Policy Tensor

The Lewisian Model of Unequal Exchange

The catastrophic failure of the law of one price

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Policy Tensor
Aug 11, 2025
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The 2024 Nature Communications paper by Hickel, Hanbury Lemos, and Barbour presents a stark empirical finding: the contemporary world economy is organized around a massive, persistent net appropriation of labor from the Global South to the Global North through unequal exchange. The scale is staggering. In 2021, the South’s net transfer of embodied labor…

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