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Value and Unequal Exchange in International Trade - The Geography of Global Capitalist Exploitation (Hardcover)
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Value and Unequal Exchange in International Trade - The Geography of Global Capitalist Exploitation (Hardcover)
Series: Routledge Frontiers of Political Economy
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Contrary to the claims made by neoliberal governments and
mainstream academics, this book argues that the huge increase in
trade in recent decades has not made the world a fairer place:
instead, the age of globalization has become a time of mass
migration caused by increasing global inequality. The theory of
unequal exchange challenges the free trade doctrine, claiming that
transfers of value from poorer to richer countries are hidden
behind apparently equivalent market transactions. Following a
critical review of the existing approaches, the book proposes a
general theory of unequal exchange in the light of an innovative
reconstruction of Marx's international law of value, in which money
and exchange rates play a crucial role in decoupling value captured
from value produced by different countries, even in perfectly
competitive world markets. On this theoretical basis, the book
provides an empirical analysis of the international transfers of
value in both traditional trade and Global Value Chains. The
resulting world mapping of unequal exchange shows the geographical
hierarchy of capital global exploitation by revealing a world
divided into two quite separate camps of donor and receiving
countries, the former being the poorer countries and the latter the
richer countries. This book is addressed to scholars and students
of economics and social sciences, as well as activists of the North
and the South, interested in a better understanding of the
asymmetric power relations implied in global trade. It makes a
significant contribution to the literature on political economy,
trade, Marxism, international relations, and economic geography.
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