THE STRUCTURE OF GLOBAL MONEY and World Tables of Unequal Exchange
AbstractThis 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.
How to Cite
Kohler, G. (1998). THE STRUCTURE OF GLOBAL MONEY and World Tables of Unequal Exchange. Journal of World-Systems Research, 4(2), 145–168. https://doi.org/10.5195/jwsr.1998.149
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