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Helpful prior knowledge and learning objectives
Helpful prior knowledge and learning objectives
Helpful prior learning:
Section 1.1.1 The economy and you, which explains what an economy is and how it is relevant to students’ lives
Section 1.1.2 The embedded economy, which explains the relationship between the economy and society and Earth’s systems
Section 1.1.3 Degenerative economies, which explain a number of problems for people and planet with the way our current economies operate
Section 1.3.9 Power in the economy, which explains where power comes from and how it shapes economic relationships
Section 3.2.1 Capitalism: definition and development, which explains what capitalism is and how it developed
Section 3.2.2 Capitalism: an evaluation, which discusses the positive and negative consequences of capitalism and economic narratives that support it
Section 7.1.1 Global exchange as a system, which describes global exchange as a system with parts, relationships, functions and emergence
Section 7.1.2 History of global exchanges, which describes how global exchange systems have evolved over time, shaped by changes in technology, power, and environmental factors
Section 7.1.3 What moves across borders? which describes what flows across borders and explains how visible global flows are linked to less visible social and ecological effects
Section 7.1.4 Multinational corporations and global supply chains, which explains the significance of MNCs and global supply chains for organising global exchanges
Section 7.2.5 Who writes the rules of global exchange? which explain who shapes the rules of global exchange and how various sources of power influence which rules are written and whose interests they reflect
Section S.1 What are systems?, which explains what a system is, the importance of systems boundaries, the difference between open and closed systems, and the importance of systems thinking
Section S.2 Systems thinking patterns, which outlines the core components of systems thinking: distinctions (thing/other), systems (part/whole), relationships (action/reaction), and perspectives (point/view)
Section S.4 Stocks and flows, which explains how inflows and outflows affect stocks of things, leading to behaviour-over-time patterns
Learning objectives:
explain how unequal prices and unequal wages systematically transfer value from Global South countries to Global North countries
identify the structural barriers that prevent Global South countries from moving into higher-value production
Every year, billions of workers produce the goods and services traded around the world. Most of them live in the Global South, home to around 85% of the world's population, where they perform around 90% of all the labour that powers the global economy. Yet they receive only 21% of the income. The rest flows predominantly to the Global North. But why?
Figure 1. Value flows from the Global South to the Global North through relationships of unequal exchange.
(Credit: Kasper Benjamin Reimer Bjørkskov, adapted from original at Polyp.org.uk)
How does unequal exchange work?
How does unequal exchange work?
As Section 7.1.2 described, today's global economy was built on centuries of colonial extraction. European nations set the rules of trade and controlled prices by force. These colonial power relationships continued after independence. Latin American and African economists — including Argentine economist Raúl Prebisch, Egyptian economist Samir Amin, and Guyanese historian Walter Rodney — studied this pattern from the 1950s onward. Their work is known as dependency theory, and this section draws on it. It divides the world economy into two broad roles: the core, wealthy industrialised economies, and the periphery, economies kept dependent on exporting raw materials. This section mostly uses Global North and Global South to refer to broadly the same groups, though these terms, like the others used to describe global inequality, are contested (Activity 7.1.2, Option 5). The reason is that the text refers to recent research that uses that terminology.
Unequal exchange is a term that describes how value systematically moves from countries in the Global South to those in the Global North. Value here means the economic worth created by combining labour and natural resources to produce goods and services. This value is captured unequally in two ways, through the prices paid for raw materials and for finished goods, and through the wages that are paid to the people who do the work.
Unequal prices
Unequal prices
Prices are set within relationships of power between buyers and sellers (Section 1.3.9). Many Global South countries depend on exporting primary commodities (Figure 2) for much of their export earnings. Primary commodities are raw materials and agricultural goods, such as oil, copper, coffee, cotton and wheat.
Figure 2. World commodity dependence, 2022-2024 (Percentage of exports). The severity of commodity dependency remains high in Africa and South America
(Credit: UNCTAD, 2025)
Global South countries also often produce mass-produced goods that lack product differentiation, goods that many other exporters can produce to a similar standard, giving buyers little reason to prefer one supplier over another. Global South countries then compete with each other to sell these products to a small number of large multinational corporations. These powerful companies can negotiate lower prices because they have bargaining power. Sellers have few alternatives and depend on the income.
