The role of investment in social reproduction: theoretical aspect

El papel de la inversión en la reproducción social: aspecto teórico

Violetta V. Rokotyanskaya

, Aleksandr V. Smetanko

, Aleksandr Yu. Usanov

Bela B. Bidova

, y Julia А. Butyrinа

Moscow Timiryazev Agricultural Academy, Moscú, Rusia

V.I. Vernadsky Crimean Federal University, Simferopol, Rusia

Financial University, Moscú, Rusia

Chechen State University, Grozny, Rusia

Moscow Financial- Industrial University, Moscú, Rusia

Orcid ID: https://orcid.org/0000-0001-5302-1807

Orcid ID: https://orcid.org/0000-0003-0859-7270

Orcid ID: https://orcid.org/0000-0002-2329-8300

Orcid ID: https://orcid.org/0000-0001-6396-8877

Orcid ID: https://orcid.org/0000-0002-9851-0257

Recibido: 04 de enero de 2020 Aceptado: 14 de marzo de 2020

Abstract

The process of social reproduction is a necessary basis for the existence of human society and,

at the same time, it is understood as the system of production, distribution, exchange and

consumption. Investments, first of all, determine the first link of this system (production), and

serve as a material basis for development. Despite this obviousness, discussion about the

modern role of investment in the development of the economy in general, and the social sphere

in particular, has recently become relevant in the scientific environment. Therefore, this article

investigates the content of investments in the context of their functional role in expanded

reproduction.

Keywords: investment attractiveness, economic growth, investments, reproduction,

reproductive process, economics.

Resumen

El proceso de reproducción social es una base necesaria para la existencia de la sociedad

humana y, al mismo tiempo, se entiende como el sistema de producción, distribución,

intercambio y consumo. Las inversiones, en primer lugar, determinan el primer eslabón de este

sistema (la producción), y sirven como base material para el desarrollo. A pesar de esta

obviedad, la discusión sobre el papel moderno de la inversión en el desarrollo de la economía

en general, y la esfera social en particular, se ha vuelto recientemente relevante en el entorno

Correspondencia al autor

E-mail: rokotyanskay_V_V@mail.ru

Apuntes Universitarios, 2020: 10(3), julio-setiembre

ISSN: 2304-0335 DOI: https://doi.org/10.17162/au.v10i3.456

apuntesuniversitarios.upeu.edu.pe

ISSN 2312-4253(impresa)

ISSN 2078-4015(en línea)

científico. Por ello, el presente artículo investiga el contenido de las inversiones en el contexto

de su papel funcional en la reproducción ampliada.

Palabras clave: atractivo de inversión, crecimiento económico, inversiones, reproducción,

proceso reproductivo, economía.

Introduction

In the system of reproduction (regardless of its social form), investments perform a

crucial function within the framework of the processes of renewal and increase of production

resources, which in turn ensures the achievement of certain rates of economic growth. At the

same time, public reproduction is understood as the system of production, distribution,

exchange and consumption. Investments, basically, determine the first link of this system—

production—and serve as a material basis for development.

Human society can only survive in a continuous process of producing goods and

services. Any production is represented by the process of transforming resources into an

economic product. Natural, material, labor and financial resources involved in the process of

production undergo various transformations and become economic products in the form of

products (goods, works and services). As a rule, the transformation of resources into products

takes place within a certain period of time. This period of time determines the need of the

producer in funds for the initial acquisition of resources. These funds are needed until the

resources converted into goods are sold and offset the costs incurred for the initial acquisition

of resources.

Literary Review

A continuous, renewable, repetitive production process is a reproduction process indeed.

For the first time reproductive cycles have been revealed, named and investigated back in XVIII

in F. Kenay. So, any economic product has the property to be spent, consumed, worn out and

to demand replacement that causes necessity in its periodic recreations and reproduction.

Reproduction process includes the period from the creation of the product to its full

consumption, as well as a new cycle of production and consumption.

Reproduction is the way any economic system works. Although the process and the

reproduction period in the economy are unique for each individual product, they are all united

by one common stage: production, distribution, exchange, consumption. This sequence is a

fundamental pattern of economic processes, their most important property. As a result, the

economy is characterized by a constant cyclical cycle of products, goods and services in the

form of reproduction processes. At the same time, the reproduction process in any society

implies the following key elements (Kuzbozhev et al., 2011):

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- Reproduction of means of production (replacement and repair of worn-out means of

production, construction of new buildings, structures, replenishment of raw materials);

- reproduction of labor force (restoration of physical and mental ability to work,

professional development, training of new generation of workers);

- reproduction of economic and industrial relations (relations between people in the

process of production, distribution, exchange and consumption);

- reproduction of natural resources and the human environment (restoration of postal

fertility, forest areas, etc.);

- reproduction of production results (reproduction of public product).

