Abstract
Unequal exchange is inherent in the reproduction of capitalist relations and development on a national and international scale. It is a reflection, not an explanation, of the underdevelopment of the forces of production in the periphery. Marx in his analysis of exchange within capitalism showed why exchange in labor value terms must be unequal. Emmanuel's theory of unequal exchange based on the assumptions of international mobility of capital and exogenously determined wages is examined and criticized. While many of Emmanuel's critics redefine the notion for their own theoretical or empirical studies, we argue that the idea of unequal exchange should be abandoned as it cannot aid in the explanation of uneven development.
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