Financial Policy in Russia at the Beginning of the XX Century: Lessons of the Past (to the 110th Anniversary of V.N. Kokovtsov’s Honorable Retirement)

Dmitrii K. Stozhko () and Konstantin P. Stozhko ()

Economics of Contemporary Russia, 2024, issue 3

Abstract: The relevance of understanding the role of financial policy in the context of the global geopolitical and macroeconomic crises makes it promising, from a scientific point of view, to rethink the historical experience accumulated in the field of financial regulation in the past. One such example of historical experience of past years is the financial activities of V.N. Kokovtsov, and the course he pursued to ensure budgetary balance, save public funds and accumulate the country's gold reserves. While these directions in financial policy are unconditional, they must meet the challenges of the time, the characteristics of the period being experienced, and be achieved by the most optimal means. In this regard, the study reveals the measure of compliance/inconsistency of these areas of financial policy and specifically that proposed by V.N. Kokovtsov programs to the challenges of time. The extraordinary character of the “period of V.N. Kokovtsov†, due to significant political and economic events of that time. The purpose of the study is to analyze and evaluate the financial policy of V.N. Kokovtsov, its strengths and weaknesses, specific directions, reasons for failure and long-term socio-­economic consequences. The objectives of the study are: analysis of budget policy; tax policy analysis; analysis of the policy for the formation of the country's gold reserves. The study used dialectical and historical­retrospective approaches, methods of structural-­functional and program-target analysis. As a result of the study, a critical assessment of the initial theoretical principles and practical results of V.N.’s conservative financial policy was given. Kokovtsov, the most problematic aspects of this policy within the period 1904–1914 are highlighted. (years of the ministry of V.N. Kokovtsov).

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ack:journl:y:2024:id:1010

DOI: 10.33293/1609-1442-2024-3(106)-105-116

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