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Unequal Exchange

In: The Theory of International Trade

Author

Listed:
  • Branko Horvat

    (The Institute for Advanced Studies)

Abstract

Most of unequal exchange theorizing is based on Marxian schemes of value formation. Value (w = Wert) is composed of constant (c) and variable (v) capital and of the surplus value (m = Mehrwert) 17.1 w = c + v + m $$w = c + v + m$$ Constant and variable capital are advanced at the beginning of the production period and are completely used in production. In the process of production, workers add to the used means of production (c) new value (v + m). The surplus value (m) is that part of value added which is not appropriated by the workers but by capitalists and so may serve as a measure of exploitation.

Suggested Citation

  • Branko Horvat, 1999. "Unequal Exchange," Palgrave Macmillan Books, in: The Theory of International Trade, chapter 17, pages 116-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98338-6_17
    DOI: 10.1057/9780333983386_17
    as

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