Law Institute - this is a legislatively separate set of legal norms that provides integral regulation of this type of relationship or its aspect.

The legal institute is the basis of the branch of law. This is “the primary independent structural division of the industry, the first and most important step in the formation of the industry, where legal norms are grouped... according to their legal content...”.

Legal norms form a branch of law not directly, but through institutions; Moreover, the legal originality of a particular norm is revealed taking into account the characteristics of the entire complex of norms.

Thus, if the legal system consists of branches, then the branches themselves consist of legal institutions. So, for example, in labor law there are the “institute of labor discipline”, “the institution of material liability of workers and employees”, etc., in civil law - the “institute of limitation of actions”, “the institution of obligations arising from causing harm”, etc. .

A legal institution is characterized by three characteristics:

a) Uniformity of factual content. Everyone's right

This institute is dedicated to the regulation of strictly defined times

novelties of social relations covered by this

industry, or side of a group of relationships. Hence the homogeneity

actual content of the institute.

b) Legal unity (complexity) of norms. This is the heads

a significant sign of the institution. The norms that form the institution are presented

are sold as a single complex, an integral system, or more precisely - related

a separately isolated “block”, “unit”, in combination with others

these institutions that make up the regulatory mechanism of industries

whether. Each institute provides integral (in its area

“completed”) regulation of this type of relationship

or parties to a group of relationships. That is why inside the institute

here there is a specialization of legal norms: complex

a combination of various regulatory, definitional and other

standards are intended to ensure comprehensive regulation of the relevant

mutual relations.

c) Legislative isolation. As the main structural divisions of the industry, institutes receive externally separate recognition in regulatory (legislative) acts in the form of independent chapters, sections, etc.10. This or that arrangement of legal norms, their combination into chapters, sections, parts - this is in most cases the process of differentiation and integration of normative material, leading to the formation of legal institutions.

Legal institutions are very heterogeneous in their place and functions. Thus, general institutions can be distinguished (containing “bracketed” normative provisions related to the industry as a whole or its large division), material-regulatory institutions (the content of the norm that directly regulates the behavior of subjects), protective institutions (containing protective and related they have other norms), procedural institutions, etc. In other words, specialization, the “division of labor,” occurs not only between individual norms, but also between legal institutions.

Relationships of subordination and subordination may exist between institutions within an industry. “Fractional” parts of an institute often form independent divisions, which are called subinstitutes,” etc. In general, in cases where such a “multi-story structure” is observed, there is always, so to speak, a final link - an institution that unites a group of institutions and sub-institutions, which can be called a general institution. These are, for example, the institution of labor discipline, the institution of crimes against property, the institution of contracting, etc.

Within the industry, specific associations of institutions are also emerging. Thus, as legislation develops and the level of normative generalizations increases, general institutions are isolated into a larger unit, which in codified legislative acts is called “general part” or “general provisions.”

Along with this, in developed branches of law, general and other institutions often also develop into enlarged divisions - sub-sectors.

The latter are such extensive communities of sectoral institutions (general sub-institutions), in which “their own” common part is isolated. Such are, for example, the law of obligations, inheritance law, copyright law and others - in civil law, administrative and economic law - in administrative law, military criminal law, etc. Some large branches of law, for example civil law, appear in modern conditions in the form of a combination of the “general part” and a group of sub-sectors. Every

legal institute

- this is, in principle, a legally homogeneous legal entity, i.e. it is part of a strictly defined industry. But the division of socialist law into sectors does not mean at all that there is a “Chinese wall” between them, which would divide the sectors into spheres completely isolated from each other. Between branches of law there are not only individual points of contact, but also vast areas of contact and close interaction. Mixed institutions are emerging in these border areas.

A mixed institution is an institution in a given industry that includes some elements of a different method of legal regulation. In general, the legal content of a mixed institution is homogeneous; therefore it falls within a specific branch of law. But elements of the method characteristic of another branch of law penetrated into its content.

As an example of a mixed institution, we can name civil law institutions that mediate credit and settlement relations.

The State Bank of the USSR, acting in relations with its clientele as a legal entity, at the same time performs the power and control functions of a government body. Therefore, within the framework of credit and settlement legal relations, some administrative powers of the State Bank of the USSR are also manifested. The institutions regulating relations related to the implementation of the plan for the transportation of goods by rail, relations in the field of postal services, relations in compulsory insurance, etc. are also of a mixed nature.

a specific combination of party system and voting method

organization of supreme power in a certain territory

136.Lobbying as a phenomenon reflects...

evolution of legitimate power

137.According to the elite theory, power in society always belongs to...

the majority of the people

possessing the necessary qualities to the minority

Political party

charismatic leader

138.International environmental organizations were formed in...