The goods that countries in the Global South sell have historically sold at low prices compared to the manufactured products like machinery, software and financial services that they buy in return from countries in the Global North. This price gap tends to widen over time: when primary commodity prices fall relative to manufactured goods, countries dependent on commodity exports may need to export larger volumes just to afford the same imports. This long-run decline in commodity prices relative to manufactured goods is known as the Prebisch-Singer hypothesis, after the researchers who identified it. Their work is taken up again in Section 7.4.1 (coming soon).
Unequal wages
Unequal wages
The second mechanism of unequal exchange operates through wages. Workers in the Global South and the Global North can do work of comparable skill, in the same industry, and be paid very differently. Researchers have found that Global South wages are 87% - 95% lower than Global North wages for equivalent work (Figure 3).
Figure 3. Wage trends in the Global North and South by skill level.
(Credit: Hickel, Hanbury Lemos, Barbour, 2024)
Some people argue this wage gap makes sense, because consumer prices are lower in the Global South, so a lower wage buys a similar amount there. This argument confuses two different things: how much a wage buys locally, and how much value a worker's labour actually creates. The goods these workers make do not stay local. They are sold around the world, often at the same price no matter where they were made, so the value created is set by the global market, not by local living costs. Firms based in the Global North capture the gap between what they pay Global South workers and what the product sells for globally as profit, adding another route through which value moves from the Global South to the Global North.
Others argue that lower wages simply reflect lower productivity, meaning that Global South workers produce less for each hour they work. The evidence does not support this. Global South workers often use the same technology as workers in the Global North, and produce just as much, or more, for each hour worked. They also tend to work longer hours, under stricter conditions. In cases where output does differ, this is usually caused by the same barriers that keep wages low, such as poor access to finance and technology, not by how hard people work.
So why does this wage gap exist? An important part of the answer lies in bargaining power. Workers earn more when they have employment choices, organise collectively, or have strong legal protections. Workers in the Global South are often in a weak position on all three counts. Many work in countries where alternative jobs are scarce, trade unions are restricted, and labour laws are weak. Differences in mobility also give firms power. Firms can move their money and machinery across borders to wherever wages are lowest. Workers in the Global South cannot easily move to where wages are higher, because laws in Global North countries often restrict their immigration. In extreme cases, wages in Global South countries fall so low that workers cannot meet their own basic needs. Researchers call this super-exploitation.
How large is the value drain from Global South to Global North?
How large is the value drain from Global South to Global North?
Researchers have attempted to measure the scale of this value transfer from Global South to Global North, shown in Figure 4.
Figure 4. Value drained from Global South regions through unequal exchange in trade, 1960-2017, measured in constant 2011 US dollars.
(Credit: Hickel, Sullivan, and Zoomkawala, 2021)
The figures are very large and difficult to absorb, so it helps to focus on one comparison. In one major study, researchers estimated that between 1960 and 2017, the losses suffered by the Global South through unequal exchange were around 30 times larger than the total aid the Global South received from the Global North. Aid, in other words, returns a very small fraction of the value transferred through unequal exchange. Section 7.3.7 and Section 7.3.8 examine financial flows and aid in more detail.
This large-scale value transfer shows up clearly in the global food system. Between 1995 and 2020, the Global South's share of world agricultural production rose from approximately 50% to 80%. The Global South now grows most of the world's food. Yet farmers receive only a small share of what that food sells for. Cocoa farmers, for example, typically receive only around 5–6% of the final retail price of a bar of chocolate. Most of the income generated by the global food system is captured further along the supply chain, in processing, retail, and branding, sectors dominated by multinational corporations in the Global North (Section 7.1.4).
What stops countries moving into higher-value production?
What stops countries moving into higher-value production?
Mainstream development narratives once predicted that low-income countries would move through stages of economic growth, from subsistence agriculture and primary commodities, through industrialisation to service-based economies. Over time, the incomes of these ‘developing’ economies were expected to catch up with high-income economies (Section 7.3.10), a process called economic convergence.