Thus, the reproduction contains some features that distinguish it from the simple

production process. In particular, reproduction includes the conditions for resuming production,

as well as the distribution, exchange and consumption of a public product.

Now, let's consider the reproductive structure and conditions of realization of a public

product. The public product is the result of the work of the entire production of the country for

a certain period of time. In its physical form it consists of means of production and consumer

goods, and in its value form - the cost of material expenses for production and newly created

value or national income. Within the framework of the reproduction process, the public product

passes through four main stages: production, distribution, exchange and consumption.

Expanded social reproduction ensures an increase in the volume of the produced

product, which in turn determines economic growth. At the same time, the expanded production

itself requires constant investment of the accumulation funds. In other words, investments are

needed for normal functioning of the existing reproduction. At the same time, if we move to

production specifics, working capital requires investments. But to an even greater extent

investments are necessary for the creation of new or renewal of existing productions when it

comes to investments in fixed assets of production, which in aggregate determines the role of

investments in reproduction, especially in the extended one. Thus, investments allow acquiring

resources and involving them in the production of an economic product. Thanks to this

investment, it is possible to create new production facilities and modernize existing ones.

Creation of new production facilities and modernization of existing ones is the key to expanded

reproduction. The result of extended reproduction is an increase in the volume and quality of

economic products subject to distribution, exchange and subsequent consumption. The increase

in the volume and quality of the economic product subject to consumption leads to an increase

in the standard of living of the population - the socio-economic development of society.

Therefore, investment as a means of acquiring resources with a view to their subsequent

involvement in production is one of the main elements that determine the process of socio-

economic development of society.

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From the point of view of the analysis of reproduction processes, investments are a

condition of accumulation of capital and a precondition for expansion of reproduction and

provision of social and economic development. The analysis of the indicated problem from the

position of the reproductive approach requires definition:

- forms of investment that best meet the requirements of economic growth;

- directions of investment with the aim of ensuring sustainable and long-term economic

growth;

- sources of investment financing and capital accumulation process;

- the degree of interconnection of the investment process with economic growth;

- economic growth indicators.

Accounting for the main components of the relationship between economic growth and

investment provides an effective construction of theoretical models and the definition of a range

of management decisions in macroeconomics.

Meanwhile, there is a need for scientific clarification of the category “investments.” This

term is based on the Latin word investire (“to have”). In the 80s, the concept of capital

investments was mainly used to describe investment activities. Similarly, within the framework

of a centrally planned economy, the term was used to refer to capital investments, i.e. long-term

investments in various sectors of the economy. The transition of the Russian economy to market

relations has led to changes in the understanding of the content of the category «investments»,

which in turn has been reflected in the legislation. In particular, in the following years the term

«investment» used in regulatory documents was widely used as a synonym for capital

investments. At the same time, investments were understood as the process of reproduction of

fixed production assets, as well as the system of economic relations in the process of advance

financing of fixed assets (Davlatzod and Samadova, 2011; Ahmadi, and Movahed, 2019).

Meanwhile, for quite a long period of time, the domestic science was dominated by a

paradigm of investments, within which they were identified with the category of “capital

investments.” At the same time, capital investments were treated as “expenses for creation of

new ones, reconstruction and expansion of existing fixed assets”. And the investments - as

“long-term investments of capital in various branches of the national economy with the purpose

of making profit” - were treated as “costs of creation of new, reconstruction and expansion of

existing fixed assets”. (Shapoval, 2013; Tatuev et al., 2016).

Similar equating of investments with capital investments, as well as providing them with

long-term properties, is typical for many modern domestic researchers (Dmitrieva, 2013). This

approach is also found in the works of representatives of Western economic thought who define

investment in fixed assets as the acquisition of newly produced capital goods.

However, the provision presented does not fully reflect the substantive aspect of the

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«investment» category. The notion of «investment» is a very complex and ambiguous concept.

There are many definitions of investment in the scientific literature, reflecting different

approaches to understanding their economic essence. For example, the most prominent

domestic scientists in the field of science, such as I. A. Blank, V. V. Bocharov, S. V. Valdaitsev,

V. V. Kovalev, Y. A. Korchagin, I. P. Malichenko, V. M. Popov, D. E. Starik and others, give

their own definitions of investments. One can also find their own definitions in the works of

leading Western scientists, such as G. Berman, S. L. Bru, K. R. McConnel, D. Norkott, J. M.

Rosenberg, U. F. Sharp, S. Schmidt, etc.