X years

1900-1910s

1940-1950s

139. A social phenomenon that represents one of the forms of resolving social contradictions between states, peoples, classes and social groups by means of armed violence is ...

War

confrontation

competition

140.Ideology__________emphasizes the continuity of development, the priority of the interests of the state over the interests of the individual, cult, traditions.

Marxism

liberalism

conservatism

social democracy

141.Coercive nature has...

autonomous participation

mobilized participation

Subjective activity

political participation

142.The subjects of political science as a science and academic discipline are (at least two answer options) ...

scientific and professional communities engaged in research and teaching of the subject area of ​​political science

scientists and teachers engaged in research and teaching of problems of politics and power

Politics and its central element - political power, reflecting political reality, political ideas

state power and its activities in pursuing domestic and foreign policy

143.Methods of political forecasting do not include...

imagination

Extrapolation

expertise

scenario building

144. The sociometric method is a method...

identification of indicators that are most characteristic of the problem situation as an object of study and their cause-and-effect analysis

creating necessary and sufficient conditions for the manifestation and measurement of connections between phenomena

A survey aimed at identifying the state and dynamics of interpersonal relationships by recording feelings of sympathy and antipathy

collection of factual information, which involves replacing the properties and parameters of the research object with a system of symbols and meanings

145. The study of political processes and phenomena using survey techniques is called ____________ method

Statistical

institutional

communicative

sociological

146.The dynamic aspect of political relations, which expresses their dependence on the system of people’s actions and their consequences, is expressed by the concept ...

"political protest"

"political conflict"

"political norms"

"political activity"

147.The political system includes_____________________ subsystem

educational

economic

Social

normative

148.A prerequisite for the formation of civil society is not...

emergence of private property

establishment of a democratic political regime

affirmation of the ideology of collectivism

development of a market economy

149.A constitutional (parliamentary) monarchy is characterized by...

Strong limitation of monarchical power in the judicial and executive branches, virtually complete absence of powers in the legislative

limitation of powers only in the field of legislation

unlimited powers of the monarch in the field of legislative and executive activities

unlimited powers of the monarch in the field of legislative activity

150. Legitimate power, according to M. Weber, is ...

trusted power

power that is ignored

power of force

power that ensures economic efficiency and stability

151.The main function of a political party is...

representation of public interests

formation of the ruling elite

conducting an election campaign

political socialization

152.The change in the political system in the process of transition from a traditional society to a modern one is called ...

intrasystem changes

revolution

modernization

functioning

153.The function of political communication is...

making the most important decisions

development of new rules and regulations

application of sanctions against lawbreakers

The financial system, as a rule, is a set of financial markets and the state financial system (tax system, state budget, monetary policy, system of state financial transfers, etc.).

It is generally accepted that, in turn, financial markets are a combination of the money market, as well as securities and capital markets. A clear separation of these institutions is almost impossible. However, the dominant view is that “money markets” are those financial markets in which short-term liabilities are exchanged for external money,
and the term “capital market” covers both financial markets and markets in which “real” property is transacted.

All components (parts) of the financial system have a certain similarity: in financial transactions there is an increased risk, compared to non-financial business agents, which, naturally, is compensated by an additional premium (additional bonus). In economic theory, this phenomenon has been described by capital asset pricing models in space (CAPM, average variance), intertemporal models and arbitrage pricing theory.

As we see it, the financial system is a subsystem of the economy and is designed to ensure (1) the monetary circulation of the movement of goods and services, (2) the redistribution of funds and (3) the transformation of financial
assets. Our research is aimed at identifying the essence of the last, third component of the financial system - financial intermediation for the transformation of assets.

In its most general form, financial intermediaries are enterprises involved in the purchase and sale of financial assets. Thus, financial intermediaries are the main participants in organized financial markets. The financial business, in contrast to the ordinary one, and the financial market, in contrast to the organized (material, non-financial) market, are branches of non-price competition, where the quality and nature of the services offered are important (very often they are differentiated and specified by consumers), traditions of interaction with clients. Historical experience has shown that non-price factors quickly become monopolized or oligopolized. Economic theory is based on the assumption that financial transactions are epiphenomena that form a “veil” that hides the internal content of real processes from a superficial observer. The Modigliani-Miller theorem implied that the cost
financial assets are exactly equal to the value of those external assets for which the owners of the financial assets have claims. However, modern economics has completely refuted these assumptions: the financial economy not only serves the real economy, but also has the properties of self-expansion and self-generation. Upon further analysis, we will be convinced that in terms of scale and profits, the financial economy has become significantly ahead of non-financial corporations.

