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Globalisation and inequality: A dynamic general equilib- rium model of unequal exchange

Author

Listed:
  • Roberto Veneziani

    (Queen Mary University of London)

  • Naoki Yoshihara

    (Department of Economics, University of Massachusetts Amherst)

Abstract

A dynamic general equilibrium model that generalises Roemer's [23] economy with a global capital market is analysed. An axiomatic analysis of the concept of unequal exchange (UE) between countries is developed at general dynamic equilibria. The class of UE definitions that satisfy three fundamental properties - including a correspondence between wealth, class and UE exploitation status - is completely characterised. It is shown that this class is nonempty and a definition of UE exploitation between countries is proposed, which is theoretically robust and firmly anchored to empirically observable data. The full class and UE exploitation structure of the international economy is derived in equilibrium.

Suggested Citation

  • Roberto Veneziani & Naoki Yoshihara, 2016. "Globalisation and inequality: A dynamic general equilib- rium model of unequal exchange," Working Papers SDES-2016-5, Kochi University of Technology, School of Economics and Management, revised Apr 2016.
    • Handle: RePEc:kch:wpaper:sdes-2016-5
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    File URL: http://www.souken.kochi-tech.ac.jp/seido/wp/SDES-2016-5.pdf
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    Keywords

    Exploitation; classes; unequal exchange; international economy;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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