Movement of capital away from the main direction. International capital movement

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Hosted at http://www.allbest.ru/

Introduction

Capital holds one of the leading places among the factors of production. Capital is constantly in motion. The main purpose of using capital in the process of such a movement is, on the one hand, the creation of material goods and the provision of services, on the other hand, the receipt of income from the capital costs invested in production. The mechanism of the movement of capital and the receipt of income is revealed in the process of circulation and turnover of capital.

The circulation of capital is the movement of capital, in which, passing through various stages, it returns to the form with which it began its movement.

So, capital exists in various forms. The original is the monetary form. Function money capital is to create necessary conditions to combine the factors of production. Possessing financial resources, the entrepreneur turns to the investment goods market in order to acquire the necessary means of production and to the labor market in order to hire work force. If an entrepreneur feels the need for an area to accommodate his production, then he turns to the land market for the purpose of renting or acquiring a piece of land.

Another form of capital is production capital, the function of which is to organize, manage and rationally combine acquired factors of production in order to obtain greater value, that is, value containing surplus value or profit. However, in the process economic activity neither value nor profit is created by itself. Their creation and receipt becomes possible only through the release of the necessary consumer goods that have a social consumer value - value for buyers. These are goods and services.

The concept of production capital allows you to get closer to understanding the third form of capital - commodity. The function of commodity capital is to sell available goods and services in order to convert commodity capital into money capital. It is at this stage that value is realized in the form of price, which contains profit (surplus value).

The desire to make a profit pushes the entrepreneur to continuously put his capital into circulation.

The relevance of the topic of this term paper It is characterized by the fact that not a single production process is possible without the participation of capital in it, and profit is impossible without its circulation.

To do this, in the course of the work it is necessary to solve the following tasks:

Expand the concept of capital;

Consider the stages of the movement of capital, its circulation;

Expand the concepts of accumulation and concentration of capital.

The work consists of three chapters.

The first chapter reveals the concept of capital.

The second chapter discusses the concepts of fixed and circulating capital, as well as the circulation of fixed capital.

The third chapter deals with the accumulation, concentration and centralization of capital and production.

In conclusion, the results of this course work are summarized.

To write the work, various literary sources on economics were involved.

1. Theoretical aspects of the movement of capital

1 . 1 capital To factor of productionA

Capital as a factor of production is material good industrial purpose i.e. means of production.

According to the characteristics of their participation in the production process and interaction with labor as a factor of production, the means of production are divided into objects of labor and means of labor.

The objects of labor include everything from which material goods or things are made: raw materials, auxiliary materials, semi-finished products. In other words, it is the material of nature involved in the production process, to which human labor is directed.

The means of labor include everything that affects the objects of labor, and with the help of which this effect is carried out. Thus, active and passive parts are distinguished in the means of labor.

The active part of the means of labor includes tools of labor i.e. that which directly affects the object of labor: machines, machines, equipment, tools. It is with tools that workers are armed, carrying out the labor process. These tools largely determine the content of their work. According to the tools of labor, one historical era is distinguished from another. Thus, the Stone Age stands out, when tools were made of stone, the Bronze and Iron Ages, in which there were tools made of bronze and iron. Tools of labor are sometimes called the musculoskeletal system of production, which determines its power.

History shows that, thanks to the development of tools, labor was replaced by capital and the overall productivity of labor increased, when manual labor based on the use of simple tools began to be replaced by mechanized labor based on the use of machines as the main tools of labor. From the middle of the 20th century, machines began to be supplemented and even replaced by automata, capable of replacing part of mental labor.

The passive part of the means of labor includes industrial buildings, structures, auxiliary devices, pipes, tanks, roads, communication channels. All this is often called the vascular system of production, that is, the system for ensuring the functioning of the active part of the means of labor.

Until the moment when the means of production are involved in the production process, they act in the form of two types of resources: capital and material.

Capital resources include that which becomes a means of labor in the production process and is characterized by a long service life. As a rule, they require a long time for their creation.

Material resources include that which becomes the object of labor and that, before being involved in the sphere of production, was part of natural resources.

The different purpose of the means of production allows them to be divided into two types: the means of production necessary for the production of new means of production, and the means of production necessary for the production of consumer goods. The former are used in the sectors of the first subdivision of social production, the latter in the second subdivision.

Due to limited resource opportunities, society has to go for a qualitative improvement in the means of production, primarily tools, which are an important factor in the growth of labor productivity. Thus, capital appears as a materialized embodiment of scientific and technological progress. It is in it, primarily in the tools of labor, that all the achievements of science and technology are most visibly manifested.

1. 2 Movement andndividealcapitalAand histhreestages

Individual capital - the capital of the firm - can constantly bring profit if it continuously recreates the material conditions for the production of new value. This reproduction can be of two types: simple and extended.

The simple reproduction of individual capital is the continuous repetition of creative activity. At the same time, the scale of production, the value of the created product and the size of the operating capital (production assets) remain unchanged. Thus, capital makes a kind of circular motion.

The circulation of capital is one cycle of its movement, which covers the process of production and circulation of goods created and ends with the return of capital to its original monetary form.

The first stage takes place in the sphere of circulation and consists in the fact that money capital is invested in the acquisition of means of production and labor power, that is, capital passes from the monetary form into the production form.

The next stage takes place in the sphere of production. Factors of production purchased on the market are combined in the production process, creating goods with the desired utility and containing newly emerging value, including profit. In this movement the productive form of capital is transformed into the form of commodities.

The third stage consists in the fact that commodity-capital with increased value is again transformed into money-capital containing profit.

This successive transformation of capital from one functional form to another, its movement through three stages, constitutes the circulation of capital. The desire to make a profit pushes the entrepreneur to continuously put his capital into circulation.

2. Circulation of capital

circulating material capital centralization

Under the conditions of a market economy, the process of reproduction coincides with the reproduction of individual and social capital. Under reproduction of individual capital refers to the circulation and turnover of the capital of an individual market entity.

Since the immediate goal of capital is not to obtain a one-time profit, but to systematically increase it, the movement of capital is not limited to one circuit. The circulation of capital, considered not as a single act, but as a constantly repeating process, is capital turnover. In the process of turnover, capital functioning in production is divided into fixed and circulating capital.

2. 1 Fixed and working capital. Turnover of fixed capital

Fixed capital is a part of constant productive capital, acting in the form of means of labor, which is consumed in the labor process gradually, over a series of circuits, and transfers its value to the finished product in parts.

Fixed capital in its natural form is represented in the means of labor. But not all means of labor are fixed capital, but only those that are produced and reproduced by human labor. Therefore, land, forests and other natural resources, as a rule, are not fixed capital, although they are means of labor.

Fixed capital has a monetary value, according to which it is listed on the balance sheets of firms. The cost of fixed capital, expressed in terms of monetary form, represents the firm's fixed assets. Monetary valuation of fixed capital allows us to analyze its dynamics and structure.

In characterizing the structure of fixed capital, two approaches are distinguished:

1. Distribution of fixed capital by sectors of macroeconomics or its sectoral structure;

2. The ratio of different types of fixed capital within the industry or its specific structure.

The turnover of fixed capital consists of three phases:

1) Depreciation of capital

2) Depreciation of capital

3) Reimbursement of capital in kind.

We give a description of each phase of the turnover.

Fixed capital, functioning in the process of production, is subject to physical wear and tear. The means of labor gradually wear out and lose their use value. In proportion to this, the value depreciation of fixed capital also takes place, that is, the process of transferring its value to the product to the extent that it has lost its use value takes place.

The physical wear and tear of the means of labor occurs in two ways:

1) In the process of their use;

2) As a result of their inaction.

The first type of physical wear and tear is reimbursed from the cost of the finished product. In the second form of physical wear and tear, the value of the means of labor is lost without a trace.

Fixed capital, along with physical wear and tear, is subject to obsolescence. The obsolescence of means of labor means that they are still physically suitable for use, but they no longer justify themselves economically and need to be replaced. The reason for obsolescence is scientific and technological progress.

There are two types of obsolescence:

1) Cheaper production of existing machines.

