E. Management organization in the conditions of market relations.
There is also an intensive establishment of investment companies. The largest military-industrial investment company (Moscow), the financial company Chinnik (Kyiv), the Siberian Union (Novosibirsk), and the Far Eastern Union (Khabarovsk) were created with the announced billions of capitals. Large joint-stock commercial banks have narrative topic ideas been established in Ukraine: “All-Ukrainian Joint-Stock Bank” “Gradobank” Ukrainian Bank “Renaissance” Bank “Ukrainian Financial Group” JSCB “Geosantris” and others.
The boom in the creation of investment companies and commercial banks is due to the rapid mobilization of large capitals, their increase in trade and intermediary activities and the use of funds for further privatization of state-owned enterprises. Note that the mobilization of capital through investment companies is more profitable than bank capital.
Investment funds, which attract household savings through the issuance of shares with a small nominal value, also have a similar goal – the accumulation of resources for privatization buyouts. Given this purpose of investment companies and funds, we conclude that in the early stages of their activities they will not contribute to the rise of investment activity in the country, because the capital mobilized by them from the purchase of state enterprises will go to the state budget and not to industrial investment.
It should also be noted that the method of rapid mobilization of large capital for privatization through the creation of investment companies and funds gives them considerable advantages in the privatization process and, consequently, in the formation and management of solid portfolios of securities compared to stock exchanges and stock departments.
Thus, investment institutions already have significant advantages over stock exchanges, due to the commercial status of these institutions. Thus, in particular, investment companies can quickly mobilize large capital, have a wide choice of areas of investment.
Investment brokers-dealers due to extensive unified communication networks are able to cover operations in different regions of the country and thus significantly accelerate the process of buying and selling securities, ie the process of migration of financial capital. Investment banks, which are also banks of short-term operations, have unique opportunities to diversify their activities, which gives these institutions high financial stability and ultimately provides priority positions in the financial market.
With increasing competition from various financial market institutions, which are also at a disadvantage in terms of potential competitiveness, stock exchanges will soon experience significant difficulties. Their nature is determined by both economic and legal preconditions.
From an economic point of view, the situation of stock exchanges will deteriorate due to the restructuring of the market structure, which may lead to a temporary reduction in its capacity. The restructuring of the financial market will lead to a rather sharp contraction of the stock securities sector.
From a legal standpoint, the competitiveness of exchanges compared to investment institutions decreases due to the granting of the status of a self-sustaining non-profit organization. The status of a non-profit structure deprives stock exchanges of the opportunity to invest any own funds, except for expanding their activities and financing professional public organizations and associations of exchanges. Such a restriction of investment opportunities will reduce the capital accumulation of stock exchanges, and significantly reduce the opportunities for initial capital accumulation.
In fact, until recently, all exchanges operated as open joint-stock companies, issuing brokerage places available to any institutional investor. At the same time, the privileges of the founding shareholders to manage and receive dividends were preserved.
Thus, from the organizational point of view, the exchange is a compact core of capital of the founding shareholders (closed joint stock company), surrounded by a constantly expanding shell of capital, and owners and tenants of brokerage places. This system of capital organization allowed the first exchanges to concentrate huge amounts of capital. Having passed the stage of initial accumulation, the old exchanges are able to function as non-profit organizations.
Such an organizational structure of exchanges is, in our opinion, a necessary stage in the evolution of the exchange in the specific economic conditions of Ukraine. This will allow to accumulate sufficient capital for the development of exchange activities in Ukraine.
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Bodies of self-organization of the population: foreign experience. Abstract
The abstract provides information on the bodies of self-organization of the population in the United Kingdom of Great Britain and Northern Ireland
Problem statement in general and its connection with important scientific or practical tasks. Democratic processes in modern Ukraine take place at the level of state authorities and local self-government bodies, and most civil society institutions, including self-organization bodies of the population, are not left out of them.
During the years of Ukraine’s existence as an independent state, significant democratic experience has been gained, which should be used to improve the legal regulation of these bodies.
But at the same time it seems acceptable to study in order to further use foreign experience, especially the experience of countries with developed civil society. One such state is the United Kingdom of Great Britain and Northern Ireland (hereinafter referred to as the United Kingdom).
Analysis of recent research and publications, which initiated the solution of this problem and on which the author relies, highlighting previously unresolved parts of the general problem, which is the subject of the article. As far as the author is aware, among the publications of specialists in public administration and jurisprudence dealing with the problem of self-organization of the population in Ukraine, there is no study of the experience of the United Kingdom in this area.
Therefore, the aim of the article is to consider the main provisions of the legal status and organization of activities in the United Kingdom of institutions similar to the bodies of self-organization of the population in Ukraine. In writing the article used regulations and doctrinal studies of S. Gardner, D. Penner, H. Picard, O. Tudor, D. Hayton and some other scholars.
There are no institutions in the United Kingdom that combine all the features of self-organization of the population, namely:
the presence of organizational unity and the presence of the initiative to create, which does not come from a public authority; private nature; independent management of their affairs; the main purpose of the establishment and operation of the institute is not to make a profit; territory of activity – they can operate within the settlement or its part, when the borders of this territory do not coincide with the borders of activity of any local self-government body; lack of hierarchical structure; special procedure for establishment and registration; lack of membership; belonging to the system of local self-government and, as a consequence, the ability to exercise powers of local councils if these powers are delegated to them.
Given that the first four features are inherent not only in the self-organization of the population, but also in other institutions of the voluntary non-profit (third) sector, the search for the subject in the United Kingdom was conducted only among the institutions of this sector.
In determining which institutions of the voluntary non-profit sector in the United Kingdom are most similar to the bodies of self-organization of the population, the author was guided by the following considerations:
institutions should be created within the framework of the territorial self-organization of the population (self-organization of the population by English-speaking (as well as Ukrainian) scholars is also considered as territorial self-organization and self-organization by interests); institutions should be similar to the bodies of self-organization of the population in terms of powers.
The analysis of own powers of bodies of self-organization of the population allows to divide them into two big groups:
powers related to the intensification of public participation in the work of public authorities; powers related to the improvement of the urban environment (both external and internal).
Based on this, the most similar institutions to the self-organization of the population in the United Kingdom are community development centers (community centers).