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Oksana Nahirna, Olha Viunyk, Inna Vysotska, Liubomyr Vankovych y Nataliia Chapliak
Legal aspects of the formation, development and use of human capital in nancial activities
The problem of human capital and the importance of understanding its 
essence were known to scientists of classical political economy. However, 
human capital received special attention as an object of scientic knowledge 
in the second half of the 20th century. It was with the help of large-scale 
social transformations observed in all areas of life of this period that 
there was a need to rethink the meaning of the category “human capital” 
in the context of studying its investment potential, the importance in the 
formation of an information and modern permanently competitive society.
Human capital, according to the denition of classical economic theory, 
is really capital, since it is directly used in the production process, is a 
source of future income and added value, and it is called human because 
its carrier is an individual (man). However, unlike ordinary capital, its true 
value cannot be accurately estimated, and therefore is potential or abstract 
until it is put into production. In general, the concept of capital is derived 
from human capital, since with its help a person is able to create any capital 
in the context of the development of nancial activity.
The fundamental role of the legal aspects of state regulation in investing 
in human capital, or its reproduction to ensure economic growth, is 
undeniable. At the same time, in view of the post-crisis situation, it is 
especially worth considering not only the formation of human capital, but 
also its practical use in the context of transformation into the post-industrial 
stage of economic development. 
The legal problem of the practical realization of the potential of 
human  capital  in  the  context  of  the  development  of  nancial  activity 
directly depends on how well and diversied the conditions for its use are 
provided. Of particular importance, both the formation and the provision 
of  the  necessary  conditions  for  the  eective  use  of  human  capital,  is  the 
institutional factor.
Provision with high-quality institutions contributes to the proportional 
distribution of human capital in the sector, which ensures the dynamic, 
uniform and stable socio-economic development of the country. Such an 
axiomatic statement follows from the fact that properly organized state 
institutions carry out reliable protection of property rights (including 
intellectual as the main product of the knowledge economy), rely on the 
rule of law, eliminate any manifestations of economic discrimination, 
maintain an appropriate level of fair competition, and ensure the eective 
functioning of economy, free access to factors of production, versatile 
supporting production activities. 
Thus,  not  only  the  formation  and  development,  but  also  the  eective 
use of human capital by its owner and the state as a whole depends on the 
quality  and  provision  of  the  country  with  proper  legal  institutions.  That 
is, the presence and functioning of relevant institutions in the country