Introduction

In the last 30 years, neoliberal capitalist globalization profoundly restructured the world economy. Despite recurring severe crises and increasing inequality in income and economic development between and within countries, the free trade doctrine is still widely supported and pursued. The theory of unequal exchange challenges the cultural hegemony of neoliberalism, arguing that exploitative relations between rich and poor countries are hidden behind the appearance of free trade. Unequal exchange, however, has not yet found its own independent theoretical foundation, as a structural element inherent in the normal functioning of a perfectly competitive world capitalist economy. The thesis presented in this book is that this independent theoretical foundation can be found in Marx's value theory. The Introduction presents an outline of the theoretical arguments and empirical evidence that is developed in the following chapters, from which emerges the relevance of unequal exchange as an essential feature of the capitalist mode of production at the global level.