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Globalisation and Inequality: A Dynamic General Equilibrium Model of Unequal Exchange

Author

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  • Veneziani, Roberto

    (School of Economics and Finance, Queen Mary University of London)

  • Yoshihara, Naoki

    (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

  • Veneziani, Roberto & Yoshihara, Naoki, 2016. "Globalisation and Inequality: A Dynamic General Equilibrium Model of Unequal Exchange," UMASS Amherst Economics Working Papers 2016-07, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2016-07
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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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