The role of the foreign assets in the economy of Ukraine at the turn of the XXth century
The article proves the effectiveness of foreign assets at traction to the domestic investment enterprise at the end of the 19th c. The author determines attractiveness of the domestic business, which was being modernized during the factory-and-plant industrialization and required strong financial do...
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Інститут економіки промисловості НАН України
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irk-123456789-1148932017-03-20T03:02:37Z The role of the foreign assets in the economy of Ukraine at the turn of the XXth century Lantukh, I. Economic Theory and History The article proves the effectiveness of foreign assets at traction to the domestic investment enterprise at the end of the 19th c. The author determines attractiveness of the domestic business, which was being modernized during the factory-and-plant industrialization and required strong financial donors, for foreign direct investments. Attention is paid to the monetary reform of 1895-1897, which facilitated the process of foreign capital penetration to the domestic market. Also, a parallel is drawn with the modern foreign direct investments to Ukraine and their vectors are analysed. У статті обґрунтовується ефективність залучення іноземних капіталів щодо вітчизняного інвестування підприємництва в кінці ХІХ ст. Автор з'ясовує привабливість вітчизняного підприємництва для прямих іноземних інвестицій, яке модернізувалося в період фабрично-заводської індустріалізації і вимагало потужних фінансових донорів. Звернено увагу на грошову реформу 1895-1897 рр., що полегшала проникнення іноземного капіталу на внутрішній ринок країни. Проводиться також паралель із сучасними прямими іноземними інвестиціями в Українута аналізується їх спрямованість. В статье обосновывается эффективность привлечения иностранных капиталов, относительно отечественного инвестирования предпринимательства в конце ХІХ в. Автор выясняет привлекательность отечественного предпринимательства для прямых иностранных инвестиций, которое модернизировалось в период фабрично-заводской индустриализации и требовало мощных финансовых доноров. Обращено внимание на денежную реформу 1895-1897 гг., которая облегчила проникновение иностранного капитала на внутренний рынок страны. Проводится также параллель с современными прямыми иностранными инвестициями в Украину и анализируется их направленность. 2016 Article The role of the foreign assets in the economy of Ukraine at the turn of the XXth century / I. Lantukh // Економічний вісник Донбасу. — 2016. — № 4 (46). — С. 10–14. — Бібліогр.: 15 назв. — англ. 1817-3772 http://dspace.nbuv.gov.ua/handle/123456789/114893 330.322:338.1(477) en Економічний вісник Донбасу Інститут економіки промисловості НАН України |
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Economic Theory and History Economic Theory and History |
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Economic Theory and History Economic Theory and History Lantukh, I. The role of the foreign assets in the economy of Ukraine at the turn of the XXth century Економічний вісник Донбасу |
| description |
The article proves the effectiveness of foreign assets at traction to the domestic investment enterprise at the end of the 19th c. The author determines attractiveness of the domestic business, which was being modernized during the factory-and-plant industrialization and required strong financial donors, for foreign direct investments. Attention is paid to the monetary reform of 1895-1897, which facilitated the process of foreign capital penetration to the domestic market. Also, a parallel is drawn with the modern foreign direct investments to Ukraine and their vectors are analysed. |
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Article |
| author |
Lantukh, I. |
| author_facet |
Lantukh, I. |
| author_sort |
Lantukh, I. |
| title |
The role of the foreign assets in the economy of Ukraine at the turn of the XXth century |
| title_short |
The role of the foreign assets in the economy of Ukraine at the turn of the XXth century |
| title_full |
The role of the foreign assets in the economy of Ukraine at the turn of the XXth century |
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The role of the foreign assets in the economy of Ukraine at the turn of the XXth century |
| title_full_unstemmed |
The role of the foreign assets in the economy of Ukraine at the turn of the XXth century |
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role of the foreign assets in the economy of ukraine at the turn of the xxth century |
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Інститут економіки промисловості НАН України |
| publishDate |
2016 |
| topic_facet |
Economic Theory and History |
| url |
http://dspace.nbuv.gov.ua/handle/123456789/114893 |
| citation_txt |
The role of the foreign assets in the economy of Ukraine at the turn of the XXth century / I. Lantukh // Економічний вісник Донбасу. — 2016. — № 4 (46). — С. 10–14. — Бібліогр.: 15 назв. — англ. |
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Економічний вісник Донбасу |
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I. Lantukh
10
Економічний вісник Донбасу № 4(46), 2016
UDC 330.322:338.1(477)
I. Lantukh,
PhD (Economics),
Kharkiv National Automobile and Highway University
THE ROLE OF THE FOREIGN ASSETS IN THE ECONOMY OF UKRAINE
AT THE TURN OF THE XXth CENTURY
Modern time is determined by the fact that the most
characteristic feature of the international finance rela-
tions is that they are meant to effectively cater for the
international movement of goods and services as well as
distribution of the monetary capital among the world
market agents. They also signal timely about the condi-
tion of the world finance markets, and these signals are
a ‘litmus paper’ for the timely decision-taking by the in-
ternational finance subjects. It is evidenced by a series
of the currency and financial crashesthat took place, for
example, in 1998 – Asiatic crisis, events in Russia,
Ukraine and other CIS countries (the Commonwealth of
Independent States).
