Abstract
Emerging economies including Brasil,Russia,India,ChinaandSouth Africaknown as a growing force with the power of economy, finance and enormous potentials are considered as massive motivations affecting greatly the rest parts of the entire world. Theirs characteristics of politics, political geography and economic policy are not identical to traditional market economies inEuropeand the U.S. BRICS can be called the model of non-traditional market economy.The rise and the great effect of BRICS can change the order of the current world which has long been dominated by western nations during the past 2 decades. However, BRICS itself contains challenges and barriers for the socio-economic development such as hot growth, poverty, low living standards and enviromental pollution, etc. The political affiliations and violence in declaring the sovereignty of seas, islands and territory reveal the latent unstability that can drive to conflicts and arms race, etc.Brics is a force without lack of necessary motivational factors that can enhance the development but also contain inside challenges and barriers for the rest parts of the modern world.
Highlights
Most nations nowadays comply with the model of market economy but have 2 distinct operations
Emerging economies including Brasil, Russia, India, China and South Africa known as a growing force with the power of economy, finance and enormous potentials are considered as massive motivations affecting greatly the rest parts of the entire world
The appearance of BRICS and its growing impact is regarded as a ruler for the imperfection of non-traditional model the theories of which must be reconsidered to have a more convincing explanation of its imperfection and inefficiency when facing modern economic problems. This appearance is expected to supplement the limited aspect of this model, so BRICS has become vital for the rest parts of the world due to the world’s largest population, the second largest in economics just after the US and the place that frequently provides the world with natural resources
Summary
Most nations nowadays comply with the model of market economy but have 2 distinct operations. It doesn’t happen to the non-traditional market economy as there is no general rule in these nations For this reason, it is visible that the non-traditional model demonstrates itself an economic institution with a more clever and flexible use of the theories of Adam Smith, Karl Marx and John Maynard Keynes depending on specific circumstances. It is visible that the non-traditional model demonstrates itself an economic institution with a more clever and flexible use of the theories of Adam Smith, Karl Marx and John Maynard Keynes depending on specific circumstances This unconventional institution reveals itself a more automatic system with swifter reactions, more tools yet less general principles [3]
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