Axial dislocations and paradigm shifts in the new world economic order: The determinants of the current account balance change in BRIC example

The consistent growth of societies' production capacities had been within the interest of many economists since Adam Smith. The factors expanding the production capacities had been postulated to be transformed to better living standards as the crow flies, the desire of rapid growth brought along interaction and integrations among societies. Within the process, some countries grew rapidly, some of them grew slower or showed a fluctuant growth performance, the success of countries' economic policies was initiated to be measured by whether they ensured swift growth or not. Numerous theories developed for the purpose of explaining the novel and similar aspects of the aforementioned growth processes and performances and growth disparities among countries constituted a significant part of the economics literature. The various growth performances of different countries and integration attempts led to many axis and paradigm shifts in the world's economic history. The last shift including Brazil, RF, India and PRC, which forms the theme of the study, was nomenclatured by Jim O'Neill in 2001 as BRIC, being inspired by the first letters of the countries. USA took over the title of world economic leader from England in 1890 and handed over this leadership to PRC in 2014, a year which was very much earlier than the anticipations that was predicated at the first step as 2050. Actually, this handover among PRC and USA is the shaping of BRIC miracle in flesh and bones, which incorporates the last chain of the different economic success stories of the 20th century. In the study, the economic performances of BRIC countries are studied in details and it is revealed that they would afford more advantage from this axis shift if they take joint action. This detection was backed up by econometric analysis results in the study and it is underlined that countries must redesign the vision of their economic policies according to more collaboration with BRIC.