Financial intermediation is the field of activity of agents of the financial system. According to some economists, through the financial system, purchasing power is transferred from economic units with a surplus budget (or with surplus finance - A.B.) to economic units with a deficit budget. At the same time, financial intermediaries transform financial requirements into such
in such a way that they become more attractive to the end investor. The process of purchasing direct claims of economic units with a shortage of funds, and their transformation (transformation) into indirect claims, is financial intermediation. At the same time, the transfer of funds from enterprises with a positive budget to enterprises with a negative budget is carried out through (1) direct or (2) indirect financing.

This is an overly classic and honest definition. Things are changing rapidly these days. The development of the financial system in the world over the past decade and a half has largely refuted the above point of view. First, by the beginning of the 20th century and during its first 15 years, financial intermediation was associated not only with the transformation of claims. Secondly, in order to lend money it is not necessary to have a surplus in the balance of financial flows (budget). And in order to borrow them, there is not necessarily a shortage of funds. A clear example is the United States and American companies that have the largest deficits
among OECD countries, but they are the ones who are engaged in large-scale mediation projects.

D. Blackwell, D. Kidwell, R. Peterson understand financial intermediation as the activity of firms in which the EEDB buys the financial claims of the EEDB. One could completely agree with this approach, if not for one very important circumstance: who determines a company with a surplus and a company with a deficit budget? Some states themselves artificially create a deficit or surplus of financial resources (for example, the budget). Soon the results of such decisions affect the activities of financial intermediaries, increasing their deficits or surpluses.

R. Levin identifies financial intermediation as the ability of this subsystem of economic relations to reduce risks, mobilize savings, increase the awareness of business entities, stimulate exchange processes, etc. According to A. Darbinyan and E. Sandoyan, financial intermediation is work in the following four areas: possession of information, consumption smoothing, delegation of investment monitoring and positioning in

as a “liquidity pool” or “coalition of investors”

According to other scientists (Pomogaeva E.A.), financial intermediation is a joint activity of a set of financial institutions to ensure the continuity of capital flows between economic entities, implemented through a double exchange of debt claims and obligations. We see no problem with this definition, except that it is overly general.

In our opinion, the system of financial intermediation in the sense of professional subjects should be recognized as a set of institutions of non-price competition designed to transform some types of claims into others, some types of assets into others (for example, external assets into internal ones), potential future income into actual expenses of the present, relative time financial surpluses of some
receivers into real money of others. The time for financial intermediation has come: it fell to the second half of the 20th century and the beginning of the 21st. The development of the financial system has exceeded all expectations. Therefore, statements that were “fresh” just yesterday about the essence of the modern system of financial intermediation turn out to be outdated or insufficient.

Typically, among the instruments of financial intermediation, the following should be considered: deposit, loan, seigniorage (seigniorage), currency exchange, shares, bonds, options, mortgage, markets for derivative financial instruments (futures, forwards, options), provision of guarantees and guarantees, insurance contracts (policies, premiums, payments), shares, financial leasing and factoring, pawnshops. And the institutions of financial intermediation are banks, treasuries, international financial institutions, insurance companies, mutual and investment funds, stock markets, hedge funds, other derivative funds, etc. Recently, financial services have been seriously analyzed as a separate type of financial services.

remittances from labor migrants (MTM), reached

534 billion dollars in 2012 Not always, but more often

27 Gaidutsky A.P. Banks and migration capital. K.: Information Systems LLC, 2013. P. 39. According to the World Bank, these transfers to

After the transfer, these funds are also transformed from one type of asset to another. According to the World Bank, remittances almost reach the level of 50%

of FDI in the world and account for about 0.5% of global

GDP, and the number of migrants over the past 5 years is already 213 million people. Therefore, in our opinion, DTMs have also become a tool of financial intermediation in our time.

Until recently, it was customary to represent the essence of financial intermediation through a system of services provided by financial intermediaries (splitting the loan amount; transferring one national currency to another; establishing a flexible system of repayment terms; diversifying the risk of non-payment; ensuring illiquidity). At the same time, the following types of financial intermediaries were noted: (1) deposit-type institutions (commercial banks, savings institutions, credit unions); (2) savings institutions operating on
contractual basis (life insurance companies; accident insurance companies; pension funds); (3) investment funds (mutual funds; money market mutual funds) and (4) a number of other types of financial intermediaries (financial companies for consumer, business and trade loans; government financial institutions and agencies, derivatives institutions or derivatives). To this list, without a doubt, one should add insurance brokers and agents, currency dealers, pawnshops and exchange offices, and payment and settlement organizations. The list of types of services has changed greatly over the past 20 years (new products include hedge funds, wealth management, natural resource insurance, etc.). In this regard, some confusion in the systematization of types and types of services is obvious.

