by a teacher who has given lectures on this discipline. He also provides assistance in preparing for interviews. When checking the work, the teacher makes comments and recommendations in the margins. At the end of the essay, a rating is given: “Accepted for interview” or “Not accepted for interview.” In the latter case, the inspector recommends that the student supplement the work or write a new one if the work is unsatisfactory. In accordance with the introduced point-rating system, the teacher also puts on the title page of the essay points for timely delivery of the work (up to 5 points) and points for the content of the work (up to 25 points). At the interview, the student must: 3. Interview on essay questions from the teacher on the job. 4. Topics of questions for preparing an essay (out-of-class independent work) The student independently selects the topic of the essay from the proposed list and approves it from the teacher. 1. Discussion issues in the theory of finance: the essence, functions and links of finance. 2. The role of finance in the social reproduction process and expanded reproduction. 3. Financial market in the Russian Federation: formation, stages of development and current state. 4. Analysis and ways to improve financial policy in the Russian Federation at the present stage. 5. Financial system of the Russian Federation. 6. The mechanism of state financial regulation (financial management) at the macro and micro levels. 7. Financial regulation of socio-economic processes at the regional level.

5 8. Financial planning and forecasting in a market economy as one of the basic tools of financial policy. 9. Financial control as one of the most important functions of finance in the modern financial system. 10. Features of the functioning of finance in various fields of activity. 11. Features of finance of commercial organizations. 12. Features of finance of non-profit organizations. 13. Features of the organization of finances of credit institutions, investment funds, insurance companies and other financial and credit institutions. 14. Finances of business entities without forming a legal entity. 15. Finances of the social sphere and features of their organization in Russia 16. Theories of public finance. 17. Analysis of the composition, structure and dynamics of state (municipal) debt. 18. The role of finance in the development of international economic relations. 19. Balance of payments and its impact on the functioning of the financial system of the Russian Federation. 20. Taxes and their role in the formation of budgets. 21. Characteristics of production sectors financed from the budget, their socio-economic importance. 22. Budget expenditures on the socio-cultural sphere and their socio-economic significance. 23. Ensuring financing of education costs in modern conditions. 24. Financing of the agro-industrial complex. 25. Theoretical foundations and practice of regional ordering as a means of regional economic policy of the state. 26. Formation of budget expenditures for the sector “Social policy”. 27. Fiscal federalism in Russia, problems and prospects. 28. Analysis of the financial condition of territorial budgets. 29. Basics of planning and forecasting budgets. 30. Extra-budgetary funds If desired, the student can propose an independent topic for an essay. 5. Literature Regulatory acts 1. Constitution of the Russian Federation. M Budget Code of the Russian Federation from the Federal Law.

6 3. Civil Code of the Russian Federation (part one) from N 51-FZ. 4. Civil Code of the Russian Federation (Part Two)" from N 14-FZ. 5. "Tax Code of the Russian Federation (Part One)" from N 146-FZ. 6. Tax Code of the Russian Federation (Part Two)" from N 117- Federal Law. 7. Law of the Russian Federation No. “On the organization of the insurance business of the Russian Federation”. 8. Federal Law No. 60-FZ "On the supply of products for federal state needs." 9. Federal Law No. 4-FZ “On the Accounts Chamber of the Russian Federation”. 10. Federal Law No. 7-FZ “On Non-Profit Organizations”. 11. Federal Law No. 75-FZ "On Non-State Pension Funds." 12. Federal Law No. 165-FZ "On the Fundamentals of Compulsory Social Insurance." 13. Federal Law No. 167-FZ "On Compulsory Pension Insurance in the Russian Federation" 14. Federal Law No. 166-FZ "On State Pension Provision in the Russian Federation". 15. Federal Law No. 173-FZ "On Labor Pensions in the Russian Federation". 16. Federal Law No. 111-FZ "On Investment". funds to finance the funded part of the labor pension in the Russian Federation." 17. Federal Law No. 131-FZ "On the General Principles of Organizing Local Self-Government in the Russian Federation." 18. Federal Law No. 135-FZ "On the Protection of Competition." 19. Federal Law No. 255-FZ "On compulsory social insurance in case of temporary disability and in connection with maternity." 20. Federal Law No. 125-FZ "On compulsory social insurance against accidents at work and occupational diseases." 21. Federal Law No. 7-FZ “On Non-Profit Organizations”. 22. Federal Law No. 173-FZ "On Currency Regulation and Currency Control". 23. Federal Law No. 174-FZ “On Autonomous Institutions”.

7 24.Federal Law No. 315-FZ “On Self-Regulatory Organizations”. 25. Federal Law No. 275-FZ "On the procedure for the formation and use of endowment capital of non-profit organizations." 26. Federal Law No. 294-FZ “On the protection of the rights of legal entities and individual entrepreneurs in the exercise of state control (supervision) and municipal control.” 27. Federal Law No. 307-FZ “On Auditing Activities”. 28. Federal Law No. 83-FZ “On amendments to certain legislative acts of the Russian Federation in connection with improving the legal status of state (municipal) institutions.” 29. Federal Law No. 151-FZ “On microfinance activities and microfinance organizations.” 30. Federal Law No. 326-FZ “On Compulsory Health Insurance in the Russian Federation”. 31. Federal Law No. 212-FZ "On insurance contributions to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal Compulsory Medical Insurance Fund." 32. Federal Law No. 6-FZ “On the general principles of the organization and activities of control and accounting bodies of the constituent entities of the Russian Federation and municipalities.” 33. Federal Law No. 216-FZ “On the federal budget for 2013 and for the planning period of 2014 and 2015.” 34. Federal Law No. 219-FZ “On the budget of the Social Insurance Fund of the Russian Federation for 2013 and for the planning period of 2014 and 2015.” 35. Federal Law No. 218-FZ “On the budget of the Pension Fund of the Russian Federation for 2013 and for the planning period of 2014 and 2015.” 36. Federal Law No. 217-FZ “On the budget of the Federal Compulsory Health Insurance Fund for 2013 for the planning period of 2014 and 2015.” 37. Decree of the President of the Russian Federation No. 729 “On approval of the Regulations on the Control Department of the President of the Russian Federation.” 38. Decree of the President of the Russian Federation No. 636 “On the structure of federal executive bodies.” 39. Decree of the President of the Russian Federation No. 808 “Issues of the Federal Service for Financial Monitoring” (together with the “Regulations on the Federal Service for Financial Monitoring”). 40. Budget message of the President of the Russian Federation to the Federal Assembly from “On budget policy in the years.”

