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Unequal Exchange and Global Value Chains

In: Imperialism and Transitions to Socialism

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  • Andrea Ricci

Abstract

In recent decades, capitalist globalization has entailed a new international division of labor with the relocation of some stages of manufacturing production from the Center to the Periphery through the Global value chains (GVCs). This new pattern of global production is marked by wide income disparities between the different regions of the world economy, accentuated by value transfers hidden within both traditional and GVCs international trade. Thechapterpresents a theoretical model based on a Marxian approach for the accounting of unequal exchange in international trade in value-added, resulting from the decoupling of value-produced and value-captured inside and outside GVCs. The empirical results show the ongoing relevance of unequal exchange in contemporary capitalism as one of the fundamental causes of disparities in income and economic development among the countries of the global economy.

Suggested Citation

  • Andrea Ricci, 2021. "Unequal Exchange and Global Value Chains," Research in Political Economy, in: Imperialism and Transitions to Socialism, volume 36, pages 59-75, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-723020210000036004
    DOI: 10.1108/S0161-723020210000036004
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