The process of foreign raising capital and its operating conditions in Ukrainian economy in 1920s


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The article deals with main activities and processes of foreign raising capital in Ukrainian economy. The reasons that facilitated the development of soviet concessional policy, the position of RCP(b) towards the problem of foreign raising capital and attitude of public authorities to the foreign investors are highlighted. Major areas and functional forms of foreign capital in the national economy of Ukraine are considered. The scale and activities of foreign investors in the USSR in the years of new economic policy are analyzed. The paper also examines extremely difficult, adverse and uncivilized foreign capital operating conditions in the country, such as political, legislative and economic. Moreover, the conflicting position of soviet authorities towards foreign entrepreneurs, whose activities contributed to the reconstruction and modernization of the country’s economy are highlighted. The article reveals specific features of attraction process and functioning of foreign investors in Ukraine. Moreover, here we may get to know about negative aspects of the hypercentralized concessional policy of the center, which hasn’t considered the national interests of union republics. It has affected the pace and level of raising capital brought to the country. The study concludes that by virtue of class and ideological regulations of the state party, considerable potentialities for a large-scale usage of resources, technologies and links of foreign investors in the process of industrial modernization of the country were lost. The paper explores attitude of the different Ukrainian society groups of the 1920s towards foreign concessions. The ambiguous and disputable feelings of different social groups about offshore capital and its potential role in the reconstruction of various industries of the country are analyzed. The conclusion is made up that the role of foreign investors in the economy was positive as a whole, letting us use the capitals (even though a very small scale), technologies, european organisation, production experience and work culture for the further modernization of Ukraine.

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new economic policy, foreign capital, concessions, social groups, investments.[/restab]

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