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The article examines the influence of foreign investments on the economy of South Caucasus. Prerequisites for it were formed due to the presence in the region of the natural resources of high value, first and foremost, oil and non-ferrous metals. But Russian business did not possess financial accumulations to make massive investments needed for involvement of those natural resources into productive use. Such a situation formed favorable conditions for the expansion of foreign capital into South Caucasus. From the very beginning of this process it settled itself in those branches of economy, whose products met high demand at the national and international markets and promised to bring high profit. In the early XX century, foreign capital occupied a dominant Кавказология / Caucasology No 4/2017 135 position not only in copper but also in the petroleum and manganese industries. In these industries arose big capitalist enterprises. Transcaucasia had been transforming into a market and a supplier of raw materials for foreign countries. The position of local capital in the mining (primarily copper) industry had been increasingly weakening. So, the penetration of foreign capital into the South Caucasus economy brought positive effects along with some negative consequences for industrial growth of the region as well as of the Russia as a whole.

INFLUENCE OF FOREIGN INVESTMENTS ON ECONOMY OF SOUTH CAUCASUS AT THE TURN OF THE XIXTH AND XXTH CENTURIES