A Note on Emmanuel s Unusual Exchange

Krishna Bharadwaj In his " Unequal Exchange'', Arghiri Emmanuel raises the question of economic inequalities among nations, their persistence, and their accentuation. Emmanuel's thesis runs counter to the traditional comparative costs doctrine and the subsequent terms of trade explanation which are both analytically inadequate. He also rightly stresses the internationalisation of capital However, Emmanuel's attempt to offer a theory of imperialism through unequal exchange in trade is not only unsatisfactory but also not sustainable