8 41. Resolution of the Government of the Russian Federation No. 329 “On the Ministry of Finance of the Russian Federation”. 42. Resolution of the Government of the Russian Federation No. 703 “On the Federal Treasury”. 43. Resolution of the Government of the Russian Federation No. 278 “On approval of the Regulations on the Federal Service for Financial and Budgetary Supervision.” 44. Resolution of the Government of the Russian Federation No. 717 “On some issues of state regulation in the sphere of the financial market of the Russian Federation” (together with the “Regulations on the Federal Service for Financial Markets”). 45. Resolution of the Moscow Government No. 43-PP “On approval of the Regulations on the Department of Finance of the City of Moscow.” 46. ​​Order of the Government of the Russian Federation No. 1662-r “On 47. Concept of long-term socio-economic development of the Russian Federation for the period until 2020” (together with the “Concept of long-term socio-economic development of the Russian Federation for the period until 2020”). 48. Order of the Government of the Russian Federation No. 2043-r “On approval of the Strategy for the development of the financial market of the Russian Federation for the period until 2020.” 49.Order of the Ministry of Finance of the Russian Federation dated N 146n “On ensuring activities for the implementation of state financial control” (together with the “Regulations on the requirements for activities for the implementation of state financial control”). 50.Order of the Ministry of Finance of Russia dated N 160n “On the implementation of International Financial Reporting Standards and Explanations of International Financial Reporting Standards on the territory of the Russian Federation.” 51.Order of the Ministry of Finance of the Russian Federation dated N 112n “On General requirements for the procedure for drawing up, approving and maintaining budget estimates of government institutions.” 52. “Main directions of budget policy for 2013 and the planning period of 2014 and 2015” (approved by the Ministry of Finance of the Russian Federation). 53. “The main directions of the state debt policy of the Russian Federation for the years.” 54. Draft budget strategy of the Russian Federation for the period until 2023. 55. Protocol of “On the accession of the Russian Federation to the Marrakesh Agreement establishing the World Trade Organization of April 15, 1994.” Basic literature 1. Finance: Textbook / Ed. A.G. Gryaznova, E.V. Markina. - M.: Finance and Statistics: Infra-M, 2012.

9 2. Finance: Textbook / Ed. G.B. Polyak, - M.: UNITY - DANA, Additional literature 1. Finance: Textbook / Ed. S.V. Barulina, M.: Knorus, Finance: Textbook / Ed. M.V. Romanovsky, O.V. Vrublevskaya. -M. : Yurayt, Finance and credit: Textbook / Ed. O.I. Lavrushin. M: Knorus, Berzon N.I. Finance: Textbook. M.: Jurayt, ZviBody, Robert Merton. Finance: Textbook / Transl. from English M.: Williams Publishing House, Langdon Cane, Bonham Alan. Finance: Textbook. M.: Business and Service, 2011 7. Bolotin V.V. On the functions of finance in textbooks and teaching // Finance from Vasyunina M.L. Financial support of government institutions: necessity and directions for improvement // Finance credit with Gorelik V.N. Finance as a system of money movement: formation of an idea // Finance and credit with Kolesov A.S. On the essence of effective financial policy Finance with Matskulyak I.D. On household finances // Financial economics with Rodionova V.M. Balancing budgets: theoretical and legal aspects // Finance with G.V. Fedotova. State financial control in budget management //Finance and credit from Internet resources - Official website of the President of Russia. Official website of the Ministry of Finance of the Russian Federation. - Official website of the Government of the Russian Federation - Official website of the Federal Tax Service. - Official website of the Federal Treasury. - Official website of the Federal Service for Financial and Budgetary Supervision. - Official website of the Control Directorate of the President of the Russian Federation. - Official website of the Accounts Chamber of the Russian Federation. - Official website of the Moscow Department of Finance.

10 Databases, information, reference and search systems - Official website of the Federal State Statistics Service. - Legal reference system "Garant". - Legal reference system “ConsultantPlus”.

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HOW TO WRITE AN ESSAY in Economics

Essay- attempt, trial, essay.

1. Prose essay - a short argument with a free composition.

2. Expresses individual impressions and considerations on a specific occasion or issue and does not obviously claim to be a definitive or exhaustive interpretation of the subject.

3. Purpose of the essay consists of developing the skills of independent creative thinking and written presentation of one’s thoughts.

The following skills must be demonstrated:

Independently, in writing, fully express an opinion on a specific complete issue (topic);

Use necessary and sufficient argumentation, without going beyond the scope of the issue under consideration;

Know social science terminology, use social science concepts in accordance with the content of the problem under consideration;

Critically evaluate various statements, conclusions regarding public objects, phenomena, processes;

Understand the requirements and scope of the issue (the ability, while staying within the framework of the problem under consideration, to reveal its essence);

Analyze, generalize and explain social phenomena;

Determine and explain your attitude to problematic judgments on social science topics;

Provide coherent and convincing arguments that allow you to reveal your own opinion (your own position);

Critically evaluate proposed problematic statements;

Present facts in writing in a narrative form, without going beyond the scope of the question posed;

Form an opinion about the approaches underlying problematic statements.

Memo for the student

1. Determine the meaning of the proposed statements by answering the question: What did the author want to say?

2. Understand the problem by answering the questions:

What are the main problems associated with this topic?

What do I need to know to solve it?

3. When choosing a topic, you must be sure that:

You have good knowledge of the basic science to which this topic relates;

Clearly understand the meaning of the statement (what the author wanted to say);

You can express your attitude to the statement (agree completely or partially, try to refute it);

You know the social science terms necessary for a competent discussion of the topic based on theoretical knowledge (in this case, the terms and concepts that you want to use must relate directly to the topic of the essay);

Be able to give examples from history, public life, and your own life experience to support your position

You see the various sides (aspects) of the problem raised in the statement and can characterize them.

Remember that you must base your answer on the basis of a specific statement, and not the field of knowledge as a whole.

4. Formulate your attitude to the statement by answering the questions:

5. Identify the main aspects of the problem.

6. Define the terms, concepts and generalizations you need to express and justify your position at a theoretical level. Answer the questions:

7. Select facts, examples from public life and personal social experience that convincingly substantiate your position.

8. Write the text of your mini-essay. Re-read it. Remember that judgments and arguments in an essay should be disclosed based on theoretical principles, conclusions and factual material, and the text itself should highlight various aspects of the problem.

Essay structure

1. Understanding the statement clear and distinctly expressed. This statement should not be repeated verbatim. It is important to reveal its main idea in such a way that the context that determines its content and essence becomes obvious.

2. Determination of personal position for the selected statement: “I agree with this opinion”, “I cannot join this statement”, “In this statement there is something with which I agree and something that seems controversial to me.”

3. Main part The essay is a detailed statement of one’s own opinion regarding the problem posed. The following should be presented here:

Judgments (arguments), definition key social science concepts that help uncover the topic;

Evidence, i.e. facts and examples supporting judgments, points of view;

Consideration and refutation of counterarguments.

Each thesis must be argued using facts and examples from public life and personal social experience.Arguments - these are facts, phenomena of social life, events, life situations and life experiences, scientific evidence, references to the opinions of scientists, etc. It is better not to overload the work with countless arguments, but of course you need to remember that one argument seems unconvincing.

4. Conclusion , briefly summing up the thoughts and reasoning. The conclusion may contain a repetition of the main judgment or opinion; a brief overview of the argumentation in defense of the main conclusion.

