BRICS Law Journal

Advanced search

From the Old Financial to the New Commodity Economy in the Era of Stagflation

Full Text:


In the process of reducing the speculative financial adjustment that artificially stimulates consumer demand in developed countries, the importance of suppliers of physical goods (commodities) from developing countries will increase. I don’t believe in a complete dictate of commodities producers because they are dependent on counter deliveries of technologies from developed countries. However, relationships will be built between holders of physical goods, and technologies will change significantly. The pricing function for commodities will be transferred to several exchanges of developing countries which will be controlled by the commodity producers. Food consumers from Asian and African developing countries will be provided with the BRICS assistance in the creation and protection of reserve food warehouses on their territory as well as supporting their key exports through the creation of a network of new commodity exchanges. The article substantiates the need for independent formation of regional prices by the BRICS countries for the primary goods of their exports on their exchanges. I propose various combinations among the founding countries for new commodity exchanges for mineral fertilizers, oil, diamonds, titanium, vanadium, palladium, wheat, and uranium. Trading on all these new commodity exchanges must take place entirely in the currencies of the engaged countries.

About the Author

K. Molodyko
National Research University Higher School of Economics
Russian Federation

Associate Professor, Department of International Law, Chief Expert, HSE Institute of National and Comparative Legal Studies, School of Law

20 Myasnitskaya St., Moscow, 101000


1. Dennin T. From Tulips to Bitcoins: A History of Fortunes Made and Lost in Commodity Markets (2019).

2. Goodwin J. Greenback: The Almighty Dollar and the Invention of America (2003).

3. Rothbard M.N. A History of Money and Banking in the United States: The Colonial Era to World War II (2022).

4. Sarrazin T. Europa braucht den Euro nicht: Wie uns politisches Wunschdenken in die Krise geführt hat (2012).

5. Von Hayek F. The Denationalisation of Money (1976).


For citations:

Molodyko K. From the Old Financial to the New Commodity Economy in the Era of Stagflation. BRICS Law Journal. 2023;10(3):87-105.

Views: 264

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

ISSN 2409-9058 (Print)
ISSN 2412-2343 (Online)