As a result, the machines in use depreciate in value. Fixed capital loses part of its original cost. This loss of value is due to an increase in labor productivity in construction and engineering. As a result, the value of old objects that have the same characteristics as new ones is determined by the new value and the price due to it.

Grade operating funds falls to the level determined by the new prices. Obsolescence of the first type is most typical for machines, types of buildings that have already reached a certain perfection and in their main structure for a long time do not undergo major changes.

2) Creation of new more productive machines.

Machines of old models, even before complete physical wear and tear, are replaced by new, more productive ones. Therefore, part of the value of old machines is lost. The use of obsolete machines hinders the growth of labor productivity, the increase in the efficiency of production as a whole.

The advent of more perfect means of labor leads to a fall in the relative usefulness of old equipment and buildings. Existing equipment that is not worn out physically becomes obsolete. The value of the old fixed capital falls in proportion to the relative decline in their efficiency.

The second type of obsolescence operates with particular force in the first period of the introduction of new machines, installations, and instruments. To a certain extent, this also applies to buildings, in particular to the new workshop buildings, which are lighter, more spacious and more comfortable than the old ones.

The second phase of the turnover of fixed capital is depreciation.

Depreciation is a process of gradual (in parts) transfer of the value of fixed capital as it wears out to the product being produced, converting it into a monetary form in order to subsequently compensate for the wear and tear of labor instruments.

Depreciation is that part of the value of fixed capital which, to the extent of wearing out, leaves the means of labor and transfers them to the product. Further exists as part of the value of work in progress, then as part of the value of finished products, and, finally, after the sale of products - as sum of money designed to compensate for the depreciation of fixed capital. As you can see, depreciation and depreciation are different processes. Depreciation is a precondition for depreciation.

To compensate for the cost of consumed means of labor, depreciation rates have been established. They differ for industrial, non-industrial and residential buildings, differentiated by certain types and labor groups. The depreciation rate is determined by the formula:

H A\u003d (F + R-L) / (F P) 100,

Where H A- depreciation rate for the year; F- cost of fixed capital; R- the cost of overhaul and modernization; L-liquidation value, that is, proceeds from the sale of retired labor and scrap, minus the cost of dismantling; P- the duration (number of years) of the functioning of fixed capital.

Depreciation rates are constantly improved and maintained at a scientifically sound level.

Depreciation deductions are gradually accumulated by the company and form a depreciation fund, through which the fixed capital is reimbursed.

The third phase of the turnover of fixed capital is compensation.

The in-kind replacement of fixed capital covers two stages:

1) their overhaul or partial reimbursement;

2) Their complete restoration or renovation.

Concerning the first stage, it should be noted that there are current (small, medium) and major repairs. Overhaul machines, mechanisms, buildings, structures, communications may be associated with the replacement of means of labor, their renewal. There are two forms of this substitution. First, the replacement of individual elements of the means of labor with new ones that have similar characteristics. This involves the restoration of the lost properties of fixed capital. Secondly, the modernization, reconstruction of production, which involves the improvement of the entire system of machines, the improvement of its technical and economic characteristics, and the increase in production efficiency.

Renovation is the renewal of fixed capital, economic process replacement of retired as a result of physical and moral depreciation of the means of labor with new ones.

The volume of renovation is one of the factors that determine the rate and proportions of reproduction. With simple reproduction, the amount of renovation is equal to the amount of depreciation. With expanded reproduction, it is less than this amount and depends on the rate at which new means of labor are put into operation. That is why the recovery of fixed capital is closely related to accumulation, when part of the depreciation fund can be used as an accumulation fund.

Reimbursement of fixed capital is carried out at the expense of the depreciation fund. This fund, on the one hand, is constantly replenished by depreciation. On the other hand, it is constantly decreasing, since it serves as a source of replacement for fixed capital. According to its economic purpose, the depreciation fund is a source simple reproduction means of labor. However, in the conditions of scientific and technological progress, the depreciation amount is embodied in a larger amount of more advanced and relatively cheaper technology. In this case, the depreciation fund becomes a source of increasing fixed capital.

The expanded reproduction of individual fixed capital is carried out in the course of competition and is aimed at strengthening the position of the company in the market. Expanded reproduction of social fixed capital ensures growth national economy and improving its efficiency.

The rate of reimbursement of the main capital is greatly influenced by the market. During periods of economic upswing, there is a massive renewal and expansion of fixed capital. The phases of crises, on the contrary, sharply reduce the need for additional means of labor and make financing more difficult. As a result, waves (cycles) of compensation and accumulation of fixed capital are formed. They approximately coincide with the periods of service life of the means of labor.

On the quantitative side, the compensation of fixed capital is characterized by two most important indicators:

1) The coefficient of renewal of fixed capital. It is determined by the formula:

TO update=OK n/OK common

Where TO update- refresh rate; OK n- the cost of newly commissioned fixed capital; OK common-total cost functioning fixed capital;

2) Retirement rate. It is determined by the formula:

TO select=OK select/ OK common

Where TO select- retirement rate; OK select- cost of retired fixed capital; OK common- the total value of the functioning fixed capital.

For the company, increasing the efficiency of the use of fixed capital is of great importance. A general indicator of the efficiency of the use of fixed capital is capital productivity. It is determined by the formula:

KO=H P/OK,

Where KO- coefficient of return on capital; H P- the value of the firm's net output; OK- the amount of capital stock of the company.

The inverse indicator of capital productivity is also calculated - capital intensity (KE):

KE=OK/H P

The return on capital rises if the productivity of labor grows faster than the capital-labor ratio. Really:

H P/ OK \u003d (H P/ R) / (OK / R),

Where R- the number of employees of the firm.

Capital productivity is one of the most important indicators of the efficiency of the company. Its growth is of great importance for the economy. The higher the return on capital, the less money the firm spends on replacing fixed capital to achieve the planned increase in output. This makes it possible to reduce the volume of the accumulation fund and increase the size of the consumption fund.

The growth of capital productivity is served by the improvement in the use of fixed capital. It is achieved in two ways:

1. In an extensive way. This path is based on increasing the time of use of buildings, machines and equipment. This is achieved by reducing downtime, increasing the shift ratio, increasing the degree of loading of production areas with machines and equipment;

2. Intensive way. This path is based on raising the technical level of production and is associated with an increase in the degree of use of fixed capital per unit of time. Intensification production activities firms include:

a) increase in the composition of fixed capital of the share of its active part (machinery and equipment);

b) reduction of terms of development of newly introduced production capacity; c) introduction of new technologies;

d) increasing the speed of production lines, conveyors, machines and equipment;

e) scientific organization of labor.

The turnover of the main capital is inextricably linked with the movement working capital and circulation capital.

Circulating capital is the part of productive capital that transfers its value to the newly created product in full and returns to the entrepreneur in the form of money at the end of each capital cycle. Thus, working capital is an important criterion in determining the profit of the enterprise.

Working capital is the funds that serve the process of activity,

participating simultaneously in the production process and in the process of selling products. In ensuring the continuity and rhythm of the process of production and circulation is the main purpose of the working capital of the enterprise.

The peculiarity of working capital is that it is not spent,

not consumed, but advanced in different kinds running costs

business entity. The purpose of advance payment is to create the necessary inventories, backlog of work in progress, finished products and conditions for its implementation.

Advance means that used cash

are returned to the enterprise after the completion of each production cycle or circuit, including: production of products - its implementation - receipt of proceeds from the sale of products. It is from the sale proceeds that the advanced capital is reimbursed and returned to its original value.

Thus, working capital, intended to ensure the continuity of the production process and sales of products, can be characterized as a set of funds advanced for the creation and use of working capital. production assets and circulation funds.

According to the functional purpose, the working capital of an enterprise is divided into working capital and circulation funds. Based on this division, working capital can be characterized as funds invested in working capital and circulation funds and making a continuous circulation in the process of economic activity.

Revolving production assets of enterprises consist of three parts:

Inventories are the items of labor needed to start

production process, consisting of raw materials, basic and auxiliary materials, fuel, fuel, spare parts of components;

Work in progress (objects of labor that entered the production process: materials, parts, components and products) and semi-finished products of their own manufacture;

Deferred expenses are intangible elements of working capital assets, including the costs of preparing and developing new products.