For example, in F. Fabozzi we find the following system for structuring financial intermediation institutions: he divides the entire range of financial institutions into 2 camps. He calls the first camp “financial
mi institutions,” and also divides them into (1) insurance companies, (2) depository organizations (banks, savings institutions, etc.) and (3) investment companies. In the second camp, he notes non-financial institutions: savings funds, savings of non-financial

owl corporations, etc.

Of course, each researcher has the right to decide for himself regarding the research methodology. But in the case of financial intermediation institutions, there is one important circumstance: one cannot help but notice that part of these institutions is associated with the processes of accumulation of funds, the second part is more due to the transformation of these accumulated funds into savings, the third transforms savings into investments, and, finally, the very last part transforms investments into income. There are also institutions of financial intermediation that simply transform some types of assets into other types and, the most “fashionable” of them, convert future income into present expenses. At the same time, in our opinion, it is very important to avoid cross (double, triple, etc.) accounting when structuring and assessing the financial system. Very often, sometimes at the level of reputable international financial organizations, when assessing total assets or financial
new markets, a mechanical summation of the corresponding assets takes place. For example, the IMF in 2011 assessed capital markets by summing up the capitalization of stock markets, public and private bonds, and bank assets. In principle, you can do this. But a significant part of banks’ assets is tied to bonds, and about half of purchases of shares

tions are therefore carried out through the capitalization of stock markets through bank loans.

The main structural units of the financial intermediation market are shown schematically in Figure 1.1.

The scheme is constructed taking into account the fact that the following requirements are imposed on money (as well as financial) market instruments: (1) low risk of non-payment; (2) low risk of fluctuation in their value (or short payment period); (3) high marketability and (4) low transaction costs. At the same time, the process of withdrawal of newly issued financial claims by the EEDB is called “primary placement”.

In this regard, we propose to divide the entire set of financial intermediation institutions into 4
groups: structures that transform income into savings and savings; structures that transform savings into investment and income; structures that transform future income into present expenses, and structures that transform one type of asset into another (Fig. 1.2.). This model approach to the problem brings a certain clarity and logical consistency to the presentation.

According to the sources of origin, methods of functioning and purposes of lending, the financial system, it seems to us, can be presented as follows:

Corporate securities market;

Derivatives market (including hedging);

Payment systems;

Pension funds;

Mutual Funds and Asset Management Industry;

Rice. 1.1. Financial intermediation market and its elements.

Government securities market;

Banking system;

Consumer lending (including credit cards, loans and pawnshops).

Some other institutions of the financial system should also be mentioned here. For example, it would be appropriate to remind about the monetary system under the control of the government (budget, guarantees, guarantees), etc. However, as noted above, in our work we will study only institutions of financial intermediation and only professional subjects. In this regard, for example, public finances are not the object of our study. Along with this, hedging institutions have recently begun to be considered an important institution of financial intermediation. All
The hedging system is built on the theories of efficient market, opportunity costs, efficient markets hypothesis (EMH), dual concepts of profitability and risk, pricing of close substitutes in the absence of arbitrage, etc. All this is becoming increasingly important. In our work, however, hedging institutions are not specifically considered. Their development is associated with the presence of a mature system of financial intermediation.

Rice. 1.2. Structure of financial intermediation institutions.

As for currency exchange operations, sales and purchases of bonds, investment dealerships, etc., we do not consider them either. Foreign exchange transactions and partly bond transactions are institutions of external (formal in relation to the financial system) transformation of assets and, as it were, instruments of financial intermediation - no less interesting.

Thus, our attention will be fully paid to such structural elements of financial intermediation as: banks and credit institutions, pension funds and insurance companies, mutual and investment funds (banks), intermediate borrowers and stock markets.

