Ryzhkova, E.A. Public and private elements in financial law

Abstract: Public and private elements clash in the modern financial law no matter what legal system it belongs to: Anglo-Saxon, Continental or Muslim. In spite of the fact that the financial law protects public interest first of all, ignoring its private law component may cause significant discord in the society. The historic specificities, religion, fundamental principles inherent to any legal system (reason in Anglo-Saxon legal systems, practicality in Continental legal systems, and justice in the Muslim legal systems) formed the fundamentals of the financial system of each state. Currently in the process of implementation of financial activities of the states, they need to take into account their own general interests (financing the state apparatus, administrative and coercive apparatus, army, foreign political and economic activities, etc.), which are typical of them from the moment of their formation, and also take care of the good of any natural person or legal entity, providing them with the financial opportunities for the implementation of their vital goals and ambitions. Such changes took place due to the growing role of private finances in the financial system. That is why, the states take the path of integration, and they try to find compromise in the issues of clashing private and public interests in the sphere of implementation of economic activity, when developing new norms of financial law.

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