Unequal Exchange and the Evolution of the World System

Raffer, Kunibert

doi:10.1007/978-1-349-09187-4

Cited by 26 publications

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“…The hypothesis of "unequal exchange" (Emmanuel 1972, Raffer 1987 contends that the central mechanism by which the global market acts to gather together the global surplus and channel it to the core is through price inequality, in which the political and military suppression of wages in the periphery allows the products of peripheral labor to be much cheaper than those of the core. Put simply, an hour of labor in the periphery costs capital only a fraction of its costs in the core, so that a commodity produced there is much cheaper than the same commodity produced in the core.…”

Section: Co Re/periphery Structures and Mobilitymentioning

confidence: 99%

World-Systems Analysis

1995

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ASSTRACfThis is a review of recent research on world-systems. We cover studies of the current system and studies that compare the contemporary global system with earlier, smaller intersocietal systems. Research on the cycles and secular trends found in the modem world-system is discussed at length. This includes an examination of economic cycles of various lengths as well as their links with broader cycles like the rise and fall of hegemonic core powers, international financial crises, and the cycle of global war. We also survey recent studies of core-periphery hierarchy.

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Section: Co Re/periphery Structures and Mobilitymentioning

confidence: 99%

World-Systems Analysis

1995

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“…Conversely, peripheral states are weaker entities which tend to produce more labor-intensive goods, generally in a less efficient manner. The accumulation of capital in the core states, which perpetuates the system, is supplemented via "unequal exchange" (Emmanuel 1972;Raffer 1987) across structural positions. Between the core and periphery is a grouping of semiperipheral states.…”

Section: Blocs and The World-systemmentioning

confidence: 99%

Trading Blocs and the Capitalist World‐Economy: Insights and Evidence

Blanton

1999

Sociological Inquiry

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The structure of the world‐economy is a central issue in world‐systems research. Empirical structural analysis, however, has generally focused on a single structural aspect of the world‐system: delineation of the core, periphery, and semiperiphery. This study examines another important structural facet of the world‐system–blocs within the world trading order. The existence of blocs within the world‐economy, as well as their configuration, have implications for states at all structural positions of the world system. Analysis of blocs which exist among core states can provide insights into issues of hegemonic cycles and decline. Outside of the core, the character of clusters can provide evidence regarding peripheral mobility, fragmentation, or subimperialism. Employing two complementary network methods, asymmetric multidimensional scaling and clique detection, this study examines blocs within the world‐economy at three points since World War II: 1955, 1975, and 1994. Results indicate a somewhat multipolar, though not necessarily antagonistic, core and a somewhat fragmented periphery.

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“…Briefly, the whole body of conventional trade theory rests on models without capital flows. In a way this even applies to Emmanuel's (1972, pp. xxxiiif; on his model cf., Raffer, 1987) unorthodox Unequal Exchange theory, although he based it explicitly on the assumption that capital is internationally mobile. Capital in his model means only capital that is internationally sufficiently mobile to establish one rate of profit in physical production globally.…”

Section: Textbook Trade Theory and The Exchange Ratementioning

confidence: 99%

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Raffer

2015

Rev. Econ. Polit.

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RESUMO: A teoria dos livros didáticos ignora os fluxos de capital: o comércio determina as taxas de câmbio e de especialização. São necessárias abordagens que levem em consideração os movimentos de capital adequadamente, e uma nova teoria da política econômica, incluindo medidas para proteger a economia real da volatilidade externa. O mecanismo de equilíbrio de livros didáticos não pode funcionar para definir as taxas de câmbio. Para que a teoria ortodoxa do comércio funcione é preciso impedir que os fluxos de capital destruam a sua própria base, causadas pelo FMI por decisões regulamentares erradas, penalizando a produção e o comércio. Uma teoria nova, baseada na economia real é proposta, uma agenda neoclássica de controle de fluxos de capital e da especulação. PAlAVRAS-ChAVE: teoria do comércio; especialização; movimentação de capitais; neoliberalismo; especulação.ABSTRACT: Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless tradecaused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.KEywORDS: trade theory; specialisation; capital movements; neoliberalism; speculation. JEl Classification: F11; F13; F32; F40; G15.Once upon a time the exchange rate was basically determined by the movement of goods and to a lesser degree, services, at least in textbook trade theory. Although free capital movements -on a much lower scale than nowadays -existed for a * For valuable comments I am indebted to luiz Carlos Bresser-Pereira.

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Unequal Exchange and the Evolution of the World System

Cited by 26 publications

References 0 publications

World-Systems Analysis

World-Systems Analysis

Trading Blocs and the Capitalist World‐Economy: Insights and Evidence

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

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