HISTORICAL TRANSFORMATION OF GLOBAL AND UKRAINIAN FINANCIAL THOUGHT FROM THE MIDDLE AGES TO THE PRESENT

Abstract

The article is devoted the evolution of global financial thought from antiquity to the present, highlighting the fundamental concepts and influential figures of each historical period. The study aims to analyze the formation and transformation of financial science, identifying key milestones in its development. Special attention is paid to the emergence of financial theories in the 15th-18th centuries, particularly their connection with the formation of statehood and taxation systems. The research explores the impact of the Industrial Revolution on economic theories, including classical liberalism and socialist perspectives. The study investigates the major financial trends of the 20th century, such as the rise of monetarism, Keynesian economics, and behavioral finance. The contributions of prominent economists, including John Maynard Keynes, Milton Friedman, and Joseph Stiglitz, are analyzed in the context of their influence on modern financial systems. Additionally, the article examines the effects of global economic crises, particularly the Great Depression and the 2008 financial crisis, on the transformation of financial thought. The development of financial science in Ukraine is explored, tracing its origins from the Kievan Rus era to the modern market economy. The research outlines the impact of imperial and Soviet economic models on Ukraine's financial system and highlights the contemporary challenges of financial development, such as digitalization, fintech innovations, and changes in financial advisory approaches. The study also assesses the interrelation between financial theory and practice, emphasizing the role of financial instruments in economic regulation. The scientific novelty of the article lies in its comprehensive examination of financial thought across different historical epochs, with an emphasis on its implications for modern economic systems. The practical significance of the research is reflected in the identification of key trends shaping contemporary financial markets and policy-making. The findings contribute to the understanding of financial science as a dynamic and evolving discipline, offering insights into future research directions in the context of globalization and technological progress. Ultimately, the article provides a structured analysis of financial thought, emphasizing its historical development and relevance to modern economic challenges.