ABSTRACT
The classical price system as formalised by Sraffa (1960) remains open to alternative distributive closures and allows political and institutional conditions to influence the share of the aggregate surplus obtained by different social groups. The instauration of the Argentine Exchange Office in 1867, which implied the adherence of the South American country to the international gold standard, exemplifies how a specific monetary regime can be interpreted as another stage in the distributive conflict. We shall argue that the adoption of such an arrangement reflected the interest of local farmers, who intended to put an end to the prevailing appreciation of the domestic currency, thus preventing a further rise of real wages, interest and rent payments.