The presence in the country of a specialized system of financial intermediaries allows us, it seems to us, to have a transformation of assets, money, and funds that are carried out more efficiently and quickly. Indeed, in this case, the following are triggered: (1) economies of scale, (2) cost savings on transactions, (3) increased speed of action and reduced likelihood of errors for clients, (4) the ability to systematize events and predict the actions of transaction participants. Research by J. Tobin showed that the velocity of money circulation, calculated according to

GNP in the US economy is 6–7 times its growth per year. But if not only final, but also intermediate transactions with goods and services are considered, the number of turnovers per year can be 20 or 30, and in the case of bank deposits - even 500. And here the main accelerator is the financial system.

The question arises: what determines the volume and scale of the modern financial system? According to R. Goldsmith, the modern financial system is a “superstructure” in the economic system. N. Hakansson believes that the essence of financial intermediation institutions is the financial market, which consists of instruments such as shares, bonds, options and insurance contracts. As we can see, this author does not have a loan or deposit as financial market instruments.

A representative of the Paris School of Economics, T. Piketty, whose work aroused great interest at the beginning of 2014, believes that the influence of finance on economic

growth is cyclical. So, in his opinion, for 1700–1820. return on capital (profit) was 5.1%, although global growth was then at 0.5%. For 1820–1913 the numbers have changed: 5 and 1.5%, respectively, for 1913–1950. – 5.2% and 1.9%, for 1950–2012. 5.3% and 3.8%. But, in his opinion, for 2013–2100. there will be a decrease in these indicators, respectively, to 4.3% and 1.5%. The author believes that thus the times have come when the marginal efficiency of investments and financial intermediation will fall, as happened in the late Middle Ages.

The development of the financial system is also influenced by taxation requirements: the higher the development of the state’s financial institutions, the greater the chances for relative

very low taxes.

R. Goldsmith's approach may have previously been relevant - 28-30 years ago, when, for example, in the USA, the cost of transactions on the stock market was 1/3 of GNP. Today (2014) the capitalization of the stock market of this country is 151.2% of GDP, and in the world in
on average - 94.6% (peak value - 114.7% in 2007). Many are already beginning to doubt whether it is right to consider the financial sector as a “superstructure”? In 2011 The US produced only 9% of goods and services traded in the world, 22% of global GDP ($15.09 trillion from $66.99) and 65% of all financial services. The country's losses in global exports and in global GDP production were offset by a sharp increase in its share of financial services. The United States is the only country in the world for which a decrease in its share in world exports does not threaten to weaken the economic influence of this country. Due to the effectively organized financial sector, dollars that have “gone away” due to a negative balance of payments have been returning to this country for 30 years now. The opinion of T. Piketty is of serious scientific interest, but for now we are witnessing the unbridled growth of the sphere of financial intermediation throughout the world.

Now let’s answer this question: what determines the amount of total assets of financial institutions?
mediation? How to decide in order to more or less correctly diagnose: what level of financial services is sufficient for a given (discussed, considered) period of time? Starting with, to what extent could further growth in financial services harm the development of the real economy? Only for 2007–2013. Fed assets to US GDP increased from 5.5% to 21%, the Bank of England - from 6 to 26% and the Bank of Japan - from 21 to 45%. All this gives rise to the need to reassess the activities of financial intermediation institutions (for example, banks). After all, the growth of any industry means increased resource consumption. Therefore, growth in one sector of the economy is always a loss of growth in another sector. Hence, in our opinion, excessive swelling of the financial intermediation system always, to one degree or another, means a pause or slowdown in growth in the real sector of the economy. For example, the construction of a residential building, of course, needs to be insured and, possibly, reinsured. But "reinsurance of reinsurance" means from
excess flow of resources into the financial sector. It rather generates GDP growth, but is in no way related to the needs of economic growth.

According to some authors, the limit to the growth of the financial intermediation system is the substitution of external assets, namely: the flow of resources from one sphere of the economy to another will continue until equal opportunities for economic growth appear in all spheres. One way or another, the behavior of financial intermediation institutions has always been unpredictable. A good illustration of what has been said can be a comparison of the fact and analysts’ forecasts for the S&P composite index for 1985–2009. Only in 1998. analysts managed to predict the

the identity of the index.

The process of replacing external assets (assets located outside the functioning of a particular business) or money with internal ones (money “arrives” in the industry for direct use) occurs through depository instruments. J. Tobin thinks so
It is also true that financial intermediation makes it possible to reduce inventories, redistributes risks towards those savings owners who are more ready for this and, finally, reduces the need for money by pooling risks. But Tobin, being a representative of the Keynesian school, is looking for a certain deterministic explanation. Monetarists may not like this approach. In their opinion, there is no need to look for artificial differences between the various sectors of the economy (real and financial), each of them plays its irreplaceable role in expanding consumption. Some authors went further: in their opinion, instead of the system of national accounts, it is necessary to use the system of international accounts, and therefore they propose the use of an indicator of aggregate financial and economic results within individual countries, and in international comparison they propose to take into account only the exported added value of financial companies

So, where should we look for the boundaries of development of the overall system of financial intermediation? Are these boundaries constant or do they evolve?

