A Contractual State (or Republic) of the BRICS

DOI

10.2991/aebmr.k.200312.430How to use a DOI?

Abstract

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.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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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  - 10.2991/aebmr.k.200312.430
ID  - Zharikov2020
ER  -