This is the first book published in English on the new international value theory, presented by Yoshinori Shiozawa in 2007. Shiozawa submitted a solution to the question on international values since Ricardo by constructing a Ricardo–Sraffa model on trading economies with M countries and N commodities including intermediate inputs (normally M N). The new theory is based on the assumption that prices are determined by production costs, which is the property derived from the classical value theory. The papers collected here deal with the following: introducing readers to the new theory; presenting diagrammatic illustrations of the new theory; analysing efficient patterns of specialization allowing intermediate inputs; examining how the new theory gives a new horizon to the Neo-Ricardian trade theory; investigating competitiveness, the long-period method, and potentiality from the perspectives of the new theory; discussing Mill's conversion toward neoclassical revolution; scrutinizing how the concept of comparative advantage has developed and diverged from Ricardo’s trade theory; discussing the purification of Marshall's value theory through Mill’s influence; reviewing the controversies on international values among Japanese economists; considering the value-added trade based on the Ricardian value theory; and lastly giving a mathematical explanation of the definitions and theorems of the new theory./pp

Any Survey Of International Economics Inevitably Reveals That All The Significant Developments In The Theory Have Been Directly Prompted By The Needs Of Practical Policy. Consider As Quick Illustrations The Nationalistic Fervour Of The Mercantilists, Friedrich List And Everyday Policy-Makers All Over The World, The Liberal Free-Trade Concerns Of David Hume, Adam Smith, David Ricardo And John Stuart Mill, The Fears Of Imperialist Exploitation In The Works Of V.I. Lenin, Rosa Luxembourg, Dadabhai Nowrosjee And Centreperiphery Theorists, The Need For International Co-Operation To Suppress The Relapse Of Parochial Nationalism In The Works Of J.M. Keynes, E.M. Berstein, Harry Dexter White, Folk Hilgerdt And Gunnar Myrdal, The Effects Of Exchange Rate Policy On Trade Balance In Alfred Marshall, Abba Lemer, Joan Robinson, Sidney Alexander And Several Others, The Consequences Of International Growth And Technical Changes For National Welfare In John Hicks, Harry Johnson, Jagdish Bhagwati, Raul Prebisch And A Generation Of Scholars. The Examples Can Be Multiplied.One Would Have Expected That A Theory Whose Main Developments Have Been Stimulated By Real-World Concerns, Would, Over The Course Of Decades And Centuries, Develop Into A Virulent Instrument For Understanding And Solving New Problems That Continually Arise In, Or On Account Of, International Changes. But Witness, Alas, How Pitiably The Theory Itself, In Its Strange Obsession Over 2X2X2 Models Compares With The Rapidly Changing Complexity Of Multilateral Trade. This Is Not To Say That No Work Has Been Done To Fill Up The Backlog. Frank D. Graham, Lionel Mckenzie, Ronald Jones, Jacob Mosak, Paul Samuelson, Lloyd Metzler, John Chipman And Others Have Made Important Contributions Here. There Is, Besides, Considerable Empirical Work And The Compilation Of A Truly Astounding Data Base On Multicountry Transactions By The International Institutions. It Is Then All The More Unfortunate That The Conceptual Work Which Can Have An Interpretative Bearing On This Database Should All But Remain In Theunderworld Of Footnotes.The Lag Of Theory Behind Reality Is Perhaps More Glaring In This As Compared To Other Branches Of Economics. Every Effort To Bridge It Is Not Just Welcome, It Is Urgent. The Future Of Global Understanding And Co-Operation May Lie In These Endeavours.The Theory Of International Values Is An Attempt Towards Closing This Gap. It Deals With Three Themes That Have Been Somewhat Neglected Or At Any Rate Are Unevenly Developed.Firstly It Attempts To Formulate A Theory Of Multicountry Multicommodity Trade. Secondly, It Allows Capital Goods To Be Traded Thus Integrating The Models Of Growth And Distribution With Models Of Trade. Thirdly, It Proposes A New Model Of Exchange Rate Determination Which Is Based On Market Clearing.The Book Should Be Of Considerable Interest To: * Economists Working In International Economics. * Econometricians Engaged In Multicountry Modelling. * Finance Specialists Engaged In Exchange Rate Forecasting And * Students Of International Economics And Finance.Although The Treatment Is Advanced The Contents Can Followed By Students Having``Subsistence Knowledge`` Of Simultaneous Equations. In Any Case All Mathematical Exercises Have Been Amply Illustrated By Constructive Numerical Examples.