In our opinion, there cannot be a single and constant opinion on the issue of the boundaries of the financial intermediation system. Historically, over a certain period of time, the essence of the financial system has changed. For example, if a few decades ago banks (the main financial intermediaries at that time) created a certain value of financial services by accumulating savings, now the ratio of deposits to loans is constantly decreasing. The mobilization of “savings” also occurs through bond institutions, the issue of banknotes, collateral of real estate (the so-called “wealth management”), demonetization of foreign exchange reserves, sterilization of “surpluses” of the balance of payments (sterilization of foreign exchange earnings from the sale of oil, gas, raw materials, transfers of labor migrants , excess of exports over imports). Thus, in general, the development of financial intermediation, multiple financial services (lending, refinancing, credit insurance, credit reinsurance, refinancing insurance, refinancing reinsurance, etc.) are normal phenomena. It is also normal that a certain volume of GDP and a share of financial
intermediation in the economy is constantly growing. To achieve a certain economic growth, it is completely unimportant that at the same time there is a strong growth in financial services and a decrease in the share of the real economy. Such a financial economy is needed and must be taken into account. However, there are and should be certain boundaries for the distribution of financial services. First, it must be clearly determined whether these services result in the current use of resources for future generations? In particular, doesn’t every development of the institutions of debt and bonds cause absolute and comparative poverty for future generations, and doesn’t it narrow the field of their economic activity? And doesn’t this explain the salaries of the heads of financial organizations, unprecedented compared to other sectors of the economy? Secondly, doesn’t the system of financial intermediation lead to an artificial transfer of resources from one industry to another, and doesn’t this stop the growth of certain sectors of the economy? Thirdly, does not the flexibility of financial instruments in the modern global world allow us to minimize economic risks in this system and does not increase them in other sectors of the economy?

Table 1.1.

Region	Capital	Duty	Assets
1	2	3	4
Asia	13.1	17.6	27
USA	15.1	31.6	14.2
Europe	10	32.8	46.4

Volume of financial markets, trillion. dollars (2011).

Table 1.1 data. show what impressive dimensions financial markets have reached these days. It is characteristic that in Asia, which still lags behind America and Europe in terms of economic development, and in other developing regions, the indicators for the development of financial markets ($57.7 trillion) are no less (USA - $60.9 trillion, Europe - 89.2). Thus, according to the indicators, loans (issued by the banking sector) / GDP (Table 1.2.) some Asian countries or countries with economies in transition, despite the repeated lag in terms of GDP per capita, in 2012. were at a completely comparable level with developed countries. For example, China is ahead of Germany and France in this indicator, and Ukraine, where economic development (GDP per capita) is on average 11 57 The Economist. May 14th-20th, 2011. R. 4.

times lower than in developed countries and 3.5 times lower than the world average; according to the indicator under consideration, it is at the level of 61% compared to the indicators in Germany. In Armenia, the dynamics of the financial system also significantly outstrips the growth of other sectors of the economy. However, in 2013 the “loans/GDP” indicator in Armenia amounted to 44.8%: its growth rate decreased. In relation to Russia, as E.D. Sorokin rightly notes in his analyses, the share of the economy in the structure of the world economy is insignificant (3.2%). But in the capital and investment markets this share is even smaller: 2.8 and 1.5%, respectively 58 .

Table 1.2.

Ratio of domestic lending volumes to GDP, 2012, %. 59

Countries	Loans / GDP
USA	228,6
Japan	346,1
EU	156,5 60
Germany	123,6
France	136,4

58 Sorokin D.E. Strategic guidelines for anti-crisis policy (http://shabrov.info/elbrus/sorok.pdf). C. 53.

59 http://data.worldbank.org/indicator/FS.AST.DOMS.GD.ZS

60 Average for 2011

Great Britain	210,1
Poland	63,8
China	155,1
Russia	42,5
Ukraine	74,1
Türkiye	71,9
Armenia	44,4
Georgia	35,0
Azerbaijan	25,3
World on average	164,9

1870–1960 this figure decreased by 8–10 times. This means that in 1960 banks needed 10 times less funds to lend to the economy than in 1870. After 1960 The cost of banking services is rising sharply, but their cost is growing even faster. At the very end of the 20th century, the cost of banking services was already 3 times higher than in the 60s of the 20th century. After the financial crisis of 2008–2009, when in order to ensure further stability the Basel III system was activated, with a sharp increase in the capital adequacy requirements of banks and credit institutions,
the cost of loans increased by another 1.5–1.7 times and returned to the level of the late 19th – early 20th centuries.

