The effects of developments in institutional structure on BRICS countries: The case of China- a discussion in the context of institutional economics

In this study, which aims to theoretically examine the relationship between economic performance and the level of development of the institutional structure; While the growth, inflation and unemployment figures, which are the main macroeconomic indicators representing economic performance, they are evaluated together with the "Economic Freedoms Index" sub-indices, which are accepted as institutional quality indicators representing the institutional structure. In this context, in the study, the 'BRICS' country group, which is in the most active position in the sustainable growth process, has been selected. China, which is considered to be the rising power of recent times, has been evaluated in comparison with other countries in the BRICS country group. In this study, which covers the data covering the period from the global crisis to the present (2008-2020), the indicators that make up the sub-indices of the Economic Freedom Index were evaluated in comparison with the Chinese data on the average of the data of the BRIS (Brazil, Russia, India, South Africa) countries. Within the scope of the evaluations, it is emphasized in which indicators China differs from the other four countries in the country group. With these evaluations, the indicators that are effective in the sustainable growth process were determined, solutions and suggestions regarding the institutional structure were tried to be presented for the countries. The economic performance that differs between countries and the level of development of the institutional structure brings to mind the question of whether the differences in the economic performance levels of the countries are based on the institutional structure. This fundamental question, which constitutes the motivation for the emergence of this study, also emphasizes the importance of the study and its contribution to the literature. As a result of this study, in which the relationship between economic performance and the level of development of the institutional structure is examined theoretically, it is seen that China is the country with the best economic growth level and the lowest unemployment and inflation rates in the BRICS country group. Within the scope of the evaluation made specifically for China within the BRICS country group; It can be said that a relationship can be established between the data on the economic freedom sub-indices, which are considered as the indicators of the institutional economic structure, and the data on economic growth, unemployment and inflation. This theoretical relationship is also supported by empirical studies in the literature.