SUBSTANTIAL RELATIONSHIP OF INDUSTRIAL AND FINANCE CAPITAL IN UKRAINE: PECULIARITIES

The paper deals with the problem of investment support for the development of industrial capital. It is shown that industrial capital operates on the basis of physically and morally obsolete fixed assets. Since industrial capital in Ukraine does not exist separately, but as an integral part of financial capital, it is the particularities of the functioning of financial capital that determines the statics and dynamics of industrial capital. The paper explores the logic of financial capital development as an objective process. Financial capital, being a step in the development of capital in general, contains universal and particular features itself. Financial capital arises on the basis of the concentration of production in general, capitalist monopolies and joint-stock capital. Formally, all these features of financial capital are also present in Ukrainian financial capital, in reality — there is only a generic characteristic — concentration of production and capitalist monopoly. As for the jpint-stock form of capital, it remains undeveloped; relations in the management and transfer of property in large Ukrainian monopolies remain at the level preceding the industrial revolution. New companies also do not use shares as a tool for concentration and centralization of capital. The stock market as an essential feature of joint-stock capital functioning is obscure and inaccessible to investors, which also indicates its underdevelopment and formal nature. On the other hand, there is a phenomenon of over-accumulation of loaned capital in the world, which is potentially a source for investment in Ukrainian industrial capital. The population within the country has also accumulated significant financial resources outside the banking system, which can be attracted for the development of industrial capital. The authors of the paper argue that the joint-stock capital can serve as a tool for turning these savings into investments. The development of not a formal, but real stock ownership, the development of the stock market in the direction of its greater transparency and accessibility for all investors can serve as a solution to the eternal problem of insufficient investment in Ukrainian industrial capital.