THE STRUCTURE OF GLOBAL MONEY and World Tables of Unequal Exchange
This study takes a global view of money. The term "global money" is appearing in recent discussions (Bellofiore 1997) and there is the occasional literature reference to "world money" (Marx 1992: 190). My thesis in this article is that money has a global structure. Stated more pr...
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| Format: | Article |
| Language: | English |
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University Library System, University of Pittsburgh
2015-08-01
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| Series: | Journal of World-Systems Research |
| Online Access: | http://jwsr.pitt.edu/ojs/index.php/jwsr/article/view/149 |
| Summary: | This study takes a global view of money. The term "global money" is appearing in recent discussions (Bellofiore 1997) and there is the occasional literature reference to "world money" (Marx 1992: 190). My thesis in this article is that money has a global structure. Stated more precisely, I am contending that (1) the value of money is non-homogeneous throughout the world system (even after exchange rates have been taken into account); that (2) the currencies of low-incomc countries tend to be undervalued, not overvalued as many economists claim; that (3) the exchange rate system is one of the mechanisms by which high-wage countries extract value from low-wage countries; and that ( 4) this situation contributes significantly to unequal exchange between periphery and center countries. |
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| ISSN: | 1076-156X |