DOI: https://doi.org/10.32515/2663-1636.2020.5(38).83-96

The Development of Small Lending in the Naddnieper Ukraine in the Second Half of the 19th - Early 20th Century

Mykhailo Orlyk

About the Authors

Mykhailo Orlyk, Postgraduate student, Department of Finance, Banking and Insurance, Central Ukrainian National Technical University, Kropyvnytskyi, Ukraine, ORCID: https://orcid.org/0000-0003-3394-1731, e-mail: orlik.mihail@gmail.com

Abstract

The aim of the article is to consider the peculiarities of the organization of small loan institutions and to investigate the mechanism of lending by loan-saving partnership and loan association operating in the Naddnieper Ukraine in the second half of the XIX - early XX centuries. It was analyzed the scientific heritage of the economic thought's representatives in the studied period. Both general scientific and special methods of scientific research were used to solve the tasks that were set as the purpose of the research. System and structural approaches, analysis, method of scientific abstraction, comparison, synthesis, and analysis were used during writing the article. The article analyzes the evolutionary development of small lending institutions, as well as establishes their role in the credit system of Dnieper Ukraine. The establishment of small loan institutions on the shared responsibility basis was a highly effective way to unite the Ukrainian peasantry for finding the necessary money to buy land and meet agricultural needs. The main premise of creation such credit societies was the absence of the banking system at the time of the introduction of Emancipation Reform of Alexander II. The only state bank (Peasants' Land Bank) that could serve the peasantry was founded with a great delay - in 1882, while the urgent need to credit peasants arose during the agrarian reform of 1861. Joint-stock banks, for its part, were not able to develop small peasant loans due to organizational difficulties and problems with allotment of land’s valuation, and so on. Local authorities provided important impetus for increasing the organizational activity of the peasantry in the field of small credit in the early stages, but the small loan institutions, only after the implementation of the required legislative framework, begin to play an important role in the credit services market in Naddnieper Ukraine. As a result of the study two types of small credit institutions: loan-saving partnership and loan association, it was proved that they had the characteristics of cooperatives. It is proved that the main characteristic feature of loan-saving partnership was the formation of ownership capital based on share contributions, which strengthened the mutual responsibility of each member of the partnership and increased interest in the profitable activities of the partnership. The results of this study can be used in teaching courses related to economic theory and the history of economic thought. And it can form the basis for studying the prospects for further agrarian reforms aimed at supporting small agricultural entrepreneurship.

Keywords

credit, loan, share contribution, deposit, collective responsibility, bank, Naddnieper Ukraine

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References

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