Along with the listed material elements involved in production stocks or in work in progress, negotiable

production assets are also represented by deferred expenses necessary for creating backlogs, installing new equipment, etc.

Thus, circulating production assets serve the sphere of production, fully transfer their value to the newly created product, while changing their original form. And all this - during one production cycle or circulation.

Another element of working capital is circulation funds. They are not directly involved in the production process. Their purpose is to provide resources for the circulation process, to serve the circulation of enterprise funds and to achieve unity of production and circulation. The circulation funds include: finished products in warehouses, goods in transit, cash and funds in settlements with consumers of products, in particular, receivables.

Combining circulating production assets and circulation funds into a single category - working capital due to the fact that, firstly,

the process of reproduction is the unity of the production process and the process

product sales. Elements of circulating capital continuously move from the sphere of production to the sphere of circulation and again return to production. Second, the elements revolving funds and circulation funds have the same character of movement, circulation, which is a continuous process.

Table 1

2 . 2 Capital turnover rate

The difference in the duration of production acts, obviously, with equal capital expenditures, should cause a difference in the rate of turnover of capital, i.e. the difference in the periods for which the given capital is advanced.

Let us suppose that a machine-spinning factory and a locomotive-building factory employ capitals of equal magnitude, that the division of capital into fixed and variable capital, and also into fixed and circulating components, is the same in both cases, that, finally, the working day is equally long and divided in the same proportion. for necessary and surplus labour. Further, in order to eliminate all circumstances arising from the process of circulation and not related to this case, let us assume that yarn and locomotives are produced to order and paid for when the finished product is delivered. At the end of the week, having handed over the finished yarn, the spinner (we leave aside surplus-value here) receives back his invested circulating capital, as well as part of the value of the fixed capital that has entered into the value of the yarn due to its wear and tear. He can therefore repeat the same circuit again with the same capital. This capital has completed its turnover. On the other hand, the manufacturer of steam locomotives must spend every week for three months every new and new capital for wages and raw materials. Only after three months have elapsed, after the delivery of the locomotive, does the circulating capital, gradually expended during this time on one and the same production act, on the manufacture of one and the same commodity, again assumes a form in which it can begin its circuit again. In the same way, the wear and tear of the machines during these three months is reimbursed to him only now. The expenditure of one is made for one week, the expenditure of the other is equal to the week's expenditure times 12. Assuming all other conditions to be equal, one must have at his disposal twelve times as much circulating capital as the other.

The fact that the capitals advanced weekly are equal is of no importance here. Whatever the size of the advanced capital, in one case it is advanced only for one week, in another case for twelve weeks, and only after these periods have elapsed can it be dealt with again, repeating the same operation or starting some other.

Depending on the greater or shorter duration of the working period, determined by the specific nature of the product or the useful purpose pursued in its manufacture, constant additional expenditures of circulating capital (for wages, raw and auxiliary materials) are necessary, and not one part of this capital is in a form capable of circulation, and therefore cannot serve as a resumption of the same operation. On the contrary, each part is successively fixed in the sphere of production as component of the resulting product is bound up in the form of productive capital. But the time of turnover is equal to the sum of the time of production and the time of circulation of capital. Consequently, the lengthening of the time of production reduces the rate of turnover of capital to the same extent as the lengthening of the time of circulation.

Depending on the duration of that part of production time which does not consist of labor time, the period of capital turnover also lengthens. Since the time of production, which is in excess of labor time, is not determined once and for all by the given laws of nature, as in the ripening of corn, during the growth of oak, etc., the period of turnover can often be more or less shortened by artificially shortening the time of production.

The difference between production time and labor time can arise in very different cases. Circulating capital may be in the period of production before it enters into the actual labor process. Either he is in the period of production after he has already passed through the actual working process (wine, sowing): or in the total time of production, labor time enters with interruptions, in separate parts (agriculture, forestry). A large part of the circulating product remains in the active process of production, while an incomparably smaller part of it enters annual circulation (forestry and animal husbandry). The longer or shorter period of time in which circulating capital in the form of potential productive capital must be expended, and in which, consequently, a greater or lesser amount of capital must be immediately expended, is partly determined by the nature of the process of production itself (agriculture), and partly depends on the proximity of markets, etc., in short, from circumstances relating to the sphere of circulation.

The turnover time of capital is equal to the sum of the time of its production and the time of its circulation, or circulation. The different duration of the circulation time makes the turnover time different, and hence the duration of the turnover period.

One part of the circulation time - relatively the most important - consists of the sale time, i.e. of the period of time during which capital is in the state of commodity capital. Corresponding to the relative length of this period, the time of circulation is lengthened or shortened, and therefore the period of circulation in general. Due to storage costs, etc. additional capital expenditure may also be required.

One of the reasons that constantly causes a difference in the length of the time of sale, and therefore the time of turnover in general, is the remoteness of the market in which the commodity is sold from the place of production of this commodity. During the whole time of its journey to the market, capital remains bound in the state of commodity-capital. If the goods are produced to order, then the capital remains bound until the goods are handed over to the customer; if not by order, then the time spent on the way to the market is added by the time during which the product is in this market, waiting to be sold. An improvement in the means of communication and transport absolutely shortens the period of wandering of commodities, but does not abolish the relative difference resulting from this wandering in the time of circulation of different commodity-capitals, or even of different parts of the same commodity-capital traveling to different markets.

All branches of production, by the nature of their products, designed mainly for local sales, such as breweries, therefore develop to a very large sizes in major population centers. The faster turnover of capital partly compensates here for the high cost of certain conditions of production. land plot for buildings, etc.

Differences in the length of time for the turnover of capital also depend on the magnitude of supply transactions, which increases with the growth in the volume and scale of capitalist production.

Let us take commodity-capital, which is the product of a working period of, say, 9 weeks. If we temporarily leave aside both that part of the value of the product which is added to it as a result of the average wear and tear of the fixed capital, and the additional value added to it during the production process, then the value of this product will be equal to the value of the circulating capital advanced for its production, m .e. equals the cost wages and raw and auxiliary materials consumed in its production. Suppose this cost is $900, so the weekly cost is $100,000. Therefore, the period of production, which coincides here with the working period, is 9 weeks. The turnaround time is, say, 3 weeks. Therefore, the entire turnover period lasts 12 weeks. After 9 weeks, the advanced productive capital has been converted into commodity-capital, but then it remains in the period of circulation for another three weeks. Consequently, a new production period can only start again from the 13th week, and production would have to stop for three weeks, or a quarter of the entire turnover period. If every 3 months production is suspended for 3 weeks, then, therefore, during the year it is suspended for 3 x 4 = 12 weeks = 3 months = 1/4 of the annual turnover period. Therefore, to conduct production continuously from week to week on the same scale is possible only in two ways.

Or the scale of production should be reduced so that by 900 thousand rubles. it was possible to work continuously both during the working period and during the circulation time of the first turnover. Then, with the beginning of the 10th week, the second working period opens, and consequently the second turnover period - it opens before the end of the first turnover period, because the turnover period is twelve weeks, and the working period is nine weeks. 900 thousand rubles, distributed over 12 weeks, give 75 thousand rubles. for a week. Such a reduced scale of the enterprise presupposes a change in the size of the fixed capital, therefore, it generally presupposes a reduction in investments in the enterprise. Then it remains a question whether such a reduction can occur at all, since, with a given development of production in various enterprises, there is a certain minimum rate of investment of capital, and if the amount of expenditure is less than this minimum, then an individual enterprise will not be able to withstand competition. This minimum norm itself is constantly increasing with the development of capitalist production and, consequently, is not constant. But between this every time the minimum norm and by an ever-increasing maximum rate, there are many intermediate steps; the middle allows for very different sizes of investments of capital. And therefore, within the limits of this middle, such a reduction in investments of capital is possible, the limit of which is always a certain minimum rate.

When the capital advanced for the first working period, having completed the process of production, lingers for three weeks in the process of circulation, at that time an additional expended capital of 300,000 rubles functions, so that the continuity of production is not interrupted. Here it is necessary to note the following.

Firstly, the working period of the capital of 900 thousand rubles advanced at the very beginning ends after 9 weeks, but the capital flows back no earlier than after 3 weeks, therefore, only at the beginning of the 13th week. However, a new work period starts immediately with additional capital at 300 thousand rubles. As a result, the continuity of production is maintained.

