SOCIALISATION OF FINANCIAL RELATIONS: THEORETICAL ASPECTS

Abstract

The article analyzes the current trend towards the socialization of financial relations. It is noted that the paradigm of sustainable development has led to a reassessment of goals and objectives at both the national financial policy level and within corporate strategies of business entities. The study explores the characteristics inherent to the process of socialization. It is highlighted that socialization, as a phenomenon, arises and spreads in response to deep contradictions between purely material and moral principles, as well as between individual and corporate goals and public interests. In the broadest approach, socialization is viewed in the context of prioritizing human interests in economic relations. The positions of leading scholars on the essence of the concept of "economy's socialization," its components, and forms of manifestation are examined. The directions of finance socialization are characterized in the context of the socialization process of the economy. The influence of various factors on the course of the economy's socialization and finance socialization processes is determined. The article reveals contradictions between quantitative and qualitative parameters of socialization and the characteristics of modern financial capital, its mobility, and scalability. It is noted that contemporary society has developed a largely ambivalent attitude towards financial capital. Its size, which has long surpassed industrial capital, along with its potential for instantaneous wealth and sudden bankruptcy, has formed a foundation for declining trust in institutions at all levels of the financial system. It is also pointed out that the penetration of financial relations into all spheres of human life has led to the emergence of a financial economy. However, this financial economy is marked by deep contradictions, which in turn underscore the need for the socialization of finance. The features of finance socialization under the intensifying conditions of the post-industrial economy—such as informatization, digitalization, networking, technologization, and individualization—are identified. It is found that these trends intensify the contradictions inherent in the modern economy and require further evaluation in the context of possible socialization.