Nowadays the international financial assets can
freelymove from the domestic market to the world fi-
nancial one, and vice versa. It is noteworthy that in the
present-day world the gigantic flows of the so-called
“hot” money have been formed and they areintensively
searching for their excess profit use. This fact prioritizes
the problem of the foreign assets application, the prob-
lem which was faced by the domestic market at the end
of the XIX c. when it was being modernized and pre-
sented an interest for foreign investors. In our tempestu-
ous time it would be risky to rely exclusively on the
Ukrainian experience. However we are obliged to do
certain generalizations as to the use of the foreign assets.
The problem of international finance relations has
beenresearched by a number of the contemporary econ-
omists who treat it from various angles. To them belong
A.V. Omelchenko, T.S. Shelest, V.S. Stelmach, A.O.
Yepifanov, N.I. Grebenyk, V.I. Miscshenko and others
[1]. Yet the economic-and-historical aspect of this prob-
lem remains beyond the scholars’ research focus.
The aim of the article is to prove effectiveness of
drawing the foreign capital to invest domestic business
activity at the end of the XIXth c., to show how the for-
eign capital stimulated modernization of the domestic
enterprise activity in the period of the factory-and-plant
industrialization, and to point out that this experience
can be instrumental in our time as well.
To the close of the XIXth c., the industrial overturn
in the country was basically completed. The machine in-
dustry which came to be implemented in the factory-
and-plant production was a qualitatively new form of in-
dustrial production. It was a victory over the manufac-
tured production and the factory-and-plant industry
gave impetus for radical transformations both in the
country’s economy and society in the whole. It was the
factory-and-plant industry at the end of the XIX c. that
produced a large part of goods and commodities, thus it
was turned into the main form of industrial production.
Of note is the fact that in this period the heavy industry
developed twice as fast as the light one [2, р. 27]. It was
a breakthrough and a marked sizing up of the industrial
overturn.
The railroad construction turned out to be sort of a
business card of the industrial overturn. After the 1861
reform which freed the country folk from the feudal de-
pendence and supplied the labor market with enormous
workforce the railroad construction underwent a great
growth. While for the 1865 to 1875 decade the average
annual lengthening of the railroads amounted to 1.5
thous. kilometers, the increase within the period from
1893 to 1897 was up to 2.5 thous. kilometers. It amounts
to 1.7. times increase. In the result of this industrial leap,
21 thous.km of railroads were built in Russia by the end
of the XIXthc. [3, р. 57]. As for Ukraine which entered
Russia at that time, the overall length of its railroads
grew from 227 km in 1865 to 8.4 thous. km in 1800 [4,
р. 173]. While in 1865 their length made up only 6 per
cent of the total length of the railroads in Russia, it got
increased by 16 per cent at the beginning of 1900. Tak-
ing the density of the railroads, it was higher in Ukraine
than in Russia: 16,8 km for every 1000 km in Ukraine
as compared to average 9.9 km in Russia. Of interest is
the fact that by this index the Donets-and-by-Dnieper
region (Donetsko-Pridneprovsky region) was second
only to the Russian centre [5, р. 57].
