Arghiri Emmanuel's theory of unequal exchange is criticised for its inconsistent use of Marxian categories. An alternative theory is proposed, and interpreted, not as a single cause of uneven development, but as a contributory factor. It is more accurate to record unequal exchange as a process which keeps the rate of profit high in developed sectors of production than as a geographical transfer of value which speeds the rate of accumulation in certain areas. Empirical evidence, obtained by calculating labour values in different countries from input-output data, shows that unequal exchange is an extremely important process in terms of its magnitude. The evidence also suggests that the deviation of observed prices from prices of production may be a more important component of unequal exchange than the deviation of prices of production from values.
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