Law of Value - Modification of The Law of Value in The World Market

Modification of The Law of Value in The World Market

Marx believed that the operation of the law of value was not only modified by the capitalist mode of production, but also in the world market (world trade, as contrasted with the home market or national economy).

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Law Of Value - Modification of The Law of Value in The World Market - Hamburger Example
... This hypothesis about global market integration can be empirically tested by means of international price comparisons ... in value between the nominally most expensive burger in the world and the nominally least expensive burger in the world, expressed in US dollars, is likely to be around 2% ... In the rest of the world, one could conclude, for the most part international value differentials for burgers are unlikely to be very much larger (in fact, the tax and social ...

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