SOCIAL INVESTING AS A NEW PHILOSOPHY FOR UKRAINE

Abstract

The article deals with the theoretical and applied aspects of the functioning of social investments in the modern economy. A comparative analysis of the works of modern scientists regarding the essence of the concept of "social investment" was carried out. It was established that there is no consensus in the scientific community regarding the characteristics of social investments. This concept is often considered through the prism of corporate social responsibility. Still, there is a transition to a broader approach based on the peculiarities of the investment process in the economy. The place of social investments in the categorical apparatus of the investment process is determined. Similar and distinctive features of social investments and socially responsible investments are defined. The role of social investments in the modern economy's socialization processes is determined. The peculiarities of various forms of realization of social investments, including with the help of financial institutions, are revealed. The place and role of the financial sector in the paradigm of social investments and socially responsible investments are established. The consequences of the socialization of the modern economy in the context of the process of institutionalization of the modern financial sector are outlined. It was determined that institutional and instrumental innovations in the financial market contribute to the practical spread of the concept of social investment. The key obstacles to the implementation of the concept of social investment in Ukraine are identified and the possible directions for overcoming existing problems are substantiated. In particular, it is emphasized that the spread of the practice of social investment in economically developed countries happened gradually. First of all, these processes require the formation of an appropriate institutional environment, as well as an entrepreneurial culture. For many years, the dogma of profit was formed in domestic business, including the financial industry, as the fundamental goal of entrepreneurial activity and investment. Open aggression against Ukraine transformed such approaches - social factors for investment became one of the first priorities, and domestic businesses demonstrated readiness to solve socially significant problems.