The role of foreign capital in the formation of the economic system of Ukraine: analysis of scientific literature of the second half of the 19th - beginning of the 20th century

Abstract

The article is devoted to the analysis of scientific literature of the second half of the 19th - beginning of the 20th centuries, regarding the role of foreign capital in the formation of the economic system of Ukraine. In the context of modern challenges as to the financial support of the war economy, and in the future – of the post-war recovery, attention is focused on the presence of a wide scientific discourse on the search for financial sources of reconstruction, whose important aspect is the attraction of foreign capital. An important informative source for the development of this issue is the presence of domestic historical experience of the period of market-industrial transformations, when Ukraine’s economic system developed as part of the overall imperial complex, and foreign investments became an important factor in its formation and development. In particular, it was found that due to direct and portfolio foreign investments, extensive modernization of this country's industry, and development of the financial sector and communication routes took place, which gives grounds to characterize foreign investment as one of the main stimulating factors for the development of an economic system. Along with this, it is emphasized that foreign investment can be considered a factor in the innovative development of Ukraine’s economy in the second half of the 19th and early 20th centuries, due to the promotion of the creation of new branches of production, the introduction of new technologies and methods of production organization into domestic practice, etc. An important practical conclusion of the conducted research is that the existing historical experience is an important source of substantiation of modern state policy measures in terms of ensuring a favorable institutional environment for attracting foreign capital for the implementation of socially significant projects of modernization and restoration.