The most important parts of the work are the introduction and conclusion. The introduction focuses the essay's problems, poses key questions, points out contradictions, and reveals the social scientific aspects of the topic. The conclusion should be the most striking thought that summarizes the reasoning.

What needs to be done when working with an essay?

When completing the proposed task of writing a mini-essay (essay), you must:

1) analyze the statement, understanding its meaning;

2) identify the key thesis and determine your position in relation to it.

3) determine what theoretical concepts, terms, scientific theories will help reveal the essence of the thesis and one’s own position;

4) formulate the thoughts and ideas that have arisen and put them in writing;

5) analyze the content of what was written, check the style and literacy, compositional structure, logic and consistency of presentation.

The main approaches to writing an essay can be presented in the following constructor:

The meaning of this statement is that...

It’s good to add confirmation of the relevance of the problem raised

Formulation of your own position (with explanation!)

We can only agree with the first part of the statement, after all...

Multidimensionality of statement analysis

The statement can be analyzed from different angles...

Let's look at the statement from different aspects...

This statement is multifaceted: on the one hand...

The statement can be considered in two senses...

The statement can have both direct and figurative meaning...

The statement can be analyzed both in a broad and in a narrow sense...

This statement is ambiguous. It can be interpreted as...

Theoretical level of argumentation

Let's consider the statement from the point of view of economic theory...

Let's turn to the theoretical meaning of the statement...

In economic (...) theory, this statement has its basis...

This statement has a deep theoretical basis...

To substantiate this statement from a theoretical perspective...

Empirical level of argumentation: A) reliance on the facts of social life

B) reliance on personal experience

A) Let’s give examples from public life that confirm my idea...

Let's look at examples from history...

What do the facts of social life tell us...

Numerous examples from public life refute the author’s idea...

Many examples from our life confirm the author’s thoughts... I can confirm my thoughts with examples from my own life...

My personal experience and the experience of my parents suggests the opposite...

It's good to end your essay with a conclusion.

What are the main ideas (problems) in an essay?

When writing an essay, it is necessary to identify the problems that are raised in the above statements, for example:

Topic: “Economics is the art of satisfying unlimited needs with limited resources” (L. Peter) Problem: rational use of resources using efficientfekt efficient management methods and reasonable consumption.

Topic: “Every person should be given an equal right to pursue his own benefit, and the whole society benefits from this” (A. Smith) Problem: private interest is the source of initiative and entrepreneurship in the economy.

The main idea (problem), being a kind of condition of the task, to which you need to periodically return throughout the entire process of writing an essay, requires a clear designation. This is necessary in order to correctly reveal its content, and also not to accidentally go beyond the framework and not get carried away by general reasoning.

Let us list the main ideas (problems) that graduates can encounter in the proposed topics of assignments on e.economics

1. The contradiction between limited resources and limitless human needs.

2. The problem of economic choice.

3. Factors of production and their importance in the economy.

4. Labor as a type of activity and economic resource.

5. Capital as an economic resource.

6. Intellectual capital as the main source of formation of competitive advantages in economic activity.

7. Factors determining productivity and competitiveness of production in the modern economy.

8. The essence and functions of money in economics.

9. Efficient use of resources.

10. The meaning of the social division of labor.

11. Two sides of the social division of labor - specialization and cooperation.

12. The benefits of social labor cooperation: joint work,

learning by doing and comparative advantage.

13. Efficiency in the distribution of available resources.

14. The role of trade in the development of society.

15.Incentives and production efficiency.

16. Fairness in the distribution of social benefits.

17. The essence of market relations.

18. The role of the state in regulating the economy.

How many and what arguments should be given?

The number of arguments in an essay is not limited, but the most optimal ones for revealing the topic are3-5 arguments .

You need to be very careful in selecting arguments to support your point of view. Arguments must be convincing and justified. Data from relevant sciences, historical facts, and facts from social life are used as arguments. Arguments of a personal nature (examples from personal life) are rated the lowest, so they should be presented with extreme caution.

A favorable impression is created if your essay indicates the points of view of other researchers on the issues under consideration, provides reference to different interpretations of the problem and different ways to solve it (if possible). Indication of other points of view can be direct (for example:“Gorbachev M.S. thought this:..., and Yeltsin B.N. - otherwise:..."), or maybe indirect, non-personalized:“A number of political scientists think this way:..., others think differently:..., and some suggest something completely different:....”

What is the merit of an essay?

TO merits of essay can be attributed:

Inclusion of the names of his predecessors, followers or scientific opponents;

Description of different points of view on the problem or different approaches to solving it;

The presence of an indication of the polysemy of the concepts and terms used with justification for the meaning in which they are used in the essay;

The presence of an indication of alternative solutions to the problem.

The original technology for preparing to write an essay is presented in the work of O.A. Chernyshova. The author suggests adding certain parameters to template tables for working with statements that will allow graduates to focus on the main stages of writing an essay. The main parameters, in her opinion, include:

Formulating the problem, the main idea raised by the author of the statement;

Indication of the relevance of the topic under consideration;

Determining the meaning of a statement;

Identification of basic terms and concepts that will help reveal the topic at a theoretical level;

List of examples that will serve as arguments.

Here are a few examples of working with statements using the presented technology:.

1. Essay topic

“Money is like manure: if you don’t throw it away, it’s gone! it will make sense"

(F. Hayek).

3. Relevance of the problem

Money plays a significant role in the economic development of states. A properly launched monetary circulation mechanism contributes to the progressive development of the economy.

4. The meaning of the statement

If you don’t spend the money you earn, it will remain just pieces of paper.

5. Basic social science concepts

Money, functions of money, inflation, wealth, capital economics

6. Examples

Many entrepreneurs in America and Europe at the beginning of their lives had pennies in their pockets, but thanks to their entrepreneurial talent they earned fortunes (Henry Ford, Steve Jobs, etc.). The export of capital from countries leading the world economy to third world countries with cheaper labor and nearby raw materials serves to increase production volumes and reduce the cost of goods.

1. Essay topic

“The importance of non-productive assets is growing today. Ideas, people, group work, communication, enthusiasm and finally knowledge"

Alan M. Webber.

The problem that is raised in the above statement is related to the role of new factors of production in economic activity, as well as the efficiency of managing non-productive assets, i.e. with competent management.

3. Relevance of the problem

The efficiency of the modern economy largely depends on how correctly non-productive assets are used. This task faces most modern countries.

4. The meaning of the statement

The author of the statement speaks about the innovative nature of the modern economy and the role of new factors of production. He emphasizes the need to achieve high production efficiency, better use of the resource potential of an enterprise, firm, company, which is the main goal of management.

5. Basic social science concepts

Factors of production, structure of the modern economy, efficiency of economic activity, knowledge as a factor of production, management.

6. Examples

Innovative knowledge-based economy in Europe and the USA, APP CorporationL E, MICROSOFTthat have become successful thanks to the use of the latest scientific advances.

Economics Essay Topics

1. “Trade has never ruined a single nation” (B. Franklin).

