The law of value in international economic relations: A theoretical and empirical verification of value transfers

Abstract

The present paper aims to expand and further pursue the quest on the labour theory of value in the international arena. Our analysis relies on the notions of socially necessary labor time and regulating capital whose interface forms the theoretical ground upon which we explain the transfer of labour values between and within industries and by extension between and within economies. It is argued that international trade is regulated by the absolute advantage principle. We show that the notion of socially necessary abstract labour time spent in the production process can be the theoretical tool that might help to explain, empirically and theoretically, international competition and the formation of international trade terms between economies. More specifically we attempt to show that the differential productivity between sectors or economies may determine the structure of international trade. We focus on socially necessary labor time in order to provide answers to current problems such a ...
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DOI
10.12681/eadd/29917
Handle URL
http://hdl.handle.net/10442/hedi/29917
ND
29917
Alternative title
Η λειτουργία του νόμου της αξίας στις διεθνείς οικονομικές σχέσεις: μια θεωρητική και εμπειρική τεκμηρίωση των μεταβιβάσεων αξίας
Author
Seretis, Stergios (Father's name: Antonios)
Date
2013
Degree Grantor
Aristotle University Of Thessaloniki (AUTH)
Committee members
Τσαλίκη Περσεφόνη
Δεσλή Ευαγγελία
Μαυρουδέας Σταύρος
Ζαρωτιάδης Γρηγόρης
Φουσέκης Παναγιώτης
Παλάσκας Θεοδόσιος
Κυρκιλής Δημήτριος
Discipline
Social Sciences
Economics and Business
Social and Economic Geography
Keywords
Value transfers; Competition; Absolute and comparative advantage principle; Labour theory of value
Country
Greece
Language
Greek
Description
211 σ., tbls., fig., ind.
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