Second, the functions initial capital at 900 thousand rubles. and a capital of 300,000 rubles, which is added again at the end of the first nine-week working period and opens the second working period immediately after the first, these functions are precisely delineated in the first period of turnover, or at least can be delimited, while in during the second period of turnover, on the contrary, they intersect with each other.

While one part is in the period of production, the other part must always be in the period of circulation. Or, in other words, one part can function as productive capital only on the condition that the other part, in the form of commodity or money-capital, is extracted from production proper.

3. Accumulationand centralizationcapital

3. 1 Capital accumulation

The use of surplus value or profit as capital is called capital accumulation. The allocation of individual and social capital determines two levels of accumulation: the level of the enterprise and the level of society.

At the level of an individual enterprise, accumulation is possible if the surplus value received by it in the form of profit is divided into two parts: one forms the accumulation fund, the other, together with the wage fund, forms the consumption fund.

At the level of society, accumulation presupposes the direction of part of the surplus value produced within the framework of the entire economy, or surplus product, to the expansion of social capital. However, if we confine ourselves to the scale of the national economy and assume that it is closed, then the expansion of capital is possible provided that the social product of the country contains additional means of production in excess of those necessary to replace the used means of production. These additional means of production appear as pure capital.

An appeal to the content of accumulation shows that the provision of this process involves the rejection of personal consumption of a part of the national income as a set of incomes of subjects of a commodity economy. As a result, the national income breaks up into a consumption fund and an accumulation fund.

Differences in the content of the process of accumulation at the level of individual enterprises and society as a whole determine differences in the factors of accumulation at these levels.

At the level of individual enterprises, the following accumulation factors can be distinguished.

1. The size of the profit received by the enterprise.

It is quite obvious that the greater the profit, the more funds can be directed to accumulation at the same level of consumption. Accordingly, everything that contributes to the growth of profits should be considered as an accumulation factor.

2. The proportion in which profit is divided into capital and income.

This proportion depends both on the subjective qualities of capital owners and on objective circumstances. The latter may include the severity of competition between enterprises and the economic situation, forcing to expand production or, conversely, to reduce it.

3. Efficiency of the means of production acquired at the expense of the accumulation fund and their prices.

Relatively inexpensive but sufficiently efficient machine tools, machinery, and equipment make it possible, with a given value of the accumulation fund, to increase the scale of production faster and, accordingly, increase the size of capital than less efficient and more expensive means of production.

4. The difference between applied and consumed capital.

Applied capital represents all the means of production used in the enterprise. Consumed capital is that part of the value of the means of production which is transferred to the finished product. Here a big role is played by the fact that part of this value after the sale of products is deposited in the depreciation fund, which is used to replace old worn-out means of labor with new ones. Moreover, the funds of this fund can be used before all the old equipment, machine tools, machines wear out. This can be done by continuing to exploit the old means of labor.

The reproduction of capital can be extensive and intensive.

Extensive reproduction of capital is characterized by the renewal of capital on the same technical and technological basis. With this type of reproduction, the expansion of the size of capital is ensured by capitalizing part of the profit. This involves the acquisition at the expense of profit of new machines, machines, equipment in addition to existing ones. Accordingly, the number of employees serving the equipment increases, and capital costs increase.

Intensive reproduction of capital is characterized by the renewal of capital on a new, more efficient technical and technological basis. At this type reproduction, the expansion of the size of capital is possible not only at the expense of the accumulation fund, but also at the expense of the depreciation fund, if the funds taken from it are used to purchase new, more productive equipment.

The noted factors determine the process of accumulation at the level of the whole society. However, here accumulation depends not only on the capabilities of enterprises, but also on the population, on what part of their income it spends on current consumption, and what part it saves, using money as a means of accumulation. We know that this money usually sits in banks, which can issue it in the form of loans used to renew and expand capital.

Accordingly, the accumulation of society's capital turns out to depend on the size of the national income as the totality of the incomes of all economic entities and on its division into a consumption fund and an accumulation fund.

The ratio of the accumulation fund to the national income characterizes the rate of national economic accumulation: H" = FN x 100 % / ND.

3. 2 concentration andcentralizationcapital
and production

Accumulation serves as the basis for the concentration of capital, which is understood as the process of increasing the size of individual capital as a result of the capitalization of the surplus value (profit) it brings.

Since this process is connected with the size of surplus value, or profit, which, in turn, depends on the size of the capital that creates it, it becomes clear that concentration means the concentration of an increasing part of the capital of society in the hands of owners of large capitals. The greater part of the capital is concentrated in a smaller part of the owners of capital, the greater the degree of its concentration.

Thus, in two industries there may be the same number of capital owners, for example, 1 thousand people, and the same amount of total capital, for example, 1 billion rubles. But if in the first branch the sizes of individual capitals are approximately the same (1 million rubles each), and in the other 900 million rubles. capital is concentrated in the hands of 9 people, 100 million rubles each. each, the remaining 100 million rubles. are in the hands of 991 people, the second industry is characterized by a high concentration of capital. High degree concentration determines and more high rates capital accumulation, since large capitals bring large profits and have great opportunities for accumulation.

The concentration of capital is usually accompanied by the concentration of production, the process of concentration of factors and volumes of production in large enterprises. The concentration of production is sectoral in nature and shows what proportion of the means of production, labor force and output in a given industry falls on large enterprises.

The above example of the concentration of capital can be used to illustrate the process of concentration of production, assuming that each owner of capital is also the owner of the enterprise. In this case, it will turn out that in the second industry, 90% of the means of production, and consequently, the main part of the labor force and manufactured products, is concentrated in 9 enterprises. Such an industry appears as an industry with a high concentration of production.

It should be noted that industries can differ in different ratios of the three factors of production in relation to each other. In this regard, they distinguish nature-intensive, labor-intensive and capital-intensive industries, that is, industries with a relatively large share of the use (and corresponding costs) of natural, labor and capital resources. That is why the general indicator of the concentration of production is the volume of production. If a significant part of the total volume of products manufactured in the industry is concentrated in several enterprises, then this indicates a high concentration of production in this industry.

The concentration of capital can be accelerated by its centralization. The centralization of capital is the process of increasing the size of capital as a result of the union or merger of several previously independent capitals. This process is provided in two ways:

1) By voluntary merger of individual capitals into one.

Often this is done under the influence of competition in order to preserve individual capitals if they are threatened by absorption by larger capital. Sometimes the capitals are combined to create a single joint venture, if the capital alone is not enough for this. One of the ways of such a combination is to create an enterprise in the form joint-stock company. The capital of the company is formed by issuing and selling shares of securities, certifying that their owner has a share in the capital of the company and giving the right to receive an appropriate share of the profit of the joint-stock company;

2) By absorbing one capital by another, usually larger one.

Typically, such a takeover is the result of competition, the strongest position in it has big capital. Thus, large capitals grow faster than small capitals, not only as a result of greater accumulation, but also as a result of the absorption of other capitals.

The centralization of capital often reflects the centralization of production, which involves the unification of independent enterprises into a single production unit in more large enterprise or into a production complex consisting of two or more enterprises performing common production tasks.

Such a merger of enterprises can be either voluntary or forced for one of the merging parties. In the first case, it involves the merging of capital through amalgamation of enterprises. In the second case, one enterprise is defeated in the competition, declared bankrupt and its property is sold to pay off debts. It can be bought up by the owner of big capital and become his property.

The centralization of capital and production, meaning the consolidation of individual capital, in turn, contributes to their accelerated accumulation and further growth.

IN modern Russia the massive outflow of capital from the country continues and has attracted the attention of economists for several years. The very fact of a significant export of capital from Russia, regardless of its specific size, is a paradoxical phenomenon. According to the basics economic theory capital must move from countries with a surplus of it to countries with a shortage of capital.
The costs of capital flight are well known: the loss of productive potential, tax base and control over monetary aggregates- all this places a heavy burden on society as a whole and makes it difficult to implement measures public policy. At the same time, capital outflows can be both a symptom and a means of illegal activity, which many believe is especially true in Russia. Finally, many press reports point to the possibility that some of the funds provided by international financial institutions it is simply transported outside the country and even settles on individual accounts in foreign banks.

