[PEN-L:454] Query: Arjun Makijani exchange rates

[Gar Lipow <lipowg@xxxxxxxxxxxxxx>]

Has actually developed an exchange rate  table using Arjun Makjani's
basket of goods method? (For those unfamiliar with him, he argues that
market exchange rates are yet another way of cheating poor and third
world countries . One example of his point  is that you can buy within
Mexico more with the Mexican peso than the exchange rate with the
dollar would suggest. He suggest a fair currency exchange rate would
compare how many dollars vs. how many pesos it takes to buy a fixed
basket of goods.)

Does his basic argument make sense? Are market currency exchange rates
one way the first world extracts surplus value from the second and
third?
--
Gar W. Lipow
815 Dundee RD NW
Olympia, WA 98502
http://www.freetrain.org/