How invested in ancient times? In the Athenian republic, for example …
Modern world crisis, first of all, has investment character. And what is investments and from where appeared? Among experts there are several points of view on an origin of this term.
One consider that it has Latin roots which find in the words invest that means to put or investire - to dress, others proceed from the English speech, referring to in vest, in a literal translation - in a vest, investments, i.e. capital investments.
Definitions of this concept there is even more (not less than ten). As a rule, they meet that it is about capital investments or about the sum of expenses in the form of capital investments, but accent different signs, for example, risk, long term etc. of
Widely known concept the capital initially meant “ main property “ now it includes the sum of goods, property, the assets used for receiving profit and is subdivided into the physical (production), natural and human capital.
The first of them is a source of the income in a type of means of production, the second - a stock of natural resources, the third - structure human. But all three types of the capital these existed since ancient times and were put in various branches of a national economy long before approach of capitalism. In what way it occurred?
In the ancient states of Babylon, Greece, Rome, China, etc. orientation to middle class was accepted. As it was realized in financially - the economic plan, it is possible to look on the example of the Athenian republic.
Aristotle wrote that the center - a basis of the state as it is most capable to honest, responsible, virtuous life whereas from the circle of the rich and poor swindlers and criminals appear. The state regulated rules of the market and a turn, pursuing interests of social stability.
The citizen of Athens had the rights for freedom and personal independence, the land plot in the sheet territory and the economic help from the state in case of material difficulties. The state, in return, obliged the Athenian citizens to protect the property and to work on the allocated land plot.
The duty to come to the rescue of the policy all the means in force majeure, to protect it from enemies up in arms, to obey laws and the elected authorities, to take active part in public life and to esteem fatherlike gods was a payment for this plot.
In the Athenian right the institute connected with a mortgage of the earth or other real estate - a mortgage was for the first time registered. The creditor on the terms of written registration of the transaction granted the owner of land a loan under a condition of transition to it of this earth at a loan non-return; before the expiration of term of a loan the earth remained in possession and use of the debtor.
This type of the transaction was very developed in Athens and generated problems of nation-wide scale in the relations of rich creditors and their debtors as for the investor the big rights remained: at a debt non-return it could enter without participation of state agencies possession of the earth.
A specific place in the Athenian commodity turnover was held by sea trade. Owing to big cost intensity and risks it was practically “ very heavy “ for maintaining by the individual entrepreneur. Therefore early enough there were specific forms of the legal organization of sea commerce: ship associations, or ship loans.
The merchant - the creditor as the main organizer, the owner of the ship - an armator (he is a skipper), and also other companions signed the contract for a period of 1 year. The port of destination was registered in it, the ban on use of the profit got before term for reverse operations made a reservation, distribution of the income was fixed.
Armator needed not less than 30 percent from him, and also insurance of possible losses though losses of other companions were not considered. Protection of the state sea contracts was expressed, in particular, that unfair debtors could be imprisoned before performance of the contract or before payments for it.
Dominated in the contract law of the transaction of a loan on the security. The contract on them included both the text with terms of agreement, and mortgage plates on a thing or the earth. The rights of the creditor for a mortgaged property were not subject to contest. Usually contracts meant witnesses as whom both free persons, and slaves could act. The exception was made by a banking loan which consisted without witnesses.
The severity of execution of transactions was not faultless: in trials speakers persistently urged judges to force the parties “ not to diverge from the contract and obligations, in it written down “ but, unfortunately, concrete requirements to contents of contracts and their execution in the hand-written right were practically absent. Sometimes as a guarantee of execution the penalties permitted by the law in a size making to the double sum suffered from - supported non-executions of losses.
In general in Athens tovarno - the monetary relations were directed to maintenance of the conscientious owner - the citizen of Athens was understood by that. The greatest development was got by investment policy of the state at the tyrant Pisistrat.
It favored to a class of the small land owners transferred as a result to the society center: lands, both state, and the expelled aristocrats were distributed to poor people; public works were organized; peasants were granted the cheap loan; the institute of traveling judges and t was entered. . This talented administrator imposed constant income tax which made at first ten percent of a harvest, and then was lowered to five.
Yes, not casually Athenian republic existed a long time and came to the forefront in all Ancient Greece. Not incidentally she managed to win against such strongest enemy what was Persia, and blossoming of arts and sciences in it still strikes the world. It became possible just due to orientation to expansion of middle class in the state and carrying out wise economic policy.