Thus, capital outflows are also likely to undermine public support for IFI programs in Russia.
Among the main reasons for the export of capital from Russia can be called unstable political situation, macroeconomic instability, confiscatory nature of taxation, insolvency banking system and insecure enforcement of property rights. The consequence of all this is a massive outflow of capital from the country, using such means as the under-invoicing of export operations, processing fictitious advance payments on account of imports, as well as bank transfers bypassing existing controls.

In their desire to limit the export of capital from Russia, the authorities state power rely on a strategy that combines the two approaches. First, through economic reforms, many of which are carried out under IFI-funded programs, it is expected to address the main causes of capital flight. Secondly, capital regulation measures are used to cut off specific channels for the export of capital; Following the crisis of August 1998, efforts in this direction were intensified.

In highlighting the problems of capital outflow from Russia, compared with the situation in other countries, economists have come to the conclusion that while in other countries with economies in transition, capital outflow has slowed or stopped, in Russia it has reached an unprecedented level. The ineffectiveness of capital regulation measures in curbing the outflow of funds from the country over the past few years is obvious, although it can be assumed that immediately after the crisis of August 1998, it was possible to somewhat mitigate the severity of this problem. Capital outflow can only be finally overcome with the help of a strategy aimed at improving management principles and macroeconomic performance, as well as strengthening the banking system; that capital controls have costly distortions and therefore their phase-out should be part of a medium-term strategy; and that, in the short term, the regulatory framework should be simplified and less distortive.

Conclusion

Thus, summing up this course work, we can note the following.

Capital as a factor of production is a material good for production purposes, that is, a means of production.

The purpose of capital is not to obtain a one-time profit, but its systematic increase and the movement of capital is not limited to one circuit. The circulation of capital, considered not as a single act, but as a constantly repeating process, is a circulation of capital. In the process of turnover, capital functioning in production is divided into fixed and circulating capital.

Fixed capital is that part of the constant productive capital, acting in the form of instruments of labor, which is gradually consumed in the labor process, over a series of circuits, and transfers its value to the finished product piecemeal.

Similar Documents

Capital market and interest. Physical and moral depreciation of fixed capital. Depreciation, the mechanism of functioning of the capital market. Factors affecting the percentage. Utility maximization rule. Discounting, coefficient, rate.

test, added 04/04/2012


Essence and forms of capital in modern economic science. Fixed and circulating capital, constant and variable capital: their common and difference. Capital of corporations and analysis of its size and structure. The role of the state in the formation and increase of capital.

term paper, added 04/21/2011


Composition and structure equity, features of the policy of its formation. Fixed and working capital, their components. Evaluation of individual elements and the cost of equity, the main criteria for measuring its effectiveness.

abstract, added 02/12/2015


The essence of the international movement of capital, the classification of its forms. Theories describing this process, its scale, dynamics and geography. The role of Russia in the development of the movement of capital. Structural analysis of its international development and main trends.

term paper, added 01/12/2015


Analysis of the formation of the working capital of LLC Trading house"Yarilo". Economic content and basics of working capital organization. Calculation of efficiency indicators for the use of working capital, methods for determining the planned need for it.

term paper, added 07/13/2009


Analysis of the structure of the total capital of the company and the main factors influencing it. Consideration of three directions for assessing the advance and invested capital. Calculation of indicators of the use of fixed, working and current capital.

term paper, added 11/17/2014


The essence of the capital structure, the concept of managing it. Methodology for calculating total capital. Analysis of the composition, structure and coefficients of own and borrowed capital of CJSC Stirol Pack, the main directions for increasing the efficiency of their use.

term paper, added 09/08/2010


Clarification of the essence of the movement of fixed capital as a source of formation of the enterprise's property, specification of the stages of its analysis. Options for presenting the balance sheet model of capital. Reserves for improving the use of fixed assets of the enterprise Sodel LLC.

term paper, added 11/09/2015


The concept of fixed capital. Essence and reproduction process of fixed capital. The problem of renewal of fixed capital in modern Russia. Evaluation of the possibilities of updating the fixed capital. Indicators of the use of fixed capital in Russia.

term paper, added 01/23/2011


Capital as a factor of production and investment resource, analysis of its structure. Estimation of the cost of a functioning own financial loan capital, retained earnings reporting period, bank loan and accounts payable.

5. international movement capital. Essence, mechanisms, forms.

International movement of capital - this is a cross-border movement of one of the most important factors of production, arising from its historically established or acquired concentration in individual countries, creating economic prerequisites for more efficient production of goods and services in other countries. When capital is exported abroad, it is no longer the act of realizing the profit contained in the foam of exported goods that is transferred, but the very process of its creation.

The objective reason for the international migration of capital is the uneven economic development of the countries of the world economy, which in practice is expressed in the uneven accumulation of capital in different countries and the discrepancy between the demand for capital and its supply in individual parts of the world economy.

Among the main reasons for the migration of capital can also be identified:

different marginal productivity of capital, determined by the interest rate (capital moves from where its productivity is low to where it is high);

the desire of firms for international diversification of their activities;

the presence of customs barriers that prevent the import of goods and thereby encourage foreign suppliers to bring in capital to enter the market;

A stable political environment and a generally favorable investment climate.

We can single out a group of factors that stimulate capital migration:

international industrial cooperation, TNC investments in foreign subsidiaries;

economic policy of industrial developed countries aimed at attracting significant amounts of capital to maintain the pace economic growth, the level of employment, the development of advanced industries;

economic behavior of developing countries seeking to attract investment climate liberalization foreign capital for its economic development;

the implementation by international organizations of the policy of liberalization of the international investment space, the development of universal norms for investment cooperation;

international agreements on the avoidance of double taxation of income and capital between countries, promoting the development of trade and attraction of investments.

The classification of forms of international capital movement reflects various aspects of this process and can be carried out according to various indicators.

1. According to sources of origin - in the form of private or public capital.

State investments are state loans, loans, grants (gifts), assistance, the international movement of which is determined by intergovernmental agreements. Private investment is funds from non-state sources placed abroad or received from abroad by private individuals (individuals and legal entities).

2. According to the form of export of capital, they distinguish: the movement of capital in monetary and commodity forms. Thus, the export of capital can be machinery and equipment, patents and know-how, if they are exported abroad as a contribution or a component of the authorized capital of a company created or acquired there. Another example would be commodity loans.

3. According to the nature of the use of foreign capital investments are loan and entrepreneurial.

Capital in the loan form brings its owner income mainly in the form of interest on deposits, loans and credits, and capital in the entrepreneurial form - mainly in the form of profit.

4. According to the intended purpose, foreign capital investments are divided into direct, portfolio and other investments.

Direct foreign investment(FDI) - the acquisition of a share or block of shares (10 percent or more) of a foreign company in order to participate in the management of an enterprise. Direct investment also includes loans from parent organizations to their foreign affiliates. Basically, foreign direct investment is private entrepreneurial capital.

Portfolio investment is purely financial transaction on the acquisition of foreign securities that do not give the possibility of direct control over the activities of a foreign investment object, but only give the right to income.

Other investments include mainly international loans and bank deposits.

According to the subjects of capital migration, macro- and micro-levels are distinguished. Macro-level interstate transfer of capital. Statistically, it is reflected in the country's balance of payments. Microlevel - the movement of capital within international companies through intracorporate channels.

By direction of capital flows:

monetary and settlement service purchase and sale of goods and services;

foreign investments in fixed and working capital;

transactions with securities and various financial instruments;

currency operations;

redistribution of part of the national income through the budget in the form of aid developing countries and State contributions to international organizations and etc.

By investing capital abroad, the investor makes international investments - investing in securities of issuers from other countries denominated in foreign currency, as well as in financial instruments purchased for foreign currency.

The internationalization of investment activity is aimed at eliminating non-economic barriers and creating conditions under which for investors the differences between investing in their own country and abroad actually disappear.