It was achieved owing to the doctrine of attracting
foreign assets. Russia came to possess the railroad net-
work which it would not have had but for the foreign
assets because the domestic assets couldnot have been
drawn even with the help of the lottery-loans which
were extremely profitable for the creditors and heavy for
the Treasury. It was due to the railroads that the country
got secured in the political aspect as well because indus-
try and agriculture could attain a stable progress. From
this viewpoint, the railroads had cost to the domestic
taxpayer very high but they got remunerated very
quickly by their usefulness. If the toll taken by the rail-
road network was too high, this circumstance did not
have anything in common with the doctrine of attracting
foreign assets. At this time all Europe was engaged with
an accelerated construction of the railroad network, that
is why the assets were, in general, very costly; on the
other hand, the mistake made in equal measure by Ger-
many, France, Austria, Italy and other countries in the
process of railroad construction consisted in entrusting
I. Lantukh
11
Економічний вісник Донбасу № 4(46), 2016
the companies which were fictitious, in fact, with build-
ing the railroads; these companiesenjoyed extremely
wide rights while a serious financial control was not im-
plemented. But the domestic entrepreneurs were en-
sured the same conditions in constructing the railroads
and they built them no worse than the foreigners did. As
for the funds, they got them partly abroad, partly from
the Treasury. No matter howheavy financial mistakes
might have been committed in the course of building the
domestic railroad network in the 60s and 70s, they were
to a certain extent, under the then existing conditions
and the novelty of the project, unavoidable. However
these mistakes were caused by an undue trust in the hon-
est business activity which however revealed great tal-
ents in running speculative promotion (“Gründerzeit”)
activity but not in the handling of business. These “tal-
ents” resorted to securities emission, stock exchange
speculations, setting up fake enterprises. But the doc-
trine of attracting foreign assets did not have an influ-
ence here. The government encouraged the capitalists in
general, and not especially foreign capitalists. It requires
to be mentioned that there were “active” assets in Rus-
sia, but when they were procured this was done under
heavy conditions. However, at the end of the XIXthc. the
domestic credit grew and the foreign assets rushed to the
domestic market. But in case the government faced new
large expenditures, be it construction of several dozen
thousand kilometers of the railroads or crucial improve-
ment of the domestic waterways, it would have all the
same to procure the money from the foreign investors
because there was not enough assets in the homeland
while they were comparatively costly and extremely in-
ert. Suffice it to say that the real practice in a few sum-
mer months of 1890 promptly afforded a convincing ex-
ample of a necessity of resorting to a creditin the similar
cases, namely the railroad loan to the amount of
75.000.000 roubles was made [6].
The foreign capitalists proposed their funds for the
domestic industry and it would be a short-sighted ap-
proach not to make use of them. By the end of the
XIXthc. the empire was poor in respect of “free” assets
[7]. It was natural then, that in the course of executing
the project of the century, namely the Syberianrailroad
construction, the empire had to withdraw considerable
resources to finance the multimillion enterprise. But that
involved a great risk because the other industry branches
and trade turnover were thus infringed and slowed
down. And the other way round, the inflow worth of 300
hundred million roubles of the foreign assets provided
earnings for the population and naturally ensured a
boost in the domestic industrial production [6].
