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Showing posts with the label “currency seigniorage”

The Economics of Modern Imperialism

According to Michael Roberts and Guglielmo Carchedi,  imperialism is “a persistent and long-term net appropriation of surplus value by the high-technology imperialist countries from the low-technology dominated countries.” there are “four channels through which surplus value flows to the imperialist countries: currency seigniorage; income flows from capital investments; unequal exchange through trade; and changes in exchange rates.” “modern imperialism does not deny the persistent existence of colonialism. Colonialism and modern imperialism do not exclude each other… Colonialism contains in itself the germs of modern imperialism.” “the trade of the commodities with high technological content produced in the imperialist countries for the capitalistically produced raw materials or industrial goods produced with lower technological content in the dominated countries” results in “unequal exchange.” “under modern imperialism, technology has become the new battlefield.” “military and ideolog