Rice. 1.3. Capital/assets ratio in the banking systems of the USA and Great Britain for 1870–1990. 62

Consequently, the financial system has gone through a 120-year cycle: it is increasingly less effective and worthwhile in driving global economic growth. Below, taking into account the above, we will try to outline a certain model that regulates the “fair” volumes and share of the financial system in the economy at this stage of development of the country’s economy.

Test 4.6
Which of these signs indicates a lack of competition in the industry:
a) the level of profit is below normal for a given economy;
b) the inability of a firm in this industry to expand production;
c) the inability of other firms to “enter” this industry;
d) lower industry level of wages than the country as a whole.
*** Correct answers: c).
One of the main signs of competition is the absence of barriers to both entry and exit from the industry. The stronger such barriers are, the less competitive the industry is. All other characteristics do not violate the principle of competitive behavior.
Test 4.7
Solving the problem of “what to produce” in a market economy is associated with:
a) determining the level of specialization of the economy;
b) the choice between the production of means of production and the production of consumer goods;
c) the formation of such a system, the development of which is within the competence of the government;
d) the development of perfect competition.
*** Correct answers: d).
Since we are talking about a market economy, the market mechanism is used to solve all problems of economic development. And this mechanism is based on competition. In particular, the problem of “what to produce” is solved on the basis of price signals from the market. Market prices, on the one hand, are the result of competition, and, on the other hand, are an important criterion for consumer choice.
Test 4.8
A market economy is focused on:
a) satisfying social needs for a specific good;
b) satisfaction of social needs;
c) meeting the strategic political needs of the nation’s development;
d) satisfying effective demand;
e) following the instructions of government agencies
*** Correct answers: d).
The function of the market mechanism is to ensure balance between supply and demand. Thus, a market economy is focused on satisfying effective demand. The state is called upon to solve all other problems.
Test 4.9
In a market economy, consumers ultimately decide what goods and services should be produced. Is this statement true?
a) yes;
b) no.
*** Correct answers: a).
This problem is solved by consumers, since they are the ones who create demand for a certain amount of goods and services. In accordance with consumer preferences, the production of certain goods and services is carried out.
Test 4.11
A commodity producer, the expansion or maintenance of whose activities leads to a decrease in the market share of another commodity producer, who is a subject of the market for this or another product, is in relation to it ... (specify in one word).
*** Correct answers: competitor. Freedom of enterprise, freedom of choice and personal interest form adversarial relations - competition between participants in market exchange. One of the main objects of competition is the volume of market sales.
Test 4.13
The set of institutions, systems, services that serve the market and allow the market to perform its functions most effectively constitutes a market ... (specify in one word).
*** Correct answers: infrastructure.
Infrastructure is an essential component of any economic system. On the one hand, it is a set of organizational and legal forms, and on the other, a set of certain institutions that ensure the normal functioning of the system. In relation to the market, these are institutions such as exchanges, auctions and fairs, the banking system, the customs system, etc.

One of the factors characterizing society as a whole is the totality of social institutions. Their location seems to be on the surface, which makes them particularly suitable objects for observation and control.

In turn, a complex organized system with its own norms and rules is a social institution. Its signs are different, but classified, and it is they that are to be considered in this article.

The concept of a social institution

A social institution is one of the forms of organization. This concept was first used. According to the scientist, the whole variety of social institutions creates the so-called framework of society. The division into forms, Spencer said, is made under the influence of the differentiation of society. He divided the whole society into three main institutions, including:

• reproductive;
• distribution;
• regulating

Opinion of E. Durkheim

E. Durkheim was convinced that a person as an individual can realize himself only with the help of social institutions. They are also called upon to establish responsibility between interinstitutional forms and the needs of society.

Karl Marx

The author of the famous "Capital" assessed social institutions from the point of view of industrial relations. In his opinion, a social institution, the signs of which are present both in the division of labor and in the phenomenon of private property, was formed precisely under their influence.

Terminology

The term "social institution" comes from the Latin word "institution", which means "organization" or "order". In principle, all the features of a social institution are reduced to this definition.

The definition includes the form of consolidation and the form of implementation of specialized activities. The purpose of social institutions is to ensure the stability of the functioning of communications within society.

