Importance In the current circumstances, the society can evolve and progress when the State regulates the social aspects of its life through governmental financial policies. The article presents a mechanism to be used in the market of public education services provided by universities, and various interpretations of the welfare State concept. I also specify the nexus among purposes, functions and indicia of the welfare State. Objectives The research discloses financial perspectives and specifics of the welfare State concept and its implementation on the Russian ground, investigates milestones of the concept formation. I also scrutinize the structure of socially important budgetary spending of the Russian budgetary system, considering how the State performs its functions in terms of the social equality principle. Methods The research is based on methods of comparative analysis, systematization, classification, analogy, comparison. Results The article comprehensively overviews milestones of the welfare State concept formation and its substance. I provide the substantial aspect of governmental financial policies in the social sector and identify risks associated with the implementation of social policies in Russia. Conclusions and Relevance I conclude that effective allocation of benefits, adjustment of certain aspects of financial policies contributes to the State governed by laws, social interests and based on the socially-oriented market economy.
Keywords: welfare State, human capital, financial policy, social sector, socially important expenditure
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