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Unequal Exchange in the Age of Globalization

Author

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  • Andrea Ricci

Abstract

Unequal exchange arises when spatial production of value is disjointed from its geographical distribution. A disaggregated monetary model of the world economy is presented on the grounds of Marx’s labor theory of value. All the forms of unequal exchange in international trade are explained, on the basis of a coherent definition of the forms of international value of traded commodities. Estimates of value transfers for recent years show the ongoing relevance of the unequal exchange in the modern capitalist world economy. JEL classifications: B51, D46, F63

Suggested Citation

  • Andrea Ricci, 2019. "Unequal Exchange in the Age of Globalization," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(2), pages 225-245, June.
    • Handle: RePEc:sae:reorpe:v:51:y:2019:i:2:p:225-245
    DOI: 10.1177/0486613418773753
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    References listed on IDEAS

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    Cited by:

    1. Alf Hornborg, 2025. "Unequal exchange is not primarily about monetary value," Nature Communications, Nature, vol. 16(1), pages 1-3, December.
    2. Segun Thompson Bolarinwa & Ibrahim Ayoade Adekunle & Mamdouh Abdulaziz Saleh Al‐Faryan, 2026. "Is Globalisation all Good? Asymmetric Analysis of the Roles of Globalisation on Poverty in Africa," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 530-552, January.
    3. Pablo R. Liboreiro & Fahd Boundi-Chraki, 2026. "Unequal exchange, profit rate and growth: An empirical estimation," Environment and Planning A, , vol. 58(2), pages 253-273, March.
    4. Xiaonan Qiao & Xin Li & Junshang Liang, 2026. "International Labor Value Transfers Through Unproductive-Sector Trade," Review of Radical Political Economics, Union for Radical Political Economics, vol. 58(1), pages 77-101, March.
    5. Manuel Gracia Santos & Miguel Montanyá & María J. Paz, 2024. "Decomposition and Dynamics of Unit Labor Costs in a Context of International Fragmentation of Production: Evidence from the German Automotive Sector," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(4), pages 576-596, December.
    6. Andrea Ricci, 2022. "Global locational inequality: Assessing unequal exchange effects," Environment and Planning A, , vol. 54(7), pages 1323-1340, October.

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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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