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Finance and Credit
 

Demeter and Hephaestus against Cronus: 'private market', 'long-distance trade' and capital accumulation. Economic opportunism and origin of finance

Vol. 21, Iss. 36, SEPTEMBER 2015

PDF  Article PDF Version

Received: 30 April 2015

Accepted: 4 June 2015

Available online: 16 October 2015

Subject Heading: CHAPTER OF HISTORY

JEL Classification: 

Pages: 55-67

Haustov D.S. Irkutsk State University of Railway Transport, Irkutsk, Russian Federation
dmitry.khaustov@rabler.ru

Subject The article states that the logic of the economic person is the logic of capital accumulation. There are some hypotheses proving the reasons of capital accumulation. The study emphasizes the connection between capital accumulation, genesis of finance and opportunistic practices. However, within the classical political economy and economics (the economic theory) of the 20th century, the holistic theoretical image of economic opportunism and its connection with the origin of finance were not properly developed. Considerably, it is also true for the current state of financial science.
     Objectives The study aims to review such widespread opportunistic practices as the private market and long-distance trade, to track the connection of these types of commercial activity with the emergence of finance.
     Methods The study rests on general scientific methods, such as analysis, comparison, and analogy, and specific ones, like qualitative analysis of documents. It also applies the principle of historicism and the concepts of mercantilism, classical political economy, Marxism and Neo-Marxism, Keynesianism, behavioral economics, etc.
     Results I studied the connections between the economic opportunism and the emergence of finance, disclosed the concepts of private market and long-distance trade based on historical material. The article also includes the analysis of typical long-distance trade.
     Conclusions The study suggests a hypothesis on the genesis of finance as a group of opportunistic practices serving the trade. Presumably, the finance was an instrument that forced movement to the market.

Keywords: economic opportunism, private market, origin, finance, capital accumulation

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