The Theoretical and Structural Paradigm of Capital: Legal Aspects
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Abstract
The article approaches an issue of capital as legal phenomenon, the particular consideration taking to conception and structure of capital. Because of lack of such analysis in local and foreign legal literature, lawyers do not use the term of “capital” or misuse it. The objectives of this article is to reveal the conception of capital from the historical development of property and capital doctrine perspectives, ascertain relation of property and capital and explain legal aspects of process of property transformation to capital, to propose the model of formal property rights system, which would promote the process of property transformation to capital, also to detect the criteria settled in legal acts that determine the capitalization and capital accumulation processes.
This article shows that the main feature of capital is to produce the flow of income, but the economic potential of capital is passive while during the process of implementation of property rights obtains the flexible form as in order property would produce the flow of income it should be in some way objectified and formalized. Formal property is not the material object but economical and social conception that is materialized in legal titles, registered in one system. On the other hand the capitalization and accumulation of equity and debt capital depends on some criteria settled in legal acts.
This article shows that the main feature of capital is to produce the flow of income, but the economic potential of capital is passive while during the process of implementation of property rights obtains the flexible form as in order property would produce the flow of income it should be in some way objectified and formalized. Formal property is not the material object but economical and social conception that is materialized in legal titles, registered in one system. On the other hand the capitalization and accumulation of equity and debt capital depends on some criteria settled in legal acts.
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Authors retain copyright of their work, with first publication rights granted to the Association for Learning Technology.
Please see Copyright and Licence Agreement for further details.