Definition of Investment

The concept of “investment” is often used both in legislation and in the economic

literature. But the multiplicity of approaches to the understanding of the essential and

substantial characteristics of the term has led to the inability at the moment to identify one

universal definition of this concept.

In many respects, the presence of individual interpretations is explained by the specifics

of economic evolution and development of historical and economic stages. Investments as a

special system of theoretical and practical knowledge is based on the conclusions of a number

of investment theories developed by many generations of scientists representing different

schools and currents of economic thought, which in turn determines the absence of a universal

definition of investment. Meanwhile, it is the presence of a large number of approaches,

revealing the content of investments in relation to each other, which causes disputes over the

role of investment in socio-economic processes.

Within the framework of the approach developed by J. M. Keynes, the consideration of

investments should take place in the unity of two aspects: resource (capital values) and cost

(investments). According to J. M. Keynes, investments are part of the income for a certain

period of time not used for consumer purposes, as well as the current increase in capital assets

as a result of productive activities of the period under consideration (Keynes, 2007).

Based on the ideas of J. M. Keynes, in the modern economy there are two main

approaches to the definition of the economic essence of investment: cost (investment as the cost

of reproduction of fixed production assets) and resource (investment as a resource for the

reproduction of fixed production assets). The drawback of both approaches is the separation of

only one element of investment, costs or resources, which significantly limits the study of

investment activity as a holistic process that provides a dynamic relationship between the

elements of investment activity (resources, costs and income).

Market relations in Russia have led to the reform of economic processes, including

investment activities. In turn, this has led to increased interest in the study of scientific research

in countries with developed market economies. In the modern Western economic literature, the

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category «investments» is one of the most frequently used at both micro- and macro levels.

Thus, one of the first translated monographs on market economy by E. J. Dolan and E. D.

Lindsay defines investments as “increase in the volume of capital functioning in the economic

system” (Dolan and Lindsay, 1994). C.R. McConnell and S.L. Brue understand investments as

“costs of production and accumulation of means of production” (McConnell, C. R. and Brue,

S. L., 2009). In these definitions, investments are a way to increase the productive resources of

society, which actually narrows the concept of investment to productive investment.

In the writings of W. F. Sharp, G. J. Alexander, J. W. Bailey, investments and the

investment process are defined in a broad sense as the process of “parting with the money in

the present in order to get a large sum of money in the future» (Sharp et al., 2010; Sepehri, and

Sheikhalizadeh, 2019). Here investments are seen as a process of investing money in order to

obtain a larger amount of money in the future. Two key factors characterizing the investment

process—time and risk—are distinguished. Such an interpretation is a narrow approach to the

economic essence of the category under consideration, as capital investment can occur not only

in monetary form, moreover, it seems incorrect to link the expected return to a long period of

time - many operations can be aimed at obtaining a single result in the short term.

Understanding the essence of investments from the point of view of the market approach

in Russia can be reduced to the following theses:

- unity of resource and cost approaches;

- interrelation of investments and income motivating investment activity;

- inclusion of any investments into the structure of investment objects, which give

economic effect.

Thus, Valdaitsev defines investments as «purposeful investment for a certain period of

time of capital in all its forms in various objects to achieve individual goals of investors

(Valdaitsev, 2008). V. G. Zolotogorov singled out financial and economic definitions of

investments. Within the framework of the financial direction, investments are understood as

“all types of assets invested in economic activity with a view to obtaining income (benefit)”.

Within the framework of the economic direction, investments are understood as “expenses for

creation, expansion or reconstruction and technical re-equipment of fixed and circulating

capital”. (Zolotogorov, 2005)

K. V. Baldin defines investment as an investment in the future. Thus, the scientist

considers any funds that are extracted from current use and directed to the implementation of a

certain business as investments to meet future needs. Including investments is also the

transformation of economic resources into active factors, which in the long run can provide an

economic benefit or social benefits. At the same time, investments are characterized by a

branched structure and division into material and monetary forms (Evseeva, 2012).

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A significant contribution to the study of the essential characteristics of investment and

investment activities was made by Honored Scientist, Professor I.A. Blank. According to the

scientist, investments of the enterprise should be considered as “investment of capital in all its

forms in various objects (instruments) of its economic activity with the purpose of receiving

profit, and also achievement of other economic or outside economic effect which realization is

caused by market principles, and also factors of time, risk and liquidity”. I. A. Blank also defines

the economic essence of the investment activity of the enterprise as “a purposeful process of

searching for necessary investment resources, selection of effective objects (instruments) of

investment, formation of a balanced investment program (investment portfolio) according to

selected parameters and ensuring its implementation”. (Blank, 2006)

An analysis of the existing definitions of the term “investment” in the economic

literature shows that, in the broadest sense, investment is defined as the process of capital

investment with the aim of increasing it in the future. Also, in most definitions of investments,

both foreign and our researchers, a common feature stands out—the investor's target setting for

receiving income from investments.

