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Finance and Credit
 

The contents of finance in the theory of state credit by M. F. Orlov

Vol. 15, Iss. 36, SEPTEMBER 2009

Available online: 6 November 2009

Subject Heading: History pages

JEL Classification: 

Anikeeva A.A. associate professor, Volzhsky Humanitarian Institute
anikeeva_aa@mail.ru

The theory of state credit, written by M.F. Orlov in 1832, dates back to the early period of development of financial science in Russia. M.F. Orlov suggested the mechanism of speculative stock exchange circulation of the government debt securities, which transforms the state credit into the income of the state budget. These incomings, according to M.F. Orlov, besides being alternative to the revenue derived from taxes, contribute to the growth of national wealth and political stability in society. In the 19th century the theory of M.F. Orlov did not correspond to the generally accepted principles of the financial science. The present article looks into the contents of finance in the theory of M.F. Orlov in order to determine its value for the modern financial theory as well as assess its applicability for the modern society.

Keywords: M.F. Orlov, financial science, history, state finance

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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