2. “Business is the art of extracting money from another person’s pocket without resorting to violence” (M. Amsterdam).

3. “Wealth does not lie in the possession of treasures, but in the ability to use them” (Napoleon).

4. “Money is like manure: if you don’t throw it around, it won’t be of any use” (F. Hayek).

5. “Moderation is the wealth of the poor, greed is the poverty of the rich” (P. Cyr).

6. “Even the most generous person tries to pay less for what he buys every day” (B. Shaw).

7. “It is not the art of acquiring that one should learn, but the art of spending” (J. Droz).

8. “Developing a budget is the art of evenly distributing disappointment” (M. Steens).

9. “The last thing the economy can do is create a new person. Economics refers to the means, not the ends of life” (N. Berdyaev).

Yu. “Economics is the art of satisfying unlimited needs with the help of limited resources” (L. Peter).

11. “If money does not serve you, it will dominate you” (F. Bacon).

12. “The main goal of capital is not to get as much money as possible, but to ensure that money leads to an improvement in life” (H. Ford).

13. “Dishonest profit makes dishonest nature easier” (Pyriander).

14. “There are no free lunches” (B. Crane).

15. “The whole advantage of having money is the ability to use it” (B. Franklin).

16. “All commerce is an attempt to foresee the future” (S. Butler).

17. “An equal division of fortunes and lands would lead to general poverty” (P. Buast).

18. “Taxes are money levied by the authorities from part of society in the interests of the whole”

(S. Johnson).

19. “Inflation provides everyone with the opportunity to feel like a millionaire” (A. Rogov).

20. “The main goal of capital is not to get as much money as possible, but to ensure that money leads to an improvement in life” (H. Ford).

21. “The best economic system is the one that maximally provides people with what they need most” (J. Galbraith).

22. “Competition is the only method of mutual coordination of our individual actions without coercion or arbitrary interference from authorities” (F. Hayek).

23. “What we must not forget is the simple truth: everything that the government gives, it first took away” (D. Coleman).

24. “Developing a budget is the art of evenly distributing disappointments” (M. Stans).

25. “Supply and demand are a process of mutual adaptation and coordination” (P. Heine).

26. “A person with many virtues will add two more to them if he is able to earn and spend a lot of money wisely” (E. Sevrus).

27. “Give me good politics and I will give you good finances” (Anne Robbert Jean Turgot).

28. “The word “crisis”, written in Chinese, consists of two characters: one means “danger”, the other means “opportunity”” (D. Kennedy).

29. “The most effective means for achieving and ensuring well-being is competition” (L. Erhard).

30. “The real value is not the value that your product or service itself has, but the value that it has in the mind of the client” (B. Bishop).

31. “If you want to succeed in business, then try to understand what happens in people’s heads and makes them act this way and not otherwise” (B. Bishop).

32. “Don’t sit idly by waiting for that bright moment when our business begins to bring you profit. He won’t do this on his own, he needs to be forced” (D. Reese).

33. “We assume a free play of the forces of supply and demand in the market” (A. Marshall)

Introduction

1 Economic content of finance

§ 1The essence of finance

§ 2 The place of finance in the system of monetary relations

2Finance functions

3 Financial resources and financial funds

§ 1 Concept and composition of financial resources

§ 2 Financial funds

4 The evolution of theoretical views on the essence of finance

§ 1 Development of theoretical ideas about finance in Russia

§ 2 Views of foreign economists on the system of financial processes

Conclusion

References

Introduction

Finance is one of the most important economic categories, reflecting economic relations in the process of creating and using money. Finance goes back thousands of years. In fact, they began their development with the emergence of commodity-money relations, the formation of states, and to the present day permeate the actions of people in all spheres of their activity. Financial relations cover that part of the relationship that is associated with the formation and use of funds. Finance does not include funds that provide personal consumption and exchange. Thus, we can say that finance is an economic relationship carried out primarily in monetary form between the main economic entities - enterprises, households and the state.

Finance that ensures the functioning of the state is called public finance. As a result of the redistribution of society's income in favor of households and producers, finance arises for households and commercial organizations, respectively.

The characteristic features of finance are:

1. the distributive nature of the relationship, which is based on legal norms or business ethics, is associated with the movement of real money, regardless of the movement of value in commodity form;

2. one-way nature of cash flow;

3. creation of centralized and decentralized funds of funds.

4. Gratuitous.

Finance is monetary in nature, but differs from money in its functions.

Typically, the following functions of finance are distinguished: distribution, regulation and control. In the main part of the course work we will consider them in more detail. Also in this course work, theoretical views on the essence of finance, the mechanism of formation of financial resources, their sources and main areas of use will be considered.

1 Economic content of finance

§1 The essence of finance

The term “finance” comes from the Latin word “finansia” - cash payment. Thus, finance is directly related to money. Without money there can be no finance. However, finance differs from money, both in content and in the functions performed.

Finance has the following general features.

2. they are linked to commodity-money relations;

3. are a monetary category;

4. carry out the distribution and redistribution of GDP (gross domestic product) and ND (national income);

5. embodied in real monetary funds, the totality of which constitutes financial resources.

Money is a strictly defined economic category with a distinct essence and functions; it arises before finance. Money serves as a universal equivalent. Finance is a designated economic relationship that arises at the time of movement of money, when it is transferred or transferred in cash or by bank transfer. Consequently, financial relations are, first of all, monetary relations. But not all monetary relations can be considered financial

The scope of monetary relations is broader than financial relations. Finance expresses only those monetary relations that are associated with the formation and use of cash funds of business entities and the state.

Finance is the monetary relations of economic entities, including the state, as a result of which the income of society changes its structure by increasing it in the hands of one entity due to the withdrawal (unequivalent) of this part from another.

Any financial transaction involves the movement of funds between economic entities, users of funds, or the movement of funds into certain funds. In the process of this movement, economic relations arise (for example, when paying pensions, paying taxes). Thus, finance is an economic category; it expresses part of economic relations.

Let's look at this process step by step. At the beginning, conditions are prepared for the emergence of finance, gross domestic product (GDP) and national income (NI) are created. The second stage is distribution. Finance takes the form of distributive monetary relations, as a result of which target monetary funds are formed. At this stage, we highlight that finance, participating in the distribution of gross domestic product and national income, becomes part of the production process, i.e. a specific form of production relations, the economic essence of finance is manifested here. At the third and fourth stages of the production process of GDP and ND, their exchange and consumption occur, respectively.

§ 2 The place of finance in the system of monetary relations

Participating in economic relations, finance interacts with various economic categories, therefore, on the surface, the boundaries of financial relations are distinguished - i.e. what operation, economic instrument belongs to the financial sector. To determine the boundaries of financial relations, financial science needed to find the distinctive features of finance inherent in financial relations and reflecting their specificity.

1. The monetary nature of financial relations - the basis of financial relations is the movement of real money in cash and non-cash forms.

