Unequal Exchange and Global Value Chains

Andrea Ricci

A chapter in Imperialism and Transitions to Socialism, 2021, vol. 36, pp 59-75 from Emerald Group Publishing Limited

Abstract: In recent decades, capitalist globalization has entailed a new international division of labor with the relocation of some stages of manufacturing production from the Center to the Periphery through the Global value chains (GVCs). This new pattern of global production is marked by wide income disparities between the different regions of the world economy, accentuated by value transfers hidden within both traditional and GVCs international trade. Thechapterpresents a theoretical model based on a Marxian approach for the accounting of unequal exchange in international trade in value-added, resulting from the decoupling of value-produced and value-captured inside and outside GVCs. The empirical results show the ongoing relevance of unequal exchange in contemporary capitalism as one of the fundamental causes of disparities in income and economic development among the countries of the global economy.

Keywords: Unequal exchange; global value chains; uneven development; international division of labor; international value; value transfers (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rpeczz:s0161-723020210000036004

DOI: 10.1108/S0161-723020210000036004

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