In practice, only a small number of countries have managed this, because:
Trade rules often prevent Global South countries from using tariffs, subsidies, and state investment to protect new industries. These are the same tools wealthy countries used to build their own industries (Section 7.2.1, Section 7.2.3)
Structural adjustment policies (SAPs) imposed by the International Monetary Fund (IMF) and World Bank historically blocked industrial policy in the Global South. Both institutions now acknowledge the harm this caused
Weak access to finance limits the ability to invest in new industries
Intellectual property rules can restrict access to technology needed for higher-value production
Global supply chains are largely owned and controlled by Global North firms. Even when Global South countries produce goods, the most profitable stages often happen elsewhere
Comparative advantage theory argues that countries benefit from specialising in what they already produce efficiently. This makes staying a raw material exporter look like a rational choice, rather than the result of the barriers above, discouraging the industrial policy needed to move into higher-value production (Section 7.2.1)
Some countries have used industrial policy (Section 7.2.1) to work around these barriers. China is the clearest example. It lifted hundreds of millions of people out of extreme poverty over a few decades by steering investment, protecting domestic industries, and controlling financial flows in and out of the country. The lesson from China's experience is that industrial policy works when a country has enough economic and political power to use it.
Most Global South countries have not had this power. The result is visible in the data (Figure 5). China accounted for close to three quarters of the global reduction in the number of people living in extreme poverty between 1981 and 2017. For most of sub-Saharan Africa and large parts of Latin America, average incomes remain as far below Global North levels today as they were in the 1960s.
Figure 5. China accounted for close to three quarters of the global reduction in the number of people living in extreme poverty between 1981 and 2017. (Credit: World Bank)
The unequal outcomes discussed in this section emerge from the structures and unequal power relationships of global exchange. Firms operate in a system built around profit maximisation. They use their power to lower costs wherever they can. This means sourcing raw materials as cheaply as possible, from suppliers who are in a weaker bargaining position. It also means using unequal power to pay workers as little as possible. States reinforce these outcomes by competing to attract investment, by keeping labour costs low and limiting workers' rights to organise.
Unequal exchange in trade is one mechanism through which value drains from the Global South. There are more mechanisms examined in this Subtopic 7.3. Together, these patterns of unequal exchange make it difficult for countries in the Global South to build the industries, infrastructure, and public services their populations need. Over decades, unequal power has become embedded in trade agreements, financial systems, and the narratives that shape how people think the economy should work (Section 7.3.10). This helps explain why income gaps have persisted over time.
Activity 7.3.1
Activity 7.3.1
Concept: Systems, power
Skills: Research skills (information literacy), Thinking skills (critical thinking)
Time: varies, depending on the option
Type: Individual, pairs, or small group
Option 1: Data interpretation practice on global inequality
Time: 30 minutes
Figure 7 shows gross domestic product (GDP) per capita for core economies and periphery economies from 1960 to 2023, measured in constant 2023 US dollars.
Use a data interpretation strategy suggested by your teacher to analyse the data. If you do not have one, click on the arrow to get a set of prompts:
What is the title of the graph? What do ‘core’ and ‘periphery’ mean in this context? Read the note below the graph to check your understanding.
What does the vertical axis measure? What does ‘constant 2023 USD’ mean, and why does it matter that the data uses constant rather than current prices?
The graph shows two lines. Make sure you understand what each line represents and which countries fall into each group. The note below the graph explains how the groups are defined.
Identify one fact from the data. Now identify a second fact. Try to express each as a specific number rather than a general observation.
Is there a trend over time? Has the gap between the two lines grown, shrunk, or stayed the same? Describe what you see as precisely as you can.
Look carefully at the period around 2008 to 2012, which shows an anomaly in the data. Both lines show a dip or flattening around this time. What event explains this, and why might the core line show a more visible dip than the periphery line?
Figure 7. Global inequality: core vs. periphery
(Credit: Global Inequality Project)
Once you have a good grasp of what the data shows, answer the following questions:
In 1960, GDP per capita in core economies was approximately $15,313. In 2023, it was approximately $58,466. Calculate the absolute change in GDP per capita for core economies between 1960 and 2023.
In 1960, GDP per capita in periphery economies was approximately $1,447. In 2023, it was approximately $6,907. Calculate the absolute change in GDP per capita for periphery economies over the same period.
Now calculate the percentage change in GDP per capita for both core and periphery economies between 1960 and 2023. Show your working.
The absolute change and the percentage change tell different stories about what happened between 1960 and 2023. Describe what each comparison shows, and explain which you think gives a more accurate picture of how the income gap between core and periphery changed over this period.
The chart annotation states that core gains are 7.9 times larger than periphery gains, and that the income gap increased from $14,000 to $52,000. Using what you have read in this section, suggest two reasons why the gap widened rather than closed.
Economic convergence is the idea that poorer economies grow faster than richer ones over time, so that the income gap between them narrows and eventually closes. Periphery incomes did grow at a faster percentage rate than core incomes over this period (calculate the annualised growth rate for each to check). Does this mean convergence is happening? Use your figures to explain your answer.