In the normative documents the first use of the market approach to the economic

essence, forms and principles of investment activity occurred in the Law of the RSFSR of

26.06.1991 № 1488-1 “On investment activity in the RSFSR”. According to this document,

investments may take the form of monetary funds, target bank deposits, shares, stocks and other

securities, technologies, machinery, equipment, credits, any other property or property rights,

intellectual values invested in the objects of entrepreneurial and other types of activity in order

to obtain profit (income) and achieve positive social effect.

According to the Federal Law of February 25, 1999 N° 39-FL “On investment activity

in the Russian Federation, carried out in the form of capital investments”, investments are

“money, securities, other property, including property rights, other rights having a monetary

value, invested in the objects of entrepreneurial and (or) other activities in order to make a profit

and (or) achieve other useful effect». Investment activity is understood to mean activities related

to «investing and taking practical steps to obtain profit and (or) achieve other useful effect”.

International financial reporting standards also use terms and concepts from business

accounting and investment analysis. Thus, the investment is understood as the company's asset

used to increase resources at the expense of various kinds of income from the object of

investment, growth in the value of capital and other benefits. Investment activity means the

purchase and sale of long-term assets and other investment objects that are not cash equivalents

(Breslatseva et al., 2014; Tatuev et al., 2015).

According to the Regulations on Accounting for Long-term Investments (approved by

the Letter of the Ministry of Finance of the Russian Federation dated 30.12.1993 N° 160), long-

term investments represent “costs of creation, increase in the size and acquisition of non-current

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noncurrent assets (more than one year), which are not intended for sale, with the exception of

long-term financial investments in government securities, securities and authorized capitals of

other enterprises”.

Within the framework of methodological recommendations on the organization and

maintenance of management accounting, developed by the Ministry of Economic Development

of the Russian Federation, investments are treated as “expenses for the acquisition of property

or other assets for the purpose of making a profit; money, securities, other property, including

property rights, other rights with a monetary value, invested in the objects of entrepreneurial

and (or) other activities for the purpose of making a profit and (or) achieving a useful effect”

(Sorokin, 2011). The interpretation of investments from the point of view of accounting is the

closest to the definition given in the Federal Law N° 39-FL.

In the legislative acts considered above, the concept of investment is considered from

the point of view of the resource approach, that is, through the definition of material and

material forms of investment resources.

O. B. Veretennikova and E. S. Ribina carried out a wide research of the most common

approaches to the disclosure of the content of investments. As a result, they came to the

conclusion that investments should be understood as «capital investments (real investments)

made by a public authority, any legal entity or individual who is a resident or non-resident of

the country, as well as investments in the acquisition of securities (financial investments), made

to achieve strategic goals, expressed in obtaining an economic effect through the increase of

capital, or to achieve any other goals with a mandatory forecast of the level of risk and income»

(Veretennikova and Ribina, 2013).

The most complete understanding of the economic nature of investments and their role

in the reproduction process requires consideration of the main characteristics that form the

essence of the concept under consideration:

- Investments are the most active form of capital use and imply the organization of

savings. At the same time, only those savings that are not in active form and are used to

generate income by expanding production become investments;

- investments can be made in all forms of capital: monetary, natural-material and mixed.

At the same time, in the process of investment there is a transformation of monetary

capital into its other forms;

- investment of capital in the process of investment is carried out purposefully in

accordance with investors' own goals and their own choice of objects and instruments of

investment;

- investment activity forms a separate type of market/investment, which has demand,

supply and price, as well as a set of certain subjects of market relations;

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- investments are objects of property and disposal, as well as the possibility of receiving

income. Ownership and disposal rights do not always belong to the same entities, which

often leads to a potential conflict of interests between shareholders and management;

- investments have an individual investment term. In addition, the investor can always

choose between non-investment consumption of capital or its investment and further

multiplication of available resources;

- investments carry the risk of capital investment. There may be cases of non-receipt of

income by the investor or loss (partial or full) of investment capital. Thus, the risk factor

is directly related to the profitability of investment activity;

- investments have a certain degree of liquidity, that is, the possibility of their

implementation at market value, which provides the possibility of releasing the capital

invested in various objects and instruments in case of occurrence of adverse economic

and other conditions of its use.

