Abstract

This paper measures with a novel methodology the amount of agrarian
ground rent intersectoral transfers in Uruguay and its relative weight in the
national amount of surplus value during the period 1955-2019. In order to this,
the paper identifies the mechanisms through which ground rent is transferred from
landowners to industrial and commercial capitals. The main results show that
agrarian ground rent transfers, in particular through exchange rate overvaluation,
was a recurring mechanism that has been central for capital accumulation. These
transfers complement the surplus value appropriated by individual capitals,
however, at the same time, consolidate the rentier nature of Uruguay due to the
chronic overvaluation of exchange rate.

JEL Classification: B51; O13; O54; Q19; N16.