Contrary to the claims made by neoliberal governments and mainstream academics, this book argues that the huge increase in trade in recent decades has not made the world a fairer place: instead, the age of globalization has become a time of mass migration caused by increasing global inequality. The theory of unequal exchange challenges the free trade doctrine, claiming that transfers of value from poorer to richer countries are hidden behind apparently equivalent market transactions. Following a critical review of the existing approaches, the book proposes a general theory of unequal exchange in the light of an innovative reconstruction of Marx’s international law of value, in which money and exchange rates play a crucial role in decoupling value captured from value produced by different countries, even in perfectly competitive world markets. On this theoretical basis, the book provides an empirical analysis of the international transfers of value in both traditional trade and Global Value Chains. The resulting world mapping of unequal exchange shows the geographical hierarchy of capital global exploitation by revealing a world divided into two quite separate camps of donor and receiving countries, the former being the poorer countries and the latter the richer countries. This book is addressed to scholars and students of economics and social sciences, as well as activists of the North and the South, interested in a better understanding of the asymmetric power relations implied in global trade. It makes a significant contribution to the literature on political economy, trade, Marxism, international relations, and economic geography.

Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy, exchange rates and international trade flows. Using a dynamic stochastic general equilibrium (DSGE) framework, it finds key differences between the response of final goods and GVC trade to both domestic and foreign shocks depending on the origin and ultimate destination of value added and the intermediate shipments involved. For example, the model shows that in response to a dollar appreciation triggered by a US interest rate increase, direct bilateral trade between non-US countries contracts more than global value chain oriented trade which feeds US final demand, and exports to the US decline much more when measured in gross as opposed to value added terms. We use granular data on GVCs at the sector level to document empirical evidence in favor of these key predictions of the model.

Following decades of vigorous economic expansion, Asia is confronting the environmental consequences of unfettered development. This poses a challenge because of the strong bias of prevailing cultural systems in the region toward the goal of lifting standards of living over achieving ecological sustainability. This book juxtaposes international environmental norms and practices with relevant Asian policies and their applications in key areas. Roda Mushkat examines the fundamental principle of public participation in environmental law-making, as well as the "rights approach," against the emergence of democratic and human rights norms in the region. The complex relationship between trade and the environment is also discussed in light of the strong regional emphasis on economic growth, trade liberalization, and the aversion to conditionalities. Given regionalization processes in Asia-Pacific and elsewhere, this work seeks to establish to what extent such processes have led to the regionalization of international environmental law. International Environmental Law and Asian Values concludes that, although some gaps can be identified between international imperatives and regional responses, "Asian values" have not proved to be an insurmountable barrier to the spread of international environmental legal ideas. On the whole, the region is responding to impulses emanating from the global arena rather than resisting them consciously. The analysis and conclusions of this comprehensive and original work will be of considerable interest to scholars of international law and relations, environmental policy, comparative culture, economic development, and social change.

Biopolitics and International Values

This collection applies the principles underlying values education to addressing the many social and learning challenges that impinge on education today . Insights in the fields of social and emotional learning, student wellbeing, and, increasingly, educational neuroscience have demonstrated that values education represents an efficacious pedagogy with holistic effects on students across a range of measures, including social, emotional, and intellectual outcomes. With schools in the 21st century confronting issues such as gender identity, stemming radicalism, mental health, equity for disadvantaged groups, bullying, respect, and the meaning of consent, values education offers a way of teaching and learning that integrates and enhances student’s affective and cognitive functioning. The earlier edition of this book has become a standard reference for scholars and practitioners in the fields of values education, moral education, and character education. Its citation rates, reads and downloads have been consistently and enduringly high, as have those of its companion text, Values Pedagogy and Student Achievement. A decade on, the main purpose of the revised edition is to update and incorporate new research and practice relevant to values education. Recent insights in the fields of neuroscience and social and emotional learning and their implications for education and student wellbeing are more overt than they were when the first edition was being compiled. Additionally, advanced thinking in the field of epistemology, how humans come to know and therefore learn, has also sharpened, especially through the later writings of prominent scholars like Jurgen Habermas. The revised edition has preserved the essential spirit and thrust of the original edition while making space for some of these new insights about the potential of values education to establish optimal and harmonious learning and social environments for both students and teachers.