It stated, contrary to the then conventional Heckscher-Ohlin-Samuelson theory , that it was politically and historically set wage-levels that determined relative prices , not the other way around, and, contrary to the assumptions of Ricardo's comparative costs , that capital was internationally mobile and the rate of profit correspondingly equalised. What made the theory a heated subject in Marxist and dependentista circles was the theory's implications about international worker solidarity. Emmanuel was not late to point out that his theory fitted well with the observed absence of such solidarity, particularly between high- and low-wage countries, and, in fact, made the nationally enclosed workers movements into the principal cause of unequal exchange. By contrast, all subsequent versions of the theory such as those by Samir Amin , Oscar Braun , Jan Otto Andersson , Paul Antoine Delarue , and almost every critic since Charles Bettelheim , have preferred to make higher productivity the cause and thereby justification of higher wages, and 'monopolies' the cause of unequal exchange.
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This theory has been put to severe trial recently. The huge colonial empires, which had taken centuries to build, broke up in a few years without proportionate violence and without any marked impoverishment of the great imperial parent states or any reduction in their capacity to exploit the rest of the world.
This is a preview of subscription content, log in to check access. Galagher and R. Robinson, Africa and the Victorians London: , p. Google Scholar. It was certainly not for humanitarian reasons that imperialist England opposed the local settlers so violently. But this does not justify Lenin for having so ardently espoused the cause of the Boers against England in and the same goes for Mao Zedong backing the Biafra secession in Woolf, Empire and Commerce in Africa London: , pp.
Frankel, Capital Investment in Africa Oxford: , p. Hobson, The Export of Capital London: , pp. Cairncross, Home and Foreign Investment — Cambridge: , pp. Keynes, Essays in Persuasion London: Personalised recommendations. Cite chapter How to cite? ENW EndNote.
EMMANUEL ON UNEQUAL EXCHANGE: A MARXIST CONTRIBUTION ON TRADE RELATIONS BETWEEN RICH AND POOR
White-Settler Colonialism and the Myth of Investment Imperialism