Genesis of the Russian Financial System and the Ways of its Transformation: the Period Before 1928

Abstract

The life of modern human society is impossible without an effective economic model. In turn, functioning economies are ensured by the financial system of society. The purpose of this scientific research is to formulate a scientific approach to the development of the domestic financial system, which, unlike most foreign ones, has gone through stages of a complete change in the current paradigm. The Russian financial system has gone through mutually exclusive stages of development: finance of catch-up development, finance of war communism, finance of the new economic policy, Soviet finance, neoliberal and globalist finance, national finance. Each of these stages reflects fundamental changes in the methods and methods of management, which could not but affect the elements of the financial system. In financial theory and practice, there is high theoretical, methodological and methodological uncertainty regarding the elements of the financial system. In this context, their study from a historical perspective is relevant. It is proposed to highlight the following main elements: national currency, payment system, monetary relations, tax system, banking system, insurance system, mortgage system, public finance, securities market, mutual investment funds and non-state pension funds, exchange trading, existence of relationships with international finance. The research methodology is based on a theoretical analysis of the basic scientific principles of the formation of the financial system and its elements. The informational and empirical basis for the research was scientific research by Russian and foreign scientists, data from state and corporate statistics, and information and analytical reviews. The object of observation is the Russian financial system before 1928. The scientific novelty lies in the formation of the author's conceptual approach to the financial system and its elements, and the imperatives for the emergence of economic problems caused by the underdevelopment of the financial system are identified. The study showed the need to further improve the elements of the financial system to ensure economic growth and development.