The flow of the foreign assets to the domestic mar-
ket was not incidental. It was closely related to the cap-
italist transformation of the assets at the end of the
XIXthc. as well as with the monetary reform of 1895-
1987. The reform got the name of Count C.Yu. Vitte,
the then Russia’s Finance Minister. In its essence the re-
form was as follows. The paper money (assignations)
was made equivalent to a certain amount of gold (one
rouble was equivalent to 0.17424 of zolotnyk or 1/96 of
pound) and the new banknotes which were being intro-
duced into circulation could be freely exchanged in Rus-
sia’s banks for a corresponding to their nominal value
amount of gold by any Russian subject or foreign citi-
zen. The banknotes had their counterparts in metallic
roubles – gold tens and fives, and the corresponding pa-
per money was added with minting small silver and cop-
per coins. Vitte and his Ministry took a very rigid con-
trol not to allow a surplus issue of paper money to the
detriment of minting gold coins. Any deviations from
this rule were ruthlessly persecuted. That is why in the
period of 1887 to 1917 nobody dared to alter this rigid
provision of the Russia’s State Bank statutes, even the
Tsar. In the result of these steps there were 1630 million
roubles in circulation in Russia by the beginning of
World War I, and the gold stored in the cellars of the
Russia’s State Bank was equivalent to 1743 mlnrouble
[8, р. 23]. To sum it up, in the country a system of gold
monomet allism was implemented in the basis of which
lay the gold circulation and a free exchange of credit
banknotes on a stable currency rate. The success of the
reformwas ensured by the serious measures aimed cre-
ating the gold reserve. The monetary reform promoted
the rouble stability and encouraged the foreign assets
flow. This system was a system of the capitalist type.
Attheend of the XIXthc. the foreign assets were
cheap. Therefore it would be inconsiderate not to make
the best of these favorable conditions and not to switch
them on for the needs of the domestic industry. Moreo-
ver the foreigners crediting the state-owned enterprises
got only a very insignificant interest rate and sometimes
they did not get any remuneration at all. But all the ma-
terial and moral profits from the enterprises (for exam-
ple, railroads) that were being constructed on the similar
assets came to be totally owned by the state.
While they in Russia pondered on and debated the
usefulness of railroads and expected for this purpose an
accumulation “from their own funds”, from inability to
make use of the foreign assets, all the other countries,
not excluding the ones similar in area and sparseness of
population (for example, the USA), were quickly cov-
ered with railroads removing Russia from the technical
markets and bringing the domestic agriculture nearly to
unprofitability.It should be recalled as well how much
the backwardness in the period of 1825 to 1855 had cost
Russia. At that time one feared the onrush of everything
“non-indigenous” not excluding even foreign assets. Fi-
nally Russia turned out to be weaponless in all respects
when it was confronted with a real onrush – not on the
part of an imaginable but a real enemy in the guise of
everything foreign [9].
The practice of the domestic enterprise showed
doubt and non-doing approach even in those cases when
I. Lantukh
12
Економічний вісник Донбасу № 4(46), 2016
all that was required was only to make use of the ready-
made example or approved methods of running business
by the foreigners. As is well-known, any invention, any
technical improvement as well as practical application
of the technical or other measures required a lot of ef-
fort, they resulted in countless failures and sufferings,
erroneous calculations and bankruptcies. By and large,
with a few exceptions, the inventions and improvements
were made by the foreigners. In this sense, the domestic
businessmen took much from the foreigners beginning
with inventions and the spirit of entrepreneurship and
ending with their assets. As it was, the domestic capital-
ist did not easily respond to the stimulus: except subsi-
dies, Treasury insurance and a correct estimation of
large profits he was in no hurry “to be generous”. When
the foreigners, besides experience and example, were as
well ready to put to risk their assets for constructing
technical facilities and enterprises which were profitable
for Russia and which remained forever in the country,
then the true love for the homeland, common sense and
calculation naturally led to making use of these services.
Unconditionally, Russia was not Turkey, nor Ser-
bia or Bulgaria to have fears that in this way it could be
entrapped by foreign capitalists. With few exceptions,
nearly all Russian state loans were issued with the inter-
mediary help of the foreign assets and foreign bankers.
Russia borrowed incomparably more abroad in that very
time when its foreign policy was marked for the topmost
independence. As for the Turkey example, it showed
that this power existed only, at least in the military and
seafaring sectors, due to the foreign services, expertise
and assets [9].
