Conflicto distributivo y politica de ingresos en torno al tipo de cambio real en una economía semiindustrializada agroexportadora

A conflict of Ricardian type is arised. Landowners produce exportable salary-goods and consume imported luxury goods. Small industrialists produce non-tradable manufactures with sunk costs by importing capital goods. Employees consume exportable goods and non-tradable manufactures. Quantities are measured in physical units and prices in fiat money. The international currency is fiduciary. There is no equilibrium of pure economy. Price equilibrium does not imply full employment. According to the political management, an increase (reduction) in the real exchange rate benefits (harms) exporters, reduces (increases) the real salary and has oscillating effects on industrial benefits, generating oscillating alliances of the industrialists, with eather landowners or workers, in order to achive a favorable real change rate in a zero sum game. Stabilization with the monetary approach to the balance of payments is impossible. The theoretical model formalizes the structural crisis of peripheral economies that finance technologically dependent industries with agricultural exports.