Can “capitalism survive” and “socialism work” individually? These two hypotheses and discussions travel among economic debates around the world. Austrian Economist Joseph Schumpeter’s work in entrepreneurship and innovation signifies the deviation from traditional or conventional methods of economic activities, particularly in terms of trade and increased quality of life. This article draws attention towards the global thought of social capitalism; and enables enthusiasts in economic affairs and international relations to understand the theoretical overview of this distinctive concept.
Tag: Global South
BRICS is the Cure for Bitterness between India and China
BRICS (Brazil, Russia, India, China, and South Africa) is one of the major platforms of the five emerging economies, aiming at promoting peace, security, inclusive development and cooperation. The platform represents 43% of the world’s total population and 30% of the global Gross Domestic Product (GDP). Since its establishment against the backdrop of the 2008 global financial crisis, as a potential alternative to G7 platform. The BRICS has grown substantially as an effective platform to articulate views of countries in the Global South as at least one country is present from every different continent across the region. Economy, being in focus point of the grouping, the initial decade of BRICS has advanced coordinated policy initiatives in the field of global economic governance.