A Contractual State (or Republic) of the BRICS
M V Zharikov
M V Zharikov
Available Online 17 March 2020.
- https://doi.org/10.2991/aebmr.k.200312.430How to use a DOI?
- The purpose of this article is to reveal the limitations of the Regional Integration Agreements (RIAs) laid down by the neoclassic market fundamentalism. The author then goes on to describe these limitations as a few controversies. For example, at one point, capitalism requires free enterprise, free competition and well-established property rights. However, it is proven in the article that the RIA in Europe supposes that the EU countries band together to provide financial stability facilities to support and bail out weaker member countries such as Greece or Portugal. This common policy means there must be some elements of the command economy that make the rich EU countries pay for the poor ones, which is certainly not capitalism but something closer to communism or socialism. Such common policies bind national sovereignty. The author makes use of a theory that tries to break through the limitations put in place by the neoclassic economics, i.e. institutionalism. The article concludes that one can solve the problems of making choices through mutually beneficial agreements. Based on that proposition, the author introduces the BRICS as a model for future RIAs.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - M V Zharikov PY - 2020 DA - 2020/03/17 TI - A Contractual State (or Republic) of the BRICS BT - Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2020) PB - Atlantis Press SP - 3010 EP - 3015 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200312.430 DO - https://doi.org/10.2991/aebmr.k.200312.430 ID - Zharikov2020 ER -