Study on the theoretical basis of the Belt and Road Initiative: in the perspective of world market failure

ZHENG Wei1 SANG Baichuan2

(1.National Institute of International Strategy, Chinese Academy of Social Sciences)
(2.Institute of International Economy, University of International Business & Economics)
【Knowledge Link】Invisible hand

【Abstract】The Belt and Road Initiative, which has been a focus for China to deepen opening-up and participate in international economic cooperation and global economic governance, has received extensive attention from all over the world. However, there are also misunderstandings. Discussions on the theoretical basis of the Belt and Road Initiative is of great significance to evaluate, accommodate and make the initiative a platform to push global economic growth and share the fruit of China’s economic development. The theory of market failure in Marxism has laid a theoretical foundation for the Belt and Road Initiative.

【Keywords】 the Belt and Road Initiative; theoretical basis; world market failure; global economic governance; public goods;


【Funds】 The National Social Science Fund of China (11&ZD007)

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This Article


CN: 22-1180/C

Vol 26, No. 02, Pages 94-105+128

March 2017


Article Outline



  • 1 Introduction
  • 2 Main characteristics of world market failure
  • 3 To help correct the world market failure as essence of the Belt and Road Initiative
  • 4 Conclusions
  • Footnote