Early Marx and modern "Fintech"

Beryozkin Yu.M.¹
¹ Байкальский государственный университет, Russia

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Journal paper

Creative Economy ^{(РИНЦ, ВАК)}
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Volume 13, Number 2 (February 2019)

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=37099950
Cited: 8 by 28.06.2023

Abstract:
On the eve of Karl Marx bicentennial his ideas affect social de-velopment tendencies again. This paper substantiates a hypothesis that financial technology revolution taking place since 2008 in its core has philosophic ideas formulated by Marx in 1844-1848. The Marx’s method of ascent from the ab-stract to the concrete is used. The goal of this research is to reveal logical links between abstract theoretical ideas of Marx and their concrete realization in fi-nancial technology practice started after World Financial Crisis 2007-2008. Also we show that the financial technology revolution has as its intermediate basis the neo-institutional theory of transaction costs by Ronald Coase. Marx’s ideas about relations of property were made more concrete by Coase in a way of reducing transaction costs through non-market forms of economic activity (inside a firm). We show that the methods of mutual project investment of tangible assets by different owners facilitate a value added growth via transaction costs reduction. The mutual project investment and ownership operations for transactions costs reduction are widely used in China but also becomes more popular in the Western financial practice. Block chain technology serves as the technological base for the next step of financial and investment activity methods development. On this base there are widely spread digital platforms which allow to transfer to the third level of technologies – valuable. They also allow to cancel transaction (in a sense of Coase) or private property alienation (in a sense Marx). This re-search opens a wide field for further economic investigation of transaction chains that are going to be eliminated during the entrepreneurial projects realization.

Keywords: property, blockchain, Fintech, Transactions Costs, Impact Investing, Digital Platforms, Financial Technology Revolution

JEL-classification: O31, O33, O32, A10

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