Thus, investments can be defined as the investment of capital in all its forms aimed at

achieving economic or non-economic effects based on market principles, time, risk and

liquidity factors. At the same time, the development of market relations leads to the expansion

of the diversity of investment objects: from various types of real assets to financial instruments.

This is also facilitated by a broad form of interpretation of investments as any capital investment

aimed either at its increase or at achieving social effect.

Discussion

One of the most recent examples of this is the 2007 mortgage crisis in the United States,

which subsequently turned into a global financial crisis, the negative impact of which is still

acutely felt today. The main reason for the mortgage crisis, called the experts, is a sharp increase

in the sector of speculative investments in residential real estate. For example, in 2006, about

40% of residential real estate sold in the United States had speculative purposes. This process

contributed to the growth of demand, prices and supply oriented towards the established price

levels. However, after 2006, the U.S. residential real estate market saw a decline in speculators'

interest. As a result, a sharp decline in demand began, which led to overproduction and a sharp

decline in real estate prices (Mirenskaya and Mirensky, 2012). In turn, this led to the imbalance

of reproduction processes in the sphere of residential real estate, and later to problems in related

spheres, especially in the field of finance.

However, it cannot be stated unequivocally that financial investments can only generate

speculative capital. This process, like any other economic phenomenon, is inherently

contradictory and has both negative and positive aspects.

Within the framework of the laws of expanded reproduction, the interrelation of

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investments and economic growth can be represented as a number of interrelated

transformations taking place with the initially advanced capital. In the case of productive

investments (which are the source of industrial growth), this capital, both in real and monetary

form, is an investment in investment goods, primarily in the means of production necessary in

the process of production.

The tradition of the approach, as shown above, is to consider investment in the means

of production through investment in fixed assets - construction of buildings and structures,

purchase of machinery and equipment. However, efficient functioning of fixed capital requires

investment not only in inventories, but also in intangible assets. Besides, the production process

is impossible without labor force and intellectual potential. At the same time, a highly skilled

labor force is distinguished by the creation of a higher value per unit of time as compared to a

low-skilled one. This leads to high efficiency of investments in human capital in terms of

income generation and economic growth, in other words, human capital is a specific type of

investment commodity (Bashmachnikova and Abramova, 2012).

In the process of production, labor creates additional value, which in the process of sale

of the created goods provides new income, exceeding the initially advanced capital. Within the

framework of the theory of extended reproduction, the income received is divided into three

components: the compensation fund, the compensation fund of employees' labor (including

deductions for social insurance) and surplus value (income and capital). At the same time,

capitalized surplus value is redirected to production in accordance with the organic structure of

capital, and also serves as the basis for its accumulation and expansion of production. Thus, this

capitalized value represents new investments in production. The compensation fund, which is

a depreciation charge, also provides capital accumulation, as it is aimed at compensating the

capital consumed and can be used for new investments (reinvestment). To ensure economic

growth, reinvestment should be carried out not only in additional means of production, but also

to compensate for depreciation and modernization of fixed capital, growth of production and

material reserves and wages fund, acquisition of additional and new elements of intangible

assets, improvement of management and acquisition of new knowledge (Erohina and

Korchagin, 2012). All these areas of investment in the aggregate provide a stock of economic

strength, and in fact, contribute to the accumulation of capital to ensure enhanced reproduction.

But it is the majority of these investments that become impossible without the existence

of financial investments. Besides, financial investments are attractive due to their liquidity and

the possibility of earning a profit comparable to that of a bank deposit. This fact contributes to

the transformation of unorganized savings into organized ones, which subsequently form a part

of the money supply that is in active circulation and performs the functions of a means of

circulation and payment. This leads to an increase in the money supply and money supply, and,

at the same time, to a decrease in the cost of borrowing for the economy.

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Conclusion

Thus, the reproductive approach in the study of the relationship between economic

growth and investment contributes to the expansion of the existing paradigm. Thus, the

expanded reproduction, which manifests itself in the resumption of production in each new

reproductive cycle at a higher (relative to the previous) level, as a result leads to a higher level

of consumption of people and the growth of the welfare of society as a whole. At the same time,

the extended reproduction itself becomes possible only in the conditions of existence of

multidirectional investments. These, in turn, are provided by the process of capital

accumulation and its subsequent transformation not only into fixed capital, but also into

inventories, intangible assets, skilled labor and management. At the same time, the existence of

such a variety of investments is possible only in the conditions of existence of highly liquid

financial investments, the external effect of which became financial speculation.

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Revista de Investigación Apuntes Universitarios

2020: 10(3), 37 - 48

ISSN 2312-4253(impresa)

ISSN 2078-4015(en línea)