Click on the arrow to reveal sample answers, but give it a go yourself or with a partner first
$58,466 minus $15,313 = $43,153 absolute increase for core economies.
$6,907 minus $1,447 = $5,460 absolute increase for periphery economies.
Core: ($43,153 / $15,313) x 100 = approximately 282% increase.
Periphery: ($5,460 / $1,447) x 100 = approximately 377% increase.
The absolute change shows that in dollar terms, core economies gained around $43,153 per person while periphery economies gained around $5,460, meaning the gap in actual living standards widened enormously.
The percentage change tells a different story. Periphery economies grew at a faster rate in proportional terms.
Both comparisons are valid, but the absolute change better reflects the real difference in material living standards between the two groups, since a person's income is spent in dollar amounts, not percentages. The percentage figure can be misleading when the starting points are very different.
Students may suggest any two of the following, drawing from the section: unequal prices mean periphery countries must export more to earn the same income; unequal wages keep labour costs and therefore incomes low in the South; trade agreements prevent Southern governments from protecting domestic industries; processing and retail are controlled by Northern firms, keeping the value-added stages in the North; comparative advantage theory frames staying a raw material exporter as an efficient choice rather than the result of structural barriers, discouraging the industrial policy needed to close the gap.
Over the whole period from 1960 to 2023, periphery economies grew only slightly faster than core economies each year. This gap is too small to close within any realistic timeframe. But since around 2003, periphery growth has clearly sped up compared to core growth. The gap between their growth rates has narrowed a lot.
A critic could argue that this recent trend shows real convergence beginning. They might say it is misleading to look only at the slower growth of earlier decades. A defender of this section's argument might respond differently. Twenty years of faster growth is not yet strong evidence of a lasting trend. Much of this recent growth comes from China specifically. Earlier in this section, you read that China succeeded partly because of unusual conditions, such as the global commodities boom and its own use of industrial policy. Most Global South countries did not have access to these same conditions, and they may not last.
Option 2: Whose perspective is missing?
Time: 30 minutes
The following paragraph reflects a narrative that has been widely used to explain global poverty and justify trade liberalisation policies.
Over the past three decades, globalisation has contributed to dramatic reductions in extreme poverty. Countries that have opened their markets to international trade and investment have generally grown faster than those that have not. The evidence suggests that free trade, combined with good governance and sound institutions, remains the most reliable path to development.
Work through the following questions individually, then compare your answers with a partner.
According to this paragraph, what is the main cause of poverty reduction under globalisation?
The textbook section you have just read offers a different explanation for why some countries reduced poverty and others did not. Summarise that explanation in two or three sentences.
If industrial policy worked for China, why have most other Global South countries not been able to use the same approach? Use at least two specific reasons from the section in your answer.
Write two or three sentences that a economist from the Global South, drawing on unequal exchange theory, might add to correct or challenge the mainstream paragraph.
Click on the arrow to reveal sample answers, but give it a go yourself or with a partner first!
The paragraph argues that opening markets to international trade and investment, combined with good governance and institutions, is the main cause of poverty reduction.
The section argues that China reduced poverty through directed industrial policy, actively steering investment, protecting domestic industries, and controlling financial capital flows, rather than by just opening its markets to international competition. Most other Global South countries were prevented from using these same tools by trade agreements negotiated from a position of weakness.
Students should identify at least two of the following: trade agreements negotiated from a position of weakness prevented Southern governments from using subsidies, tariffs, and investment controls; pressure from the IMF and World Bank pushed low-income countries to open their markets before they were in a position to benefit; Southern countries have less access to finance needed to build manufacturing capacity; and processing and distribution in global supply chains are already controlled by Northern firms, making it hard to move into higher-value production; comparative advantage theory taught to economists frames staying a raw material exporter as an efficient choice rather than the result of structural barriers, discouraging the industrial policy needed to close the gap. China had enough economic and political power to resist external pressures. Most other countries did not.
The paragraph reflects the perspective of mainstream development economists, mostly based in wealthy Global North institutions. It describes poor countries as passive receivers of the benefits of trade. It does not mention the role of power, the history of colonialism, the trade rules that prevent Southern industrial policy, or the mechanisms of unequal exchange that transfer value from Global South to Global North.