2. Distributive nature of financial relations. Finance is not concerned with any form of cash flow. There are two main forms - exchange and distribution. Exchange - when the monetary form is replaced by a commodity form, or the monetary form moves towards the commodity equivalent. During distribution, only the cash equivalent moves, and only unilaterally, although the return of funds after a certain time is allowed. This is finance.

3. Financial relations are characterized by a one-way movement of value, as a result of which economic entities form monetary savings in the form of monetary funds;

4. Finance covers only those monetary relations that are associated with the formation and distribution of funds of funds.

Finance is an integral part of monetary relations. Finance appears in monetary form, but not all monetary relations are financial. Finance differs from money, both in content and in the functions it performs. Let's compare financial and monetary relations point by point:

Monetary relations turn into financial ones when, as a result of the production of goods and the provision of services during their sale, funds of funds are created. Let's consider cases of financial relations within the country and at the international level.

Monetary relations that relate to financial relations within the country:

1. between enterprises in the process of gratuitous transfers, payment of fines, penalties and penalties, acquisition of securities, payment of interest and dividends on them, participation in business capital, provision and repayment of a commercial loan, etc.;

2. between enterprises and higher-level organizations when creating funds of funds and their distribution from these higher-level organizations;

3. within the enterprise during the formation and circulation of its funds;

4. within the household when forming and using the family budget;

5. between the state and enterprises when enterprises pay obligatory payments to the budget system and finance expenses;

6. between the state and citizens when they contribute taxes and voluntary payments to the budget system and pay pensions, benefits, scholarships, subsidies and other transfers to the population.

7. between enterprises, citizens and extra-budgetary funds when making payments and receiving funds;

8. between individual links of the budget system, etc.

Monetary relations that are classified as financial at the international level:

1. provision of international loans and credits, their repayment with interest;

2. acquisition (sale) of securities on the global financial market, receipt (payment) of dividends on them;

3. providing (receiving) international financial and humanitarian assistance to other countries;

4. international leasing;

5. contributions of countries to international (economic organizations);

6. foreign investment in the economy of Russia and Russia in the economy of other countries;

7. donations and inheritances from foreign and international legal entities and individuals;

8. import into the country (export from the country) of profits and wages received abroad from entrepreneurial and hired activities by legal entities and individuals;

9. foreign insurance;

10. financing of international programs and agreements;

11. financial losses of TNCs, between parent organizations and its branches, representative offices, subsidiaries;

12. sale of goods, services abroad, foreign tourism, cultural, sports, scientific and other cooperation mediated by payment in foreign or national currency, creation of international funds;

13. deposits in foreign banks abroad;

14. payment of pensions abroad. Receiving pensions from abroad;

15. Receiving international and foreign awards, etc.

Finance arises on the basis of the movement of real money in cash and non-cash form. The real movement of money (regardless of the movement of value in the commodity form) is an independent unequivalent movement when commodity compensation does not arise. In finance, there is an independent one-way movement of money. Money moves irrevocably. Two-way movement of money is inherent in the category of credit

Finance differs from credit in that it is associated with a distribution process carried out on a non-equivalent, irrevocable basis, while credit is based on urgency, payment, and repayment. Credit easily develops into finance.

The loan completes the distribution process, since bank funds are formed at the redistribution stage. Credit resources are formed as a result of the fact that there is a discrepancy between the availability of own funds and their need. Credit supplements financial resources and allows the process of expanded reproduction to occur.

The main difference between a loan and finance is that bank funds are issued for a certain period, on certain conditions and subject to repayment, while financing funds are issued for specific purposes, free of charge and irrevocably.

With the help of a loan, financial resources are redistributed between enterprises, organizations and citizens. There is a constant flow of credit resources into financial resources and vice versa. All enterprise funds are concentrated in bank accounts and are sources of bank loan funds for issuing loans. There are many similarities between credit and finance, but the main one is the widespread use of both in the circulation and reproduction process.

2 Functions of finance

Finance has functions that reveal the social purpose of this economic category.

In economics, there is no consensus on the quantity of the finance function. Most economists believe that finance performs three functions: 1) distribution, 2) regulatory, 3) control. The essence of finance as a special sphere of distribution relations is manifested primarily through the distribution function. It is through this function that the social purpose of finance is realized - providing each business entity with the financial resources it needs, used in the form of monetary funds for special purposes.

The distribution function is carried out in all spheres of social life: in material production, in the non-material sphere, in the sphere of circulation.

The subjects of distribution at the micro level are legal entities and individuals, at the macro level - the state. The objects of distribution are GDP and ND in monetary form.

With the help of the distribution function, new value is distributed (at the micro level) and this value is redistributed (at the macro level).

The distribution function covers three successive stages:

1) formation of cash funds. At the micro level, financial resources of economic entities necessary for the circulation of capital and household funds are created, and at the macro level, centralized state funds are created;

2) distribution of funds through financial instruments. At the micro level, separate funds of the enterprise (statutory, wages, depreciation) and household funds are formed for specific consumption; at the macro level, budgets of all levels and extra-budgetary funds arise;

3) the use of monetary funds is intended to ensure expanded production and existence of individual members of society at the micro level, and improvement of national economic proportions and national needs of the country at the macro level.

As a result of the distribution of GDP and income, society's income is created.

With primary distribution at the micro level, basic, or primary, income arises. In the sphere of material production, primary income includes:

1) profit of enterprises;

2) contributions to social and extra-budgetary funds;

3) income of workers.

The formation of primary income of material production is the initial stage of distribution, determined by the laws of commodity production. Primary distribution continues at the macro level and ensures the creation of secondary, or derivative, income. The need to redistribute ND is related to:

1) with intersectoral and interterritorial redistribution in the interests of the most efficient and rational use of income and savings of enterprises and organizations;

2) with the presence of two spheres - production and non-production (education, healthcare, social security, management, defense, where ND is not created);

H) with the existence of various social groups of the population.

The redistribution process of GDP and ND is carried out primarily through finance. In this case, tools such as expenses, taxes, credit, and prices are used. As a result of redistribution, national funds are formed - budgets of all levels and extra-budgetary social funds. The income created during such redistribution should provide for persons who are not employed in the sphere of material production or who do not participate at all (not have the opportunity to participate) in the labor process.

The redistribution of national income in the Russian Federation occurs in the interests of structural restructuring of the economy, the development of priority sectors of the economy (agriculture, transport, energy) in favor of the least affluent segments of the country's population.

Thus, the distribution function of finance allows:

1) create monetary funds at the level of enterprise and household, as well as the state;

2) create not just monetary funds, but funds for special purposes;

3) carry out intersectoral, interterritorial redistribution, as well as between spheres and social groups;

4) create the necessary reserves, both at the level of enterprises and the state.

Control function. Finance, associated with the movement of the monetary form of the value of GDP, has the property of quantitatively reflecting the reproduction process through financial resources. The essence of financial control is to inform society about all problems in economic and monetary relations. The control function, which clearly represents the reproduction process, signals emerging deviations in the proportions of distribution of GDP and income, in the timely and complete formation of target funds, and in the provision of necessary resources for the production process.

