Underdeveloped capitalism and general law of value

The long history of capitalism has resulted in growing disparities in the economic development of countries, enabling broad division of the world into the developed capitalistic countries and the underdeveloped capitalistic countries. Traditional economics of the classical, neo-classical and Keynesian varieties have not been able to account for such a diver gent process since they do not address themselves to the basic problems of poor, dependent labour surplus economies such as those of Asia, Africa and Latin America Neither has the dependency school which rose in Latin America during the sixties, been able to fully explain the twin phenomena of capitalistic development and underdevelopment.

Taking the Marxian law of value (which sheds light on capitalist development as being a process of exploitation, aceste lation and technologic eige) as the point of departure, this y secla to explain the evolution of underdeveloped economies over the last few years in terms of a General Law of Value.