The consequences of the movement of international investment are ambiguous. The main benefit of foreign investment for the host country is the availability of additional resources, including capital, technology and managerial experience. Foreign investment stimulate the development of the national economy, increase the volume of produced goods and income, accelerate economic growth and development. But at the same time, control over certain sectors of the national economy is being lost. A sharp outflow of speculative capital from the country can destabilize the national currency. Therefore, it is considered quite justified to apply measures to control its short-term flows.

For countries exporting capital, its export expands markets for their goods, but worsens the balance of payments, and also leads to a decrease in the rate of profit in this country and, accordingly, the investment income of the country exporting capital. At the same time, the increase in the productivity of the capital remaining in the country due to the outflow of excess capital may not compensate for the transfer of production abroad as a result of this outflow.

The movement of liquids is carried out through pipelines; in this case, the driving force is determined by the pressure difference at the initial and final points of the pipeline. WITH top level to the lower one, the liquid moves independently (by gravity): the difference in the levels of the liquid must be sufficient to achieve a given speed and overcome all resistances.

In cases where the liquid must be moved from a lower level to a higher level or horizontally, pumps are used - hydraulic machines that impart energy to the liquid and increase pressure.

Depending on the principle of operation of the pump, an increase in the energy and pressure of the liquid can be carried out:

1) in volumetric pumps x-by displacing liquid from the closed space of the pump by bodies moving reciprocating or rotating;

2) in vane or centrifugal pumps, the x-centrifugal force that occurs in the liquid during the rotation of the impellers;

3) in vortex pumps, x-intensive formation and destruction of vortices that occur during the rotation of the impellers;

4) in jet pumps x-moving jet of air, steam or water;

5) in the gas lift x-formation of foam when air or gas is supplied to the liquid;

6) in the installation and siphon x-pressure of air, gas or steam on the liquid.

Piston pumps are the main type of positive displacement pumps. In these designs, the liquid is displaced from the closed space of the pump by a reciprocating piston, plunger (rolling pin) or membrane. Displacement pumps also include rotary ones, in which the liquid is displaced by gear teeth, screws, cams and retractable sliding plates during their rotational movement. Piston pumps are of the greatest industrial importance.

The main parts of piston pumps are (Fig. 29):

1) cylinder or pump housing;

2) a piston or plunger (rolling pin), during the reciprocating movement of which liquid is sucked into the cylinder and pushed out of the cylinder into the discharge pipeline;

3) valves that periodically connect the cylinder space with the suction and discharge space.

According to the type of drive, there are drive pumps operating from an electric drive, and steam pumps directly connected to a steam engine.

R p% ____ p, Accordingly, the

r " " r piston position or

Plungers distinguish between vertical and horizontal pumps.

Piston pumps are divided according to the mode of action: simple, or single action; double, or multiple action; differential.

Consider the device and principle of operation of pumps, grouping them according to the last feature, that is, depending on the mode of action.

Single acting pumps. In single-acting or single-acting pumps, for one revolution of the shaft or two strokes of the piston, the liquid is sucked into the cylinder once and pushed out of it once.

In a horizontal single-acting piston pump (see Fig. 29), when the plunger 4 moves to the right, a rarefied space is formed. The liquid, under the action of atmospheric pressure, rises through the suction pipe 1, passes through the suction valve 3 that opens and fills the cylinder. When the plunger moves back (to the left), the suction valve is closed by the liquid pressure, and the discharge valve 6 opens and the liquid is forced out into the discharge pipeline 8.

On fig. 30 shows a diagram of a single acting vertical pump. This pump has two valves and operates similarly to a single acting horizontal pump.

Single-acting pumps also include a pump with a through (disk) piston (Fig. 31). In the cylinder 1 of the pump, the piston 3 moves through the rod 2 with the through valve 4 being blocked.

The liquid above the piston is being pumped. When the piston moves down, the fluid under the piston is displaced last and PASS "! Through the discharge valve into the upper part of the cylinder. Thus, in one stroke of the piston, fluid is sucked in and pumped out, while the other stroke is idle. This causes a significant uneven operation of such pumps .

Double action pumps. In double-acting pumps, suction and discharge occurs with each stroke of the piston. Double acting pumps can be thought of as consisting of two single acting pumps. They have four valves and one plunger.

In a horizontal double-acting pump (Fig. 32), when the plunger moves to the right, the liquid is sucked into the left side of the cylinder through valve 1 and simultaneously through the discharge valve 4 flows from the right side of the cylinder into the pressure pipeline; during the return stroke of the plunger, on the contrary, suction occurs in the right side of the cylinder through valve 2, and in the left side it is pumped through the open discharge valve 3. Double-acting pumps are horizontal and vertical.

Differential pumps. In pumps of this type, the suction of the liquid occurs in one stroke, and the injection takes place in two strokes of the plunger or piston.

Differential pumps are also manufactured horizontal and vertical.

In a horizontal type pump (Fig. 33), when the plunger moves to the right, the liquid is sucked into the left side of the cylinder and pushed out of the right. When the plunger moves back (to the left), the suction valve 1 closes and the liquid is pushed out through the opened discharge valve 2 from the left side of the cylinder to the right. Since the volume of the right side of the cylinder is less than the left side by the volume occupied by the plunger rod, part of the liquid is pushed into the discharge pipeline. It is possible so

Rice. 32. Diagram of a double-acting pump: fig. 33. Diagram of a differential pump:

V. 2 suction valves; 3, 4-blower - / - suction valve; 2-discharge valve, nye valves.

Take the sections of the plunger and the rod so that the fluid supply during the forward and reverse strokes of the plunger will, as in double-acting pumps, be the same
Nakova. The differential pump favorably differs from the latter in a smaller number of valves.

Performance. The performance of the pump is determined by the volume of liquid supplied by it to the pressure pipeline, and is usually expressed in m3 / h.

Denote:

Piston area in lї2 (D - piston diameter in w);-

Fm = ^---------- Piston rod area in W2 (d-piston rod diameter in W);

S - piston stroke in w;

P is the number of shaft revolutions or the number of double piston strokes per minute.

Then the volume of liquid pumped by a single-acting pump per shaft revolution will be fS m2. Therefore, the theoretical performance of a single acting pump is:

Q = 60/5/g mA/h

During the operation of any pump, a fluid leak always occurs, i.e., part of the fluid, which is supplied with energy, does not enter the pressure pipeline. As a result, the actual flow or performance of the pump Qe is less than the theoretical Q. The ratio of the volume of liquid actually supplied by the pump to the theoretical one is called volumetric efficiency or filling ratio and is denoted

Thus, the actual performance of a single-acting pump is:

Qe = "ioQ (1-113)

Qe = 60fSmo m3/h (1-11 Per)

In a double-acting pump (see Fig. 32), when the plunger moves to the right, an amount of liquid equal to fS m3 is sucked in, and (f-fm) S m3 is pushed out of the right side of the cylinder. During the reverse stroke, the plunger pumps fS ms from the left side of the cylinder and simultaneously sucks 5 m3 into the right (/-/sh) side. Therefore, for one revolution of the pump shaft, liquid will be supplied to the discharge pipeline:

(/ - /w) ^ + /5 = (2/ - /w) 5 x3

If the pump makes n rpm, then its theoretical performance is equal to

Q = 60 (2/ - fJSn m3/h (1-114)

Actual pump performance

Qe \u003d 60 (2 / - / u) S "7] 0 m3 / h (1 - 114a)

In a differential pump, when the plunger moves to the right (see Fig. 33), fS m3 of liquid is sucked into the left side of the cylinder, and (/-/sh) S m3 is simultaneously pushed out of the right side. During the reverse stroke of the plunger, fS m3 of liquid is pushed out from the left side of the cylinder through the discharge valve, but at the same time, a space equal to (/-/sh) 5 m3 is released in the right side of the cylinder, filled with liquid pushed out from the left side of the cylinder, as a result of which into the discharge pipeline liquid is pushed out only

FS - (/-/sh) 5 = /sh5 1zh3

Thus, during one full (forward and reverse) stroke of the plunger, liquid will be supplied:

F-US+fJS=fS m*

Therefore, the performance of the differential pump is determined by formulas (1-113) and (1-113a), as well as for a single-acting pump.

