Theoretical Approaches to the Study of the Development Prospects of the Brics as an Economic and Political Union

Abstract

The presented work continues a series of articles devoted to the economic and political aspects of the development of the BRICS countries. This article discusses the possible development prospects of the BRICS countries based on the hypotheses proposed by the authors of this paper. Within the framework of the presented study, the authors decided to consider the following three hypotheses of the prospects for the development of the BRICS: As the fi rst hypothesis or a relatively positive option for the development of this trade union, a political alliance can become, if implemented, all member countries of the union will be focused on mutual assistance. For example, it is assumed that in the new political alliance, Russia, Argentina and Brazil will be responsible for food security. Russia and Iran, having significant reserves of fuel and energy resources, will be able to ensure energy security in the region. China will become the main supplier of processing industry products. Another option, which is the most promising for the BRICS countries, could be the creation of an economic union. At the same time, the implementation of this initiative is the most time-consuming, since the association, in order to achieve the designated goal, must go through several stages of integration and create an institutional mechanism for the functioning of this union. At the same time, the authors of this study come to the conclusion that the BRICS member countries are unlikely to be able to implement economic integration, which is due to the significant remoteness of the countries from each other; the heterogeneity of the economic space; different levels of economic development; the difference in socio-cultural characteristics that hinder the development of economic integration. The least favorable and relatively unlikely option would be the termination of the existence of this union.