Issue №3, 2017

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Ethical finance and the role of human capital in their development

Ethical finance and the role of human capital in their development

 

V. V. Tovmasyan, Federal State Budgetary Educational Institution of Higher Education «Pitirim Sorokin Syktyvkar State University» (Syktyvkar, Russia)

V. A. Tyurnin, Financial University the Government of the Russian Federation (Moscow, Russia)

Full article 

The authors, based on the economic-institutional approach, analyze the theory of ethical finance, which has not yet found in its scientific publications its proper place and satisfactory solution. At the same time, it has already been adopted by active supporters of its implementation in practical activities. The authors noted the role of human capital in the creation and successful functioning of the institution of ethical finance. The most important result of the study is the definition of ethical finance in terms of the criterion of economic security. It is shown that the category of "ethical Finance" allows more clearly to identify the strengths and weaknesses of the financial relations in market economy. The proposed concept helps to anticipate the results of the introduction of religious "ethical financial system" and justifies such directions for the development of ethical Finance in Russia and its regions, as the economic security of the individual or family and the development of human capital. This direction of the theory of ethical Finance creates the basis for the development of indicators in order to implement the national security Strategy of the Russian Federation.

Keywords: ethical finance, percent, risk, criterion of economic security, financial security, ethical standards, social justice, a responsibility, financial literacy, human capital.

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For citation: Tovmasyan V.V., Tyurnin V.A. Ethical finance and the role of human capital in their development // Corporate governance and innovative economic development of the North: Bulletin of the Research Center of Corporate Law, Management and Venture Capital of Syktyvkar State University. 2017. № 3. P. 54-68.