ACCUMULATION OF CAPITAL IN VOLATILE MARKET CONDITIONS
Journal Title: Економічні інновації - Year 2017, Vol 1, Issue 64
Abstract
There are three stages of the process of capital accumulation in Ukraine. At the first stage there was a primary accumulation of capital. At this stage, the accumulation of capital was largely unearned and was not based on the voluntary association of private capital, but due to the policy and rapid dismantling of state-owned enterprises and the creation of various companies on their basis. Capital formation was carried out at the expense of the mechanism of large-scale and rapid redistribution of assets between industries and economic entities, as a result of the development of the principles of self-financing and self-financing, which began in the mid-80's of the twentieth century. The second stage is characterized by a positive rate of accumulation of capital. At this stage, the pace of GDP decline slowed down, and the pace of capital accumulation was positive. Positive features of the accumulation process were the global financial crisis of 1998. Due to the rapid devaluation of the hryvnia, the position of national producers strengthened and the domestic consumer market expanded significantly, and the process of import substitution began. At the third stage, negative rates of accumulation were noted. Assessing the influence of domestic mechanisms of accumulation and overflow of capital on the peculiarities of the development of the domestic economic structure, it is necessary to note the rather high standard of gross fixed capital accumulation, which fluctuates within the limits of 20 - 25%. Despite the fact that the indicators for the formation and use of gross and net savings in Ukraine correspond to the proportions inherent in developed countries, the domestic economy is constantly experiencing a lack of investment, which is explained by the inadequate motivation of investors to implement large-scale investment and innovation projects, the ineffectiveness of the national system of transformation of savings in investment and Needs to improve the mechanisms of accumulation and overflow of capital and increase the role of the state in stimulating this process .
Authors and Affiliations
N. I. Duchinska, J. N. Chayka
Keywords
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