If we assume that the area of ​​the plunger rod is equal to half the flat - £ f

Spare the plunger, i.e. fsh \u003d - y-, then the amount of fluid supplied

A differential pump will be the same when the plunger moves to the right and left, i.e. the supply and energy consumption will be the same for both plunger strokes.

Volumetric efficiency. The value of volumetric efficiency t;0 depends on the following reasons. In pumps, there is always a delay in the opening and closing of valves, as a result of which fluid leaks through open valves. Fluid leakage also occurs through leaks in the glands and connecting parts of the pump.

The most significant reason for a pump to reduce fluid delivery is the presence of air in the suction fluid. This is due to the release of air from the liquid at a pressure below atmospheric, as well as due to the penetration of air through leaks in the suction pipeline.

With the correct design of the pump, air does not accumulate in the upper part of the cylinder, but leaves with the liquid through the valves into the pressure pipe. If the pump is not designed correctly, air "bags" may form in it. Due to the expansion of the air in the "bags" and its compression during injection, the liquid supply by the pump decreases.

The influence of air "bags" is the more significant, the greater the rarefaction and subsequent compression, i.e., the greater the suction lift; And discharge.

In large pumps of good design, the volumetric efficiency usually reaches tj0 = 0.97-0.99; for pumps of medium productivity (Q = 20-300 m3 / h) t] 0 lies in the range of 0.9-0.95, and for pumps of low productivity (Q<20 м3/час) -/]0=0,85-0,9.

When pumping thick and viscous liquids, the given values ​​of tg)0 decrease by 5-10%. For worn out pumps t]0=0.4 and less.

Graphic representation of the pump flow. For one piston stroke of a single-acting pump, a volume of liquid V=fS is supplied.

Since the piston speed is a variable value, the pump flow also changes during the piston stroke in proportion to the change in its speed.

If the length of the connecting rod L (see Fig. 29) is very large compared to the radius of the crank r and the circumferential speed of rotation of the crank pin sc is constant, then the translational speed of the piston c changes in proportion to the sine of the crank angle a:

C \u003d sc sin a

Therefore, the pump fluid per second will also vary approximately, as will the sine of the crank angle:

Usek. = fc = fcn sin a = fm sin a

Where r is the radius of the crank pin;

Ш= gp - - angular velocity of rotation of the crank. The pump flow can be represented as a sinusoid (Fig. 34).

Having described a semicircle with radius fcn=fr on any scale, we divide it into not -

Which is the number of equal parts. By. the abscissa axis we postpone the stroke time of the piston sec -

And we divide it into as many equal parts as the semicircle is divided into. The graph shows the angles of rotation of the crank (from 0 to 360°), proportional to the time intervals plotted along the axis.

From the obtained points of division of the abscissa axis, we restore the ordinates equal to //cho sin a, and obtained by dividing the semicircle. By connecting the upper ^ points of the ordinates, we obtain a sinusoid curve expressing the law of change in the second flow of the pump depending on the angle of rotation of the crank or time t.

During the first half of the shaft revolution (suction stroke), the single-acting pump does not pump liquid, and in the section of the abscissa axis corresponding to the angle of rotation of the crank from 0 to 180 °, the supply line coincides with the abscissa axis (line AB). Thus, the flow curve of the pump for a full revolution or two strokes of the piston will be represented by the line A BCD.

The flow curve of a triple acting pump (Fig. 35) is made up of three flow curves of single acting pumps at injection. If the pump cranks are located at an angle of 120 °, then the areas bounded by the supply curves I, II and III are equal, but shifted along the abscissa axis relative to each other by 120 °, i.e., one third of a turn. The resulting delivery curve is obtained by adding the ordinates of curves I, II and III when they are superimposed one on top of the other, i.e. during periods of joint operation of the pumping of single-acting pumps.

As you can see from the graph, the flow of the triple acting pump is very close to uniform.

Cylinder dimensions and pump speed. Knowing the actual performance of the pump Q, it is possible to calculate the piston diameter D and its stroke length S. These values ​​for single-acting and differential pumps are related by the following relationship (1-91a):

TiDa n Qe = -4- 5 go % R3/s

S

In order to solve the last equation, are given by the relation -^- and choose

On the basis of experimental data, the number of revolutions n corresponding to the intended operating conditions of the pump.

According to the number of revolutions per minute (l), pumps are divided into low-speed (n = 45-60 rpm), normal (l = 60-120 rpm) and high-speed (n = 120-180 rpm). For electrically driven high speed pumps, I<250 об/мин, у прямодействующих насосов число двойных ходов равно 50-120 в минуту.

The ratio £) - is chosen, based on the average piston speed cf., the value

Which is accepted according to practical data for pumps of various types of normal execution.

For drive pumps, when working on water, csr can be taken. equal to: for small pumps (D<50 мм) 0,2-0,5 м/сек; для средних (D<150 мм) 0,5-0,9 м^сек и для боль­ших (D>150 mm) 1-2 m/sec. For direct-acting pumps cso.=0.3-0.7 m/sec.

S

With these average speeds, they are taken in the range of 0.8-8, depending on the design of the pump: for horizontal pumps, 1.4-3.0; vertical 0.8-2.0; high-speed 0.9-1.1; direct-acting 0.9-1.5 and for hydraulic press pumps 3-8.

Movement of capital

Movement of capital

Capital movement is the process of moving private capital into government securities and other liabilities as a result of an increase in public debt. The movement of capital leads to a reduction in investment in private assets: buildings, equipment, land. In the long run, the movement of capital can lead to a reduction in real GNP.

In English: Displacement of capital

Finam Financial Dictionary.

See what "Movement of capital" is in other dictionaries:

capital movement, capital flight- Transferring large amounts of money from one country to another in an attempt to get away from adverse economic or political conditions or to obtain a higher income. For example, periods of high inflation or political revolutions have led to capital flight from... ...

moving money from one mutual fund to another within the same fund family- Buying and selling of funds may occur during the rise and fall of prices in the stock and bond markets, or due to changes in the financial needs of investors. Some newsletters as well as fund managers specialize in... ... Financial and investment explanatory dictionary

MIGRATION OF CAPITAL- the movement of capital within the territory of one country, as well as from one country to another (international international capital) in search of areas of more profitable application. Internal migration is associated with the discovery of new mineral deposits, ... ...

EXPORT OF CAPITAL- the movement of capital owned by legal entities and individuals of one country to other countries in order to make a profit, strengthen their positions in a foreign economy, to fight for markets and obtain raw materials. VC. becomes typical... Foreign economic explanatory dictionary

The movement of capital from one industry to another, or from one state to another... Encyclopedic Dictionary of Economics and Law

FLIGHT OF CAPITAL- - the movement of capital from developing countries to industrialized countries in order to save it from expropriation, high taxation, inflation, or to ensure its more profitable investment ... Economics from A to Z: Thematic guide

- - the movement of capital from one industry to another within the country (internal migration) or the movement of capital from one country to another (international migration of capital). The purpose of the movement of capital is to obtain a higher rate of return ... Wikipedia

- (capital movement) The movement of capital between countries, carried out by companies or individuals. In recent years, exchange control restrictions and restrictions on the movement of capital between countries have been largely ... ... Financial vocabulary

overflow of capital- The movement of capital between countries by companies or individuals. In recent years, restrictions on exchange controls and restrictions on the movement of capital between countries have been largely relaxed. ... ... Technical Translator's Handbook

The movement of capital within one state, as well as from one state to another, for the purpose of its more profitable use or preservation. M.k. may occur together with its owner or without moving its owner. ... ... Glossary of business terms

Books

• International economy. Textbook, G. P. Ovchinnikov. The proposed book is a systematic course of international economics as an integral part of modern economic theory. This part of the theory of the market economy, in contrast to ...
• In Defense of Global Capitalism, Johan Norberg. Swedish economist Johan Norberg's book In Defense of Global Capitalism explores conventional wisdom about globalization as the cause of poverty and social inequality, the deterioration of…

Keywords:international movement of capital, migration of capital, export of capital, import of capital

The international movement of capital, its active migration between countries is the most important component and form of modern international economic relations.

The export of capital broke the monopoly of the export of goods in an era of in-depth development of the world economy. Complementing and mediating the export of goods, it becomes decisive in the system of international economic relations. According to the Organization for Economic Cooperation and Development (OECD) in the 1980s (since 1983), the average annual growth rate of direct investment (DI) was approximately 34%, i.e., almost 4 times the growth rate of world trade.