The control function of finance is manifested:

1) before the onset of the distribution process, when programs, forecasts, and budgets are drawn up;

2) in the process of using funds of funds, in the implementation of planned programs, plans, estimates;

H) in the process of summing up results, drawing up assessments of the implementation of plans.

The control function is implemented through:

1) financial and economic control at individual enterprises, based on the implementation of business contracts, commercial settlements;

2) financial and budgetary control when making tax payments and financing from budgetary resources;

H) credit and banking control, when using the principles of lending and cash payments.

4) independent audit and public control,

5) insurance control by insurance companies upon the occurrence of an insured event and payment of compensation.

The regulatory function is expressed in the fact that with the help of finance it is possible to influence the behavior of participants in monetary relations. The regulatory function of finance is used:

at the micro level - at the enterprise to stimulate its activities, creating various funds that help improve the quality of the production process, increase its volume, and improve the financial situation of workers;

and at the macro level, the state, using government spending, taxes, government credit, achieves the same results. The state's credit policy and monetary policy are tools for influencing the situation within the country and interstate relations with the help of finance.

There is also an opinion among economists that finance has such functions as stimulating, stabilizing, and reproductive.

The stabilization function of finance is realized in the conditions of market relations. Its content is to ensure stable conditions in economic and social relations for all economic entities and citizens.

The incentive function is to use distributed income either to expand production or for savings and social needs. The state, with the help of a system of financial levers, influences the development of industries and enterprises in one direction or another. Financial levers can be: budget, prices and tariffs, taxes, export and import duties.

The reproductive function ensures the balance of labor, material and monetary resources at all stages of simple and expanded production. In the context of the reproductive function, finance not only distributes, but also serves the circulation of funds, providing monetary resources for the reproductive process.

According to the author of this work, stimulating and stabilizing functions are variations of the regulatory function. Also, the reproduction function is a derivative of the distribution function of finance: the circulation of funds is ensured by funds through the distribution function of finance. Therefore, there is no reason to separate them into separate functions.

Some economists believe that finance has three functions: the formation of funds (income), the use of funds (income) and control. However, the first two, although they actually exist, are more reminiscent of a mechanism for implementing the distribution function than an independent method of operation of the category of finance.

Finance functions are carried out:

· at all levels of management of the economic system (Federal, territorial, local);

· in all spheres of social life (material production, sphere of circulation, sphere of consumption);

· at all levels of the economic system (intra-economic - enterprise finance, intra-industry - finance of complexes, inter-industry and inter-territorial - state budget and extra-budgetary funds).

3 Financial resources and financial funds

§1 Concept and composition of financial resources

Financial resources are a complex economic category that cannot be completely identified with cash. At the same time, it is quite difficult to identify a clear criterion on the basis of which it is possible to establish quantitative boundaries of financial resources and characterize their specificity in contrast to the category “cash”.

Financial resources are an objective macroeconomic category, the content of which is determined by the conditions of material and financial balance of the economy. The equality of receipt and expenditure of financial resources indicates that the effective demand of enterprises, formed as a result of financing the costs of developing the national economy and the functioning of government institutions, has material coverage, since it corresponds to the created financial resources. Therefore, the condition of material and financial balance can be presented both in the form of correspondence between the amount of financial resources and the volume of material goods, and in the form of balance equality of their receipts and expenditures.

There are subjects and objects of financial resources. The subjects of financial resources are households, enterprises, and states. Objects of financial resources are centralized and decentralized financial resources. Centralized financial resources are formed at the micro level, decentralized - at the macro level.

Financial resources include:

1) Own funds:

a) at the level of enterprises and households - profit. Salary, household income,

b) at the state level - income from state-owned enterprises, privatization, as well as from foreign economic activity;

2) mobilized on the market: purchase and sale of securities, bank loans - for enterprises and households; at the state level - issue of securities and money, state credit.

3) Funds received through redistribution” at the enterprise level, interest and dividends on securities issued by other owners; at the state level - taxes, fees, duties.

When determining the essence of financial resources, it is advisable to proceed from their functional purpose in the process of expanded reproduction of GDP and income. This process is characterized by the movement of commodity and money supply and consists of several stages, at each of which commodity and cash flows correspond to each other in different ways. At the initial stage of movement (production) of GDP and the final stage (its use), cash flows mediate commodity flows. At the stage of distribution and redistribution, the monetary form of expression of GDP acquires relatively independent movement, since it is at these stages that financial relations arise. As a result, various monetary funds are formed, they are regrouped and final income is formed. This is how the volume and structure of national production and the needs of the national economy are coordinated, which in practice is calculated as GDP by expenditure and GDP by income.

Part of the money turnover is strictly coordinated with the circulation of goods, since it is realized as a result of the exchange of equivalents. Expressed in commodity form for the seller and in monetary form for the buyer. When exchanging equivalents, there are no conditions for material and financial imbalance in society.

Another part of the money turnover is related to the needs of expanded reproduction of GDP. They are provided in the process of its distribution and redistribution with the help of finance. This part of the cash flow represents financial flows, i.e. movement of those funds that can be spent on the development of the national economy and meeting national and social needs.

A specific feature of financial flows, in contrast to cash flows, is their non-equivalence. As a result of this, it is finance, in the process of distribution and redistribution of GDP, that generates the independent movement of money, which is where the prerequisites for the material and financial imbalance of the national economy lie. Thus, financial resources are a quantitative characteristic of the financial result of the reproduction process for a certain period. These are the funds that can be legally used to compensate for the disposal of fixed assets, industrial and non-productive accumulation, and collective consumption. This macroeconomic indicator has a balance sheet nature, since it can be presented as the sum of both income and expenses.

The specific content of financial resources is due to the fact that they are:

a. as accumulation funds of funds that are formed as a result of the production, distribution and redistribution of gross domestic product;

b. as final income, i.e. funds intended for exchange for goods and services;

c. as those incomes that have material coverage, since they are generated as a result of the sale of goods and services;

d. as sources of their formation (component elements): depreciation, profit, tax revenue. Non-tax revenues, capital transfers, target budget funds, state extra-budgetary social funds, other revenues;

e. as the final financial result of the reproduction process, since they are used to finance capital investments and major repairs of fixed assets, increase working capital, purchase equipment and durable items for budgetary organizations, costs for social and cultural events, science, defense, maintenance of government bodies and management etc.

It is unlawful to include short-term credit resources in financial resources, since their formation is not associated with the creation of new material wealth, but occurs as a result of the redistribution of financial resources.

Savings of the population in the form of an increase in household deposits in commercial banks, by their economic essence, are a source of financial resources, since in the material aspect (from the point of view of the correspondence of the effective demand of the population and the resources of product supply and the volume of paid services) they correspond to material resources equal to deferred demand in ND.

So, the country’s financial resources are part of GDP and can be presented as the sum of the following indicators of the system of national accounts (SNA): gross profit of the economy, contributions to state extra-budgetary social funds, taxes on production and imports, taxes on individuals, household savings, loans received from foreign countries.

