Unequal Exchange in the EU: The Case of Trade Transactions Between Germany, Italy, and Greece

Abstract

In contemporary capitalism, unequal exchange is a form of imperialist exploitation. A theoretical approach to unequal exchange is traced to Marx's analysis of economic crises in Volume III of Capital and Theories of Surplus Value. Unequal exchange penetrates the world economy revealing an economic-performance hierarchy through value extraction in trade. Trade transactions between Germany, Italy, and Greece are examined to estimate the degree of unequal exchange in the European Union.