The movement of capital is essentially different from the movement of goods. Foreign trade, as a rule, is reduced to the exchange of goods as use values. The export of capital (foreign investment) is the process of withdrawing part of the capital from the national circulation in a given country and moving it in commodity or monetary form into the production process and circulation of another country. Initially, the export of capital was characteristic of a small number of industrialized countries that exported capital to the periphery of the world economy. The development of the world economy has significantly expanded the scope of this process: the export of capital becomes a function of any successfully, dynamically developing economy. The capital is exported by the leading industrialized countries, and by the middle developed countries, and by the developing ones, in particular, by the "newly industrialized countries". What are the reasons for the export of capital?

The main reason and prerequisite for the export of capital is the relative excess of capital in a given country, its overaccumulation. In order to obtain entrepreneurial profit or interest, it is transferred abroad. It is characteristic that the export of capital can also be carried out with a shortage of capital for domestic investment.

By the 90s huge masses of reserve capital have formed in the world, looking for a profitable application. Insurance companies, pension funds, trust, investment and other funds accumulate these funds. In the US alone, their assets exceeded $8 trillion in 1995. Doll.

From the second half of the 20th century the export of capital is constantly growing. Capital exports outpace both merchandise exports and the gross domestic product of industrialized countries in terms of growth. Against the background of a sharp increase in the scale of the export of capital, its international migration is intensifying.

International capital migration- this is the counter movement of capital between countries, bringing their owners the corresponding income. Many countries are both importers and exporters of capital: there are so-called cross-investments.

The most important reasons for the export of capital for the sake of greater profits are:

1. The discrepancy between the demand for capital and its supply in various parts of the world economy.

2. The emergence of the possibility of developing local commodity markets. At the same time, capital is exported in order to pave the way for the export of goods, to stimulate demand for their own products. For these purposes, not only existing markets are being developed, but new ones are being created.

3. Availability in countries where capital is exported, cheaper raw materials and labor. So, for example, a German worker in the manufacturing industry "costs" 4 times more than a Taiwanese, 9 times more than a Brazilian or Mexican, and 54 times more than a Russian.

4. Stable political environment and generally favorable investment climate in the host country, preferential investment regime in special (free) economic zones.

5. Lower environmental standards in the host country than in the capital donor country.

6. The desire to penetrate in a roundabout way into the markets of third countries that have established high tariff or non-tariff restrictions on the products of one or another international corporation. For example, Israel and South Korea have banned car imports from Japan. However, such a ban does not apply to the import of cars manufactured by subsidiaries of Japanese companies operating in the United States.

In practice, the need to invest is determined by a set of reasons that include all the components of the investment climate, as well as the principle of comparative advantage of individual markets.

Factors facilitating and stimulating the export of capital:

1. The growing interconnection and interconnection of national economies, which are the driving force that activates the export of capital. The internationalization of production has a huge impact on the international movement of capital, contributing to its acceleration. The export of capital, especially in the form of direct investment, is the main factor contributing to the transformation of production into international and the creation of so-called international products. International products are products sold on the global international market. It is unified and is implemented regardless of geographical, national or other features (cars, aircraft, radio electronics, computers, etc.).

2. International industrial cooperation, investments of transnational corporations in subsidiaries. Thus, separate legally independent enterprises from different countries within the framework of one international corporation establish close cooperation in the field of industry, technology, and detailed specialization. The export of capital provides these links.

3. The economic policy of industrialized countries, aimed at attracting significant amounts of capital to maintain economic growth rates, employment levels, and the development of advanced industries.

4. The economic behavior of developing countries seeking to use foreign capital to give a significant impetus to their economic development, to break out of the "vicious circle of poverty."

5. Important stimulators are international financial organizations that direct and regulate the flow of capital.

6. International agreements on the avoidance of double taxation of income and capital between countries contribute to the development of trade, scientific and technical cooperation, and attraction of investments.

Subjects of the movement of capital in the world economy and the sources of its origin are private commercial structures, state, international economic and financial organizations.

The movement of capital, its use is carried out in the form of:
- direct investment in industrial, trade and other enterprises;
- portfolio investment(into foreign bonds, shares, securities);
- medium-term and long-term international loans(or loans) of loan capital to industrial and commercial corporations, banks and other financial institutions;
- economic aid: free of charge and in the form of preferential loans (interest-free, low-interest).

In world practice, there is a clear difference between the movement of capital and foreign investment.

Movement of capital includes: payments on transactions with foreign partners, provision of loans (for a period not exceeding 5 years), acquisition of shares, bonds and other securities of foreign companies solely for the purpose of investing capital, diversification of a portfolio of securities, etc.

Under foreign investment is understood as such a movement of capital, which pursues the goal of establishing control and participation in the management of a company in the country receiving the capital.

TO direct investment include those investments in the host country that allow you to participate in the management of the investment object.

The main forms of direct investment are: opening enterprises abroad, including the creation of subsidiaries or the opening of branches; creation of joint ventures on a contract basis; joint development of natural resources; purchase or annexation ("privatization") of the enterprises of the host country of foreign capital.

Direct investment forms the basis of the dominance of international corporations in the world market. They provide them with either full ownership of foreign enterprises, or the possession of such a part of the share capital, which provides the actual control on the part of the investor. As a rule, these are investments in which a foreign investor owns at least 25% of the company's share capital. Statistics from the USA, Germany, Japan consider direct investments those that make up 10 percent or more of the share capital and make it possible to control the enterprise. According to P. X. Lindert, "the difference between direct and portfolio (indirect) investment comes down ... primarily to the problem of control" over the firm in which capital is invested.

The distribution of foreign investment by country and industry largely determines the structure of the modern international economy, the relationship between the individual parts of the world economy. The leading countries in the field of direct investment are the major industrialized countries. With about 4/5 of the annual flow of direct investment, they are both the largest importers and exporters of capital.

In 1990, the flow of direct investment abroad was a record, exceeding $ 200 billion. The ensuing decline gave way to a new growth. The world volume of foreign direct investment in 1995 rose by 315 billion dollars and reached a total of 2.7 trillion. Doll.

Portfolio investment- these are shares, bonds, other forms of investment that do not give the possibility of direct control over the activities of a foreign enterprise. Investors can make a profit only in accordance with the established rules on securities.

Portfolio investment is an important source of attracting foreign capital to finance bond issues issued by major corporations, central (state) and private banks. Intermediaries in the implementation of foreign portfolio investment are, as a rule, large investment banks.

The movement of portfolio investment is significantly influenced by the difference in the rate of interest rates paid on bonds in individual countries.

In the postwar period, significant changes took place in the structure of capital exports, reflecting the peculiarities of the development of the world economy. The most important of them is the huge growth of international credits in the 70s - 80s and the formation of the world credit and financial sphere of capital. The role of loan capital has sharply increased.

In the 1960s, the international loan capital market was characterized by short term operations. The 1970s and 1980s saw a huge increase in medium and long-term loans. Medium and long-term loans are used to replenish fixed capital, lending and financing transactions for the acquisition of shares, the establishment of branches, the construction and reconstruction of foreign investments. The main borrowers are, first of all, international corporations.

In 1995, a new record was set in the international capital markets for lending. According to the Organization for Economic Co-operation and Development (OECD), agreements of all types on perpetual and fixed-term borrowing instruments rose to $388 billion (258 billion in 1994). The share of syndicated loans in total financing reached 29%, becoming the most important international financial instrument.

In the 1980s, such a form of loan capital as project financing, that is, the provision of large loans for specific industrial facilities, began to be actively used. In fact, this form is similar to direct investment.

Regarding the question of the impact of capital outflow in the form of portfolio investment and loans, its dual impact on the world economy should be noted. On the one hand, the international reproduction of capital is ensured. Under the conditions of its internationalization and integration of financial markets, the effectiveness of the mechanism of international economic relations is increasing. On the other hand, uncontrolled capital flows cause imbalances in countries' balance of payments and lead to significant exchange rate fluctuations. In turn, a significant import of foreign capital can lead to the displacement of national capital.