At the end of the XIXthc., Russia was in an alto-
gether different situation. If it borrowed assets abroad, it
was only on the account of them being cheaper than in
the home country. The foreigners were ready to place
their assets into the private enterprises in Russia which
of course led to their assimilation and naturalization. A
great number of facts testifies to that. For instance, in
1897, near the town of Kremenchuk, the new mineral
resources were explored, such as kaolin, granite, pure
quartz sand. To exploit them, a French capitalist com-
pany was set up which mainly had the equipment for the
porcelain kitchenware plant [10]. In the same year, the
Belgian joint stock company named as “Iron Rolling
Plants” was allowed to perform their operations in Rus-
sia, in the town of Kostyantynivka, Donbass [11]. And
in March of 1898 the Cabinet allowed the Belgian joint
stock company “Rutchenkovo Mining Association”
with the capital stock of 16,000.000 francs to begin their
operations in the domestic industrial market. The Asso-
ciation had for its goal the exploitation of the coal de-
posits in the Bahmut district (povyt), the Katerinoslav
Province (the area of 7.292 desjatin (one desyati-
na =1.09 hectare) was taken over under the rental con-
tent terms from “The French Mining Association”) as
well as the exploitation of the coal deposits and their
sales in other regions of the empire [12]. As for the Bel-
gian “Diamond Coal Joint Stock Association”, it was
granted the right to cast iron, for which it was given ad-
ditional blast furnaces at the rented lands in the Slav-
Serbian povyt, the Katerinoslav Province [13]. To mul-
tiply examples, in Brussels an anonymous association
the capital stock of 6 mln francs was set up, that is
20.000 shares worth 3.000 roubles each, with the aim of
appropriating and renting the lands in the Herson prov-
ince for constricting iron-and-steel works. Incidentally
the association was called “The Metallurgic and Mining
Association” [14]. But a large number of the industrial
and trade firms got “Russianized” long ago and they
were ready to support and defend various kinds of “pat-
ronage”in order to avoid the competition with the flow
of new services and new foreign assets to Russia.
Present-day Ukraine also employs direct foreign
investments for its development. They are not only a
simple financing of the capital investments into the
economy, but they also happen to be a means of for rais-
ing productivity and technological level of the Ukrain-
ian enterprises. Allocating their assets in Ukraine the
foreign companies bring along new technologies, new
kinds of production organization and a direct opening to
the world market, and this is achieved due to the possi-
bility to make use of the well-established network of
traders, clients and service centres via their affiliate
companies.
The world experience proves that attracting foreign
assets in the form of direct investments has a number of
essential advantages for the country. Namely, direct in-
vestments: 1) are favorable for getting the funds to settle
external arrears; 2) are a source of funding the commod-
ity production and service sphere, the ensure the transfer
of technologies, know-how, advanced methods of man-
aging and marketing; 3) they enable an output increase
of the high-quality produce which is competitive;
4) they play an essential role in accelerating privatiza-
tion, reconstruction and structural reshuffling if produc-
tion; 5) they are conducive to effective integration of the
national economy into the world one.
Increase and realization of the investment potential
are a key factor of the stable economic growth. Insuffi-
cient investing and a high level of the capital consump-
tion give rise to the danger of decapitalization, that is
minus values of pure investments. While in 1999 this
index amounted to 0.5 per cent of the Gross Domestic
Product, at the beginning of the XXIstc., in 2001, it was
over 2 per cent [8, р. 337]. That is why for Ukraine’s
economy the most realistic way out from such a situa-
tion lies in increased attracting of the external private
capital. Regretfully, for today the overall share of the
private capital investments, including external ones,
does not exceed 20 per cent of the Gross Domestic Prod-
uct, while in Hungary and Poland it makes up 70 to 80
per cent.
I. Lantukh
13
Економічний вісник Донбасу № 4(46), 2016
Overall, since 1995 and by the beginning of the
XXIstc. direct foreign investments into Ukraine made up
5339.0 mln US dollars [8, р. 342], whereas in 2013 they
amounted to 56365,8 mln US dollars, which shows their
increase by 10,6 times. While at the end of the XIXthc.
Belgium, France and the nearby countries were the main
foreign investment donors, nowadays the geography of
the latter has become very diversifies which testifies to
the globalization of the investment sources (See tabl. 1)
[15].
Table 1
Direct foreign investments from the world countries into Ukraine’s economy
(excluding temporarily occupied territories of the Crimean Autonomous Republic
and the city of Sevastopol)
(mln US doll.)