The following brief definition of the term is also acceptable: an organized and coordinated form of social relations aimed at meeting the needs that are significant to society.

It is easy to notice that all of the definitions provided (including the above-mentioned opinions of scientists) are based on “three pillars”:

• society;
• organization;
• needs.

But these are not yet full-fledged features of a social institution; rather, they are supporting points that should be taken into account.

Conditions for institutionalization

The process of institutionalization - a social institution. This occurs under the following conditions:

• social need as a factor that will be satisfied by the future institution;
• social connections, that is, the interaction of people and communities, as a result of which social institutions are formed;
• expedient and rules;
• material and organizational, labor and financial resources required.

Stages of institutionalization

The process of formation of a social institution goes through several stages:

• the emergence and awareness of the need for an institute;
• development of norms of social behavior within the framework of the future institution;
• creating your own symbols, that is, a system of signs that will indicate the social institution being created;
• formation, development and definition of a system of roles and statuses;
• creation of the material basis of the institute;
• integration of the institute into the existing social system.

Structural characteristics of a social institution

The signs of the concept of “social institution” characterize it in modern society.

Structural features include:

• Scope of activity, as well as social relations.
• Institutions that have specific powers to organize people's activities and perform various roles and functions. For example: public, organizational and performing control and management functions.
• Those specific rules and norms that are designed to regulate the behavior of people in a particular social institution.
• Material means to achieve the goals of the institute.
• Ideology, goals and objectives.

Types of social institutions

The classification that systematizes social institutions (the table below) divides this concept into four separate types. Each of them includes at least four more specific institutions.

What social institutions exist? The table shows their types and examples.

Spiritual social institutions in some sources are called cultural institutions, and the family sphere, in turn, is sometimes called stratification and kinship.

General characteristics of a social institution

The general, and at the same time the main, features of a social institution are as follows:

• a circle of subjects who, in the course of their activities, enter into relationships;
• the sustainable nature of these relationships;
• a certain (and this means, to one degree or another formalized) organization;
• behavioral norms and rules;
• functions that ensure the integration of the institution into the social system.

It should be understood that these signs are informal, but logically follow from the definition and functioning of various social institutions. With the help of them, among other things, it is convenient to analyze institutionalization.

Social institution: signs using specific examples

Each specific social institution has its own characteristics - characteristics. They closely overlap with roles, for example: the main roles of the family as a social institution. That is why it is so instructive to consider examples and the corresponding signs and roles.

Family as a social institution

A classic example of a social institution is, of course, the family. As can be seen from the table above, it belongs to the fourth type of institutions, covering the same sphere. Therefore, it is the basis and ultimate goal for marriage, fatherhood and motherhood. Besides, family is what unites them.

Signs of this social institution:

• ties by marriage or consanguinity;
• general family budget;
• living together in the same living space.

The main roles boil down to the well-known saying that she is a “unit of society.” Essentially, everything is exactly like that. Families are particles from the totality of which society is formed. In addition to being a social institution, the family is also called a small social group. And it is no coincidence, because from birth a person develops under its influence and experiences it throughout his life.

Education as a social institution

Education is a social subsystem. It has its own specific structure and characteristics.

Basic elements of education:

• social organizations and social communities (educational institutions and division into groups of teachers and students, etc.);
• sociocultural activity in the form of an educational process.

The characteristics of a social institution include:

1. Norms and rules - in an educational institute, examples include: thirst for knowledge, attendance, respect for teachers and classmates/classmates.
2. Symbolism, that is, cultural signs - anthems and coats of arms of educational institutions, the animal symbol of some famous colleges, emblems.
3. Utilitarian cultural features such as classrooms and offices.
4. Ideology - the principle of equality between students, mutual respect, freedom of speech and the right to vote, as well as the right to one’s own opinion.

Signs of social institutions: examples

Let's summarize the information presented here. The characteristics of a social institution include:

• a set of social roles (for example, father/mother/daughter/sister in the family institution);
• sustainable models of behavior (for example, certain models for a teacher and a student at an educational institute);
• norms (for example, codes and the Constitution of the state);
• symbolism (for example, the institution of marriage or religious community);
• basic values ​​(i.e. morals).

The social institution, the features of which were discussed in this article, is designed to guide the behavior of each individual person, directly being part of his life. At the same time, for example, an ordinary high school student belongs to at least three social institutions: family, school and state. It is interesting that, depending on each of them, he also owns the role (status) that he has and according to which he chooses his model of behavior. She, in turn, sets his characteristics in society.