La conjetura de Shaikh. Un modelo clásico de la tasa de cambio real Colombia-Estados Unidos

In this paper, we present what we have called the 'Shaikh Conjecture'. (i) We explain the classical conception of real competition in the capitalist mode of production, defined as a continuous war for survival, whose weapons are technical change, investment in capital and price adjustments that allow capital to hit hard adversaries to concentrate and centralize power in the market. (ii) We introduce the theory of absolute disadvantage that determines the specialization and international division of labour, which explains the cumulative circular causation processes of trade surpluses and accumulation of external obligations between developed and developing countries. (iii) We explain why the monetary interpretation of the interest rate prevents absolute advantages from becoming comparative disadvantages in free trade. Finally, we present the model for determining the real exchange rate between two countries (USA and Colombia), which is derived from the classical theory of the production price system.