01.01.2010 01.01.2011 01.01.2012 01.01.2013 31.12.2013
Total 39 175,7 43 836,8 48 991,4 53 679,3 56 356,8
including
Cyprus 8 847,9 9 866,0 13 002,3 17 121,7 18 500,3
Germany 6 498,6 6 977,3 7 338,2 5 983,0 6 153,4
The Netherlands 3 934,0 4 658,7 4 873,4 5 179,9 5 438,5
The Russian Federation 2 286,8 3 079,2 3 253,0 3 417,5 3 889,9
Austria 2 593,2 2 717,4 3 226,9 3 386,3 3 178,1
Great Britain 2 234,1 2 229,9 2 536,4 2 496,9 2 646,5
The Virgin Islands (Brit.) 1 283,6 1 384,9 1 580,2 1 888,2 2 339,9
France 1 617,5 2 341,8 2 229,5 1 730,7 1 789,2
Switzerland 785,7 852,7 939,3 1 097,6 1 319,2
Italy 979,8 978,3 974,8 1 027,3 1 267,5
Belize 112,9 132,4 151,7 809,2 1 008,9
The USA 1 283,3 1 130,9 966,6 976,5 953,7
Poland 866,7 932,7 854,0 916,9 845,3
Other countries 5 851,6 6 554,6 7 065,1 7 647,6 7 026,4
But today we have to care not just for an increase
of attractiveness of Ukraine’s economy for the foreign
investors. The task is to make use of their possibilities
for an expansion of the domestic effective consumer de-
mand, stirring up of the innovation impact on the do-
mestic production. To attract foreign investors, there
should political “quietness” in the country which is a
natural condition for the comfortable operation of the fi-
nance-and-monetary system.
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I. Lantukh
14
Економічний вісник Донбасу № 4(46), 2016
Лантух І. В. Роль іноземного капіталу в еко-
номіці України кінця XIX – початку XX століття
У статті обґрунтовується ефективність залу-
чення іноземних капіталів щодо вітчизняного інвес-
тування підприємництва в кінці ХІХ ст. Автор з'ясо-
вує привабливість вітчизняного підприємництва для
прямих іноземних інвестицій, яке модернізувалося в
період фабрично-заводської індустріалізації і вима-
гало потужних фінансових донорів. Звернено увагу
на грошову реформу 1895-1897 рр., що полегшала
проникнення іноземного капіталу на внутрішній ри-
нок країни. Проводиться також паралель із сучас-
ними прямими іноземними інвестиціями в Україну
та аналізується їх спрямованість.
Ключові слова: підприємництво, фінанси, іно-
земний капітал, прямі інвестиції, грошова реформа.
Лантух И. В. Роль иностранного капитала в
экономике Украины конца XIX – начала XX сто-
летия
В статье обосновывается эффективность при-
влечения иностранных капиталов, относительно
отечественного инвестирования предприниматель-
ства в конце ХІХ в. Автор выясняет привлекатель-
ность отечественного предпринимательства для
прямых иностранных инвестиций, которое модер-
низировалось в период фабрично-заводской инду-
стриализации и требовало мощных финансовых до-
норов. Обращено внимание на денежную реформу
1895-1897 гг., которая облегчила проникновение
иностранного капитала на внутренний рынок
страны. Проводится также параллель с современ-
ными прямыми иностранными инвестициями в
Украину и анализируется их направленность.
Ключевые слова: предпринимательство, фи-
нансы, иностранный капитал, прямые инвестиции,
денежная реформа.
Lantukh I. The role of the foreign assets in the
economy of Ukraine at the turn of the XXth century
The article proves the effectiveness of foreign as-
sets at traction to the domestic investment enterprise at
the end of the 19th c. The author determines attractive-
ness of the domestic business, which was being modern-
ized during the factory-and-plant industrialization and
required strong financial donors, for foreign direct in-
vestments. Attention is paid to the monetary reform of
1895-1897, which facilitated the process of foreign cap-
ital penetration to the domestic market. Also, a parallel
is drawn with the modern foreign direct investments to
Ukraine and their vectors are analysed.
Keywords: enterprise, finance, foreign assets, di-
rect investment, monetary reform.
Received by the editors: 20.10.2016
and final form 28.12.2016
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