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Uneven Development, Choice of Technique, and Generalized Worldwide Law of Value

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  • Klemen Knez

Abstract

We address the issue of persistent uneven development from a Marxist perspective. First, we show the conceptual problems in applying the unmodified law of value to the international setting. Second, we propose a generalization of the global law of value by introducing an additional level of abstraction into the global valorization process—national abstract labor. Third, we examine broad cases of internationalization caused by deviations in productivity differences across industries from the average productivity differences across countries. We discover an endogenous national and international dynamic push toward specialization that perpetuates uneven development. The benefits of such specialization are skewed in favor of more developed countries, and the potential for technological improvement created by the global division of labor blocks technological progress in less developed countries. JEL Classification : B14, F00, F63, O14

Suggested Citation

  • Klemen Knez, 2024. "Uneven Development, Choice of Technique, and Generalized Worldwide Law of Value," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(3), pages 405-426, September.
    • Handle: RePEc:sae:reorpe:v:56:y:2024:i:3:p:405-426
    DOI: 10.1177/04866134241234362
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    References listed on IDEAS

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    More about this item

    Keywords

    uneven development; choice of technique; law of value; value of labor power; wage differentials;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • F00 - International Economics - - General - - - General
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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