Answers will vary. Students should draw on at least one specific mechanism from the section (unequal prices, wage suppression, trade agreement restrictions, or financial outflows) and frame it as a structural cause of persistent poverty rather than a domestic governance failure.
Option 3: Data interpretation practice
Time: 30 minutes (more if you do the optional research)
Open the interactive Commodity Dependence Dashboard from UNCTAD and find the interactive map version of the static Figure 2 titled ‘Who depends on commodities - and what kind?’
Figure 2. World commodity dependence, 2022-2024 (Percentage of exports). The severity of commodity dependency remains high in Africa and South America
(Credit: UNCTAD, 2025)
Part 1: General analysis
Use a data interpretation strategy suggested by your teacher or your course to explore the map. If you do not have a data interpretation strategy, click on the arrow for some prompts.
What is the title of the data? What does it measure? Clarify any questions you have about it.
What do the colours represent? Look closely at the legend. This map uses a single threshold, 60% of goods exports coming from commodities, to define ‘commodity dependent.’ Why might the colour bands be built around that one number rather than spread evenly?
Identify one country close to 100% commodity dependence. Identify one country close to 0%. Try to give an approximate figure for each, using the legend or by hovering over the country you have access to the UNCTAD website.
Is there a regional pattern in the data? Which parts of the world show the highest commodity dependence? Which show the lowest? What story might that pattern tell?
Is there a country whose colour surprises you, based on what you already know about its economy or global exchange? Why are you surprised?
Part 2: Investigate one country
Choose one country from the map with high commodity dependence. Do not choose a country already discussed by name elsewhere in this section.
What is your chosen country, and roughly how commodity-dependent is it? In what sector is its commodity dependence?
Using the ideas from this section, suggest one or two possible reasons for the country’s dependence and the sector involved.
What consequences might this situation have for the country, based on what you have read in this section?
If you have time, do some brief research on your chosen country to check your reasoning. A search for ‘[country name] commodity dependence’ is a good starting point. Did your research support your explanation and consequences or suggest something different?
Answers will vary depending on the country chosen.
Ideas for longer activities and projects are listed in Subtopic 7.5
Checking for understanding
Checking for understanding
Coming soon!
Further exploration
Further exploration
Global Inequality Project - Created by Jason Hickel and colleagues, this site makes research and data on unequal exchange accessible to a wider audience. It includes interactive charts on wage gaps, material flows, and the scale of value drain between Global South and Global North over time. Difficulty level: medium
CATPC: Congolese Plantation Workers Art League - CATPC is an art cooperative of plantation workers in Lusanga, D.R. Congo. For over a century, the plantation exported cheap raw commodities while the workers who produced them stayed poor. CATPC turns this around: members sell sculptures made from those same commodities at prices set by the international art market, then use the proceeds to reclaim the land itself. CATPC's model turns that unequal exchange back on itself, using the plantation's own commodities to fund land reclamation. Difficulty level: medium
UNCTAD Commodity Dependence Dashboard - Explore commodity export dependence for all 195 UNCTAD member states, using the latest trade data (2022–2024). Search any country to see its dependence level and dominant commodity type, and see how this has shifted since 2012–2014. A good way to check how your own country compares to the patterns discussed in this section.
What Is Wrong With Globalization? — A 34-minute lecture by economist Ha-Joon Chang from the INET Economics for People series. Chang presents data on growth collapses in Latin America and Sub-Saharan Africa under neoliberal policies and stagnant median wages in wealthy countries, making the empirical case that trade liberalisation has widened rather than narrowed the gap between rich and poor countries. Difficulty level: medium.
Measuring Exploitation in the Global Economy — Economist Jonathan Cogliano explains his Exploitation Intensity Index, a measure of global inequality based on how much labour a country contributes to the world economy compared with how much it receives back. For the full academic paper behind the index, see Cogliano, Veneziani & Yoshihara (2022). Difficulty level: high.
Here’s Why Foreign Aid Is a Scam | Doha Debates - In this ca. 7 minute video, economic anthropologist Jason Hickel explains how the global economy moves value from the Global South to the Global North through trade rules, financial flows, and power imbalances in international institutions. Difficulty level: easy
Sources
Sources
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Cogliano, J. F., Veneziani, R., & Yoshihara, N. (2024). The dynamics of international exploitation. Environment and Planning A: Economy and Space, 56(5), 1420–1446. Earlier working paper link accessible online: https://www.boeckler.de/pdf/v_2022_10_22_veneziani.pdf
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Terminology
Terminology
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