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Globalisation and Inequality in a Dynamic Economy: An Axiomatic Analysis of Unequal Exchange

Roberto Veneziani and Naoki Yoshihara ()

No HIAS-E-49, Discussion paper series from Hitotsubashi Institute for Advanced Study, Hitotsubashi University

Abstract: An axiomatic analysis of the concept of unequal exchange (UE) between countries is developed in a dynamic general equilibrium model that generalises Roemer’s [22] economy with a global capital market. 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.

Keywords: Exploitation; classes; unequal exchange; international economy (search for similar items in EconPapers)
JEL-codes: D63 F02 B51 (search for similar items in EconPapers)
Pages: 32, 6 p.
Date: 2017-02
New Economics Papers: this item is included in nep-hme and nep-int
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http://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/28677/070_hiasDP-E-49.pdf

Related works:
Journal Article: Globalisation and inequality in a dynamic economy: an axiomatic analysis of unequal exchange (2017) Downloads
Working Paper: Globalisation and Inequality in a Dynamic Economy: An Axiomatic Analysis of Unequal Exchange (2017) Downloads
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