Thus, with the help of financial resources, that part of GDP is allocated that can be aimed at expanding the socio-economic system as a whole. With their help, the part of the produced GDP is distinguished between the part corresponding to the current costs of materials and labor consumed in the production process, and the fund for the expanded reproduction of production factors, including labor. From this point of view, it is legitimate to include society’s expenses on healthcare, education, social policy, etc. in the expanded reproduction fund.

§2 Financial funds

Financial funds are funds formed from financial resources. The purpose of financial funds is to prepare conditions that ensure the satisfaction of constantly changing financial needs.

Monetary funds are owned either by the state - the centralized sphere, or by legal entities and individuals - the decentralized sphere.

In the process of functioning, monetary funds use various funds (aggregates): cash (banknotes, treasury notes), non-cash money, securities in the form of shares, bonds, bills, options, etc.

Cash, being in constant movement, creates cash flows that require clear organization of cash payments. Based on their complexity, cash flows are classified as unilateral, bilateral, and multilateral.

In one-way flows, funds flow in one direction. For example, transferred funds from the federal budget of the Russian Federation go to the pension fund to finance its expenses.

Bilateral cash flow involves the movement of funds between two

The budget receives taxes from enterprises, but under certain conditions, enterprises can receive budget funds in the form of subsidies or loans.

Multilateral flows simultaneously cover different parts of finance and flow in different directions. The household budget is formed from income from various sources (enterprises - the head and other family member receive a salary in this enterprise, the budget - transfer payments); on the other hand, the household pays taxes to budgets and extra-budgetary funds.

Financial flow is a reflection of the material flow, so they are different in nature. The financial flow is always directed against the movement of the material flow. The material flow consists of many different elements, and the financial flow consists of identical – price units and does not depend on the form of their presentation. The material flow depends on many independent objective circumstances, as a result of which it is generally irregular, discrete and stochastic and, as a result, uncontrollable. The financial flow as a whole is regular, continuous and deterministic, as a result of which it is quite stable and manageable.

Global financial flows are interstate movements of funds serving international trade turnover and international capital movements. In the world economy, there is a constant flow of monetary capital formed in the process of capital circulation. The core of global financial flows is the material processes of reproduction. The volume and direction of these flows is influenced by a number of factors: the state of the economy; mutual trade liberalization; structural restructuring in the economy.

Global financial flows serve the movement of goods, services and intercountry redistribution of monetary capital between competing entities of the world market. In addition, they provide signals about the state of the environment, which serve as a guide for managers to make decisions.

The movement of global financial flows is carried out through the following main channels:

1) Currency, credit and settlement services for the purchase and sale of goods and services;

2) Foreign investments in fixed and working capital;

3) Transactions with securities and various financial instruments;

4) Currency transactions;

5) Redistribution of part of the national income through the budget in the form of assistance to developing countries and state contributions to international organizations, etc.

4 The evolution of theoretical views on the essence of finance

§1 Development of theoretical ideas about finance in Russia

Financial science as an independent phenomenon began to take shape in Russia at the beginning of the 19th century. During this period, the first major works in the field of finance appeared. The beginning of Russian financial science was laid by the book of N.I. Turgenev’s “Experience in the Theory of Taxes” (published in 1818), in which for the first time in Russia the features of taxes, their significance for the state economy and the entire economy of the country were studied.

The heyday of Russian financial science occurred at the end of the 19th and beginning of the 20th century, when the most famous works of Russian economists and lawyers I. Yanzhul, I. Ozerov, I. Kulisher, P. Chodsky, V. Lebedev, S. Ilovaisky and others were published.

Russian financial scientists developed both theoretical and practical issues of financial science. In theory, they were adherents of a pragmatic approach, supporters of the theory of “satisfying collective needs.”

The main place in the works of scientists was occupied by the study of public finances (it should be noted that in the works of this period there is practically no mention even of raising the question of private finance). At the same time, the issues of state revenues were studied in sufficient detail. Another area that was studied in detail by pre-revolutionary financiers is budget and finance.

During the same period, the social democratic movement in economic science developed, which was provided by the Russian followers of K. Marx and F. Engels. The most prominent representative of this trend was V. Lenin. The main content of the pre-revolutionary works of V.I. Lenin - criticism of Russia's financial policy. In 1917 V.I. Lenin developed the economic platform of the Bolshevik Party. It provided for the nationalization of the insurance business, the cessation of the issuance of paper money, the refusal to pay internal and external debts, changes in the tax system by introducing a high property tax and property gains tax, income tax reform and the establishment of effective control over the income of capitalists, and the introduction of high indirect taxes on items luxury. Almost all measures, with the exception of monetary circulation and reform of the tax system, were carried out after the October Revolution.

Subsequent research by V.I. Lenin's financial problems were associated mainly with tactical tasks that arose before the state. He was most active in developing issues of financial control, creating a new financial apparatus, strengthening the financial position of the state, carrying out monetary reform and implementing the financial policy of the state at various stages of post-revolutionary development. An analysis of the works of Lenin and other Marxist scientists of the early 20th century shows that a holistic study of the content and role of finance and the main financial categories was not carried out. All this led to the fact that in the first post-revolutionary period the study of finance was based mainly on the works of pre-revolutionary economists.

With the transition to directive methods of economic and financial management, the need arises to streamline and unify scientific ideas about finance, their subordination to class struggle. The result of this is the creation of a science of finance in the USSR. The period of formation of this science was quite long - from the end of 1920 to the beginning of the 50s. In the first period (1926-1931), private financial issues that arose during the implementation of the first five-year plan were mainly developed. But at the same time, attempts were made to generalize the new phenomena of socialist financial practice. These are works by D. Kuzovkov, A. Bukovetsky, D. Bogolepov. Despite the active use of socialist phraseology, the content of finance in these authors follows from the theory of “satisfying collective needs,” the proponents of which were pre-revolutionary Russian economists. All this led to the fact that none of the theories of finance became officially recognized and supported, which was the main thing for its development during that historical period in the USSR. The second period of development of Soviet financial science (1931-1956) is characterized by the formation of common views on the subject of finance. A classic of this period is V. Dyachenko, who in his numerous works developed the foundations of the theory of finance.

The study of applied issues of financial science was carried out during this period mainly in two directions: firstly, the study of the history of the development of financial categories, these are books by K. Plotnikov, dedicated to the history of the budget, A. Zverev and A. Voznesensky, covering the development of finance during the Great Patriotic War wars; secondly, revealing current financial practices.

The elimination of dogmatic phenomena in economic theory put an end to unanimity in Soviet financial science. In the late 1950s - early 60s. Numerous works by economists devoted to economic theory appear. At the same time, a fundamentally new type of applied financial research is emerging, which is critical in nature and contains developments to improve individual financial instruments.

