Abstract
Placing itself in the revival of interest in unequal exchange, Ricci's book claims the need to give the theory a new conceptual foundation to justify recent proposals to estimate unequal exchange on the basis of the so-called Penn effect. In order to do that, Ricci identifies Marx's international law of value as a fitting theoretical framework and hence develops a radically innovative theory of global capitalist exploitation through international trade. Finally, he assesses the magnitude of unequal exchange over the past three decades by producing estimates based on the proposed approach.
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Recommended Citation
Quattromini, Giuseppe
(2022)
"The Penn Effect and Marx's International Law of Value: A Review of Value and Unequal Exchange by Andrea Ricci,"
Markets, Globalization & Development Review:
Vol. 7:
No.
1, Article 5.
DOI: 10.23860/MGDR-2022-07-01-05
Available at:
https://digitalcommons.uri.edu/mgdr/vol7/iss1/5
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Author Bio
Giuseppe Quattromini completed a double master’s degree at the Sapienza University of Rome; and the Friedrich-Schiller-University in Jena. His thesis relates to the world-market in Marx's Capital. Quattromini is participating in various doctoral competitions and publishing scholarly articles in Italy and abroad. He is scheduled to present a paper at the annual conference of the IIPPE.