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Unequal Exchange, Assets, and Power: Recent Developments in Exploitation Theory

In: Individual and Collective Choice and Social Welfare

Author

Listed:
  • Roberto Veneziani

    (Queen Mary University of London)

  • Naoki Yoshihara

    (Hitotsubashi University)

Abstract

This paper surveys and extends some recent contributions on the theory of exploitation as the unequal exchange of labour. A model of dynamic economies with heterogeneous optimising agents is presented which encompasses the models used in the literature as special cases. It is shown that the notion of exploitation is logically coherent and can be meaningfully analysed in such a general framework. It is then shown that the axiomatic approach of social choice theory can be adopted to explore the normative foundations of the notion of exploitation. Finally, it is argued that purely distributive approaches to exploitation are not entirely compelling and a notion of dominance, or unequal power is necessary.

Suggested Citation

  • Roberto Veneziani & Naoki Yoshihara, 2015. "Unequal Exchange, Assets, and Power: Recent Developments in Exploitation Theory," Studies in Choice and Welfare, in: Constanze Binder & Giulio Codognato & Miriam Teschl & Yongsheng Xu (ed.), Individual and Collective Choice and Social Welfare, edition 127, pages 253-287, Springer.
    • Handle: RePEc:spr:stcchp:978-3-662-46439-7_15
    DOI: 10.1007/978-3-662-46439-7_15
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    References listed on IDEAS

    as
    1. Skillman, Gilbert L., 1995. "Ne Hic Saltaveris: The Marxian Theory of Exploitation After Roemer," Economics and Philosophy, Cambridge University Press, vol. 11(2), pages 309-331, October.
    2. Roemer,John E., 1997. "Egalitarian Perspectives," Cambridge Books, Cambridge University Press, number 9780521574457.
    3. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    4. Gérard Duménil & Duncan Foley & Dominique Lévy, 2009. "A Note On The Formal Treatment Of Exploitation In A Model With Heterogenous Labor," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 560-567, July.
    5. Foley, Duncan K., 1982. "Realization and accumulation in a Marxian model of the circuit of capital," Journal of Economic Theory, Elsevier, vol. 28(2), pages 300-319, December.
    6. Roberto Veneziani, 2013. "Exploitation, inequality and power," Journal of Theoretical Politics, , vol. 25(4), pages 526-545, October.
    7. François Maniquet, 2002. "A study of proportionality and robustness in economies with a commonly owned technology," Review of Economic Design, Springer;Society for Economic Design, vol. 7(1), pages 1-15.
    8. Lea Ypi, 2010. "On the Confusion between Ideal and Non-ideal in Recent Debates on Global Justice," Political Studies, Political Studies Association, vol. 58, pages 536-555, June.
    9. Roberto Veneziani & Naoki Yoshihara, 2015. "Exploitation in economies with heterogeneous preferences, skills and assets: An axiomatic approach," Journal of Theoretical Politics, , vol. 27(1), pages 8-33, January.
    10. Morishima, Michio, 1974. "Marx in the Light of Modern Economic Theory," Econometrica, Econometric Society, vol. 42(4), pages 611-632, July.
    11. Yoshihara, Naoki, 2010. "Class and exploitation in general convex cone economies," Journal of Economic Behavior & Organization, Elsevier, vol. 75(2), pages 281-296, August.
    12. Flaschel, Peter, 1983. "Actual Labor Values in a General Model of Production," Econometrica, Econometric Society, vol. 51(2), pages 435-454, March.
    13. Veneziani, Roberto & Yoshihara, Naoki, 2011. "Exploitation of Labour and Exploitation of Commodities: a “New Interpretation”," MPRA Paper 34650, University Library of Munich, Germany.
    14. Naoki Yoshihara & Roberto Veneziani, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," Working Papers 655, Queen Mary University of London, School of Economics and Finance.
    15. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
    16. Morishima, Michio, 1969. "Theory of Economic Growth," OUP Catalogue, Oxford University Press, number 9780198281641.
    17. Veneziani, Roberto, 2007. "Exploitation and time," Journal of Economic Theory, Elsevier, vol. 132(1), pages 189-207, January.
    18. Samuel Bowles & Herbert Gintis, 1990. "Contested Exchange: New Microfoundations for the Political Economy of Capitalism," Politics & Society, , vol. 18(2), pages 165-222, June.
    19. Naoki Yoshihara & Roberto Veneziani, 2009. "Exploitation as the Unequal Exchange of Labour: An Axiomatic Approach," Working Papers 655, Queen Mary University of London, School of Economics and Finance.
    20. Roberto Veneziani & Naoki Yoshihara, 2011. "Strong Subjectivism In The Marxian Theory Of Exploitation: A Critique," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 53-68, February.
    21. Naoki Yoshihara, 1998. "Wealth, Exploitation and Labor Discipline in the Contemporary Capitalist Economy," Metroeconomica, Wiley Blackwell, vol. 49(1), pages 23-61, February.
    22. Lea Ypi, 2010. "On the Confusion between Ideal and Non‐ideal in Recent Debates on Global Justice," Political Studies, Political Studies Association, vol. 58(3), pages 536-555, June.
    23. John E. Roemer, 2010. "Kantian Equilibrium," Scandinavian Journal of Economics, Wiley Blackwell, vol. 112(1), pages 1-24, March.
    24. Roemer John E. & Silvestre Joaquim, 1993. "The Proportional Solution for Economies with Both Private and Public Ownership," Journal of Economic Theory, Elsevier, vol. 59(2), pages 426-444, April.
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    More about this item

    Keywords

    Axiomatic social choice; Exploitation;

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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