For the first time, the problems of enterprise finance were considered in the works of A. Birman. He developed the issues of using financial categories in the conditions of economic accounting, which, in the author’s interpretation, represented the elements of a market economy under socialism, studied the content of financial resources, and financial management of enterprises. Birman's work gave impetus to the study of enterprise finance in the works of economists in the 1960s and 1980s. (P. Bunich, G. Bazarova, V. Senchagov, S. Sitaryan, M. Romanovsky).

The budget and budget structure were studied in two areas: the development of budget revenues and expenditures, the organization of local budgets. The main works on this topic belong to economists: S. Sitaryan, Y. Liberman, V. Rodionova, G. Polyak, G. Shekhovtsev.

In the field of insurance, theoretical research was based on K. Marx’s interpretations of the need, content and role of insurance funds and therefore did not have sufficient novelty. In addition, the state monopoly on the insurance business has had an extremely negative impact on the study of insurance. The works are of some interest. L. Motylev, L. Reitman, E. Kolomin, V. Shakhov.

Much attention was also paid to the study of financial relations of foreign countries. The works of B. Boldyrev were devoted to the development of capitalist finance. L. Drobozina, L. Pavlova, D. Butakova.

Characterizing the current state of financial science in Russia, it should be noted that there is a virtual absence of deep theoretical and practical works in this area. The works of some authors are more descriptive than methodological and methodological in nature, others direct their efforts to adapt existing views and tools to modern conditions, and the works of others are a compilation of the works of foreign authors.

Among Soviet economists, discussions on the theory of finance concerned two concepts concerning the place of finance in the system of expanded reproduction.

Supporters of the distribution concept were such scientists as V. Dyachenko, G. Tochilnikov and M. Shermenev. They were of the opinion that finance is a system of relations of distribution of funds, which is of a non-equivalent nature, influencing indirectly through distribution the relations of production, exchange and consumption of material goods. Thus, finance can arise only at the stage of distribution, since this stage differs from all others in that here there is a one-way movement of the monetary form of value, its isolation from its natural material embodiment.

According to the reproductive concept, finance is the relationship of all four or several stages of reproduction; it actively participates directly in all these stages. Finance here arises when newly created enterprises are provided with production assets. Financial relations are manifested in the form of allocation of wages, depreciation charges, etc. from the cost of state budget revenues. Finance provides for the needs of reproduction through the accumulation of funds in the form of funds for special purposes. Supporters of this point of view were A. Aleksandrov, A. Birman, E. Voznesensky.

§ 2 Views of foreign economists on the system of financial processes

In the West, it was primarily about the production of private and public goods, i.e. about the functions of the market and the state in the national economy. In other words, questions were raised about the need for the state to participate in the economy, about the limits of its intervention in the economic activities of companies, the population (market), about indicators of its economic efficiency, etc.

The first school of political economy - mercantilism (16-18 centuries) - became the spokesman for the interests of the merchants, who developed world trade, and whom the state had to help in expanding its international activities. Mercantilism is characterized by two features: wealth is identified with money, and the accumulation of monetary wealth is associated with the active role of the state, with strong state power.

In contrast to the mercantilists, Adam Smith (1723-1790) in The Wealth of Nations (1776) emphasized the importance of the state from the point of view, firstly, of protecting and defending private property from encroachment by both other members of a given society and foreign countries and , secondly, the production of goods that are not beneficial to private producers. David Ricardo (1772-1823) devoted his main work, “Principles of Political Economy and Taxation” (1817), to an analysis of the principles of taxation. John Stuart Mill (1806-1873) in “Principles of Political Economy” (1848) came close to understanding the “failures” (inefficiency, inability) of the market, justifying the need for state intervention in the economic life of society.

However, in the 30s of the 19th century. The liberal doctrine was divided into two directions: the classical liberal one, which defended freedom of enterprise and non-interference of the state in the economy, and the modern reformist liberal concept, which, without abandoning basic liberal values, advocated the active role of the state. At the head of this interest were I. Bentham, J. Mill, D.S. Mill.

As the fight against feudal ideology receded into the background, economic philosophy was replaced by practical recommendations. Alfred Marshall (1842-1924) assigned a more modest role to the state. In particular, only the last, fifth book of “Principles of Economics” (1890) was devoted to the analysis of the state. In it, he covered traditional tax issues, although he chose new aspects - the problem of shifting the tax burden.

Criticism of state intervention in the economy was substantiated in the works of Leon Walras (1834-1910) “Essays on Social Economy. Theories of the distribution of social wealth" (1896). He advocated minimizing the role of the state, whose functions should be limited only to the production of public goods and control over monopolies. This limitation of economic functions makes it possible to reduce the level of taxes, the main of which, according to Walras, should be taxes not on income, but on property.

However, the real revolution in economic theory was produced by John Maynard Keynes's (1883-1946) “General Theory of Employment, Interest and Money,” published in 1936. His name is associated with the birth of a new direction in Western economic thought - Keynesianism, which placed the problems of economic and financial policy of the state in the center of attention. Keynes advocated ensuring effective demand, deficit financing, and cyclical budget balancing.

In the 1970-1980s. new directions of neoclassicism noticeably displaced Keynesianism. These included monetarism, a school of economic thought that emphasized changes in the amount of money in circulation as a determining function of prices, income and employment, and new classical economics, the theory of public choice. The main tenets were free enterprise, limited government regulation, and “supply-side economics.”

Conclusion

The formation of the foundations of financial science took place in the process of development by European scientists of old and new political economy on the problem of interaction between the market and the state, their role in the national economy, factors on which the strengthening of market or state methods of regulating business activity depends.

The long path of historical development of economic activity has confirmed a pattern common to any economy: ultimately, those forms of organization of social reproduction remain in society, as well as those of its participants that turned out to be the most effective and efficient in their field of activity. In this case, we are talking about both the forms of organization of production (private or public, individual property or corporation, etc.) and the main participants in economic processes. In modern conditions, these include households, enterprises and the state. The emergence of finance is associated with the emergence, development and activities of one of them - the state.

Finance is an economic instrument that regulates the production and distribution of goods through the resource market and product market. This is an integral element of social reproduction at all levels of management; they are equally necessary for the lower level - enterprises, inter-economic associations (associations, concerns), and the state system of managing the national economy.

Finance is one of the most important economic categories, reflecting economic relations in the process of creating and using money.

One of the main features of finance is its monetary form of expression and the reflection of financial relations in real cash flows.

The area of ​​origin and functioning of finance is the second stage of the reproduction process, at which the value of the social product is distributed according to its intended purpose and business entities, each of which must receive its share in the produced product. Therefore, an important feature of finance as an economic category is the distributive nature of financial relations.

In financial science, there are a number of controversial issues and, above all, the question of the economic nature and boundaries of financial relations. Also debatable is the issue of qualitative characteristics that determine the specifics of finance as an economic category, and the functions of finance.

The presence of controversial issues necessitates further development of theoretical problems of the essence and functions of finance. A deeper knowledge of the economic nature of finance and its inherent properties will allow us to more actively develop ways to better use this category in business practice, scientifically substantiate measures aimed at the financial recovery of the economy and improving the system of financial interrelations.

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