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The existence of unequal exchange between rich and poor countries is being demonstrated in the literature for some time, explained by differences in labour costs that reflected in the prices of traded goods. In recent years, research has also demonstrated that the lack of inclusion of the environmental impacts in prices of traded goods reflected an ecologically unequal exchange. This paper contributes to the discussion with the new coined concept of caloric unequal exchange that reflects the deterioration of terms of trade for food in terms of calories. Using last FAO data available, exports and imports from and to Latin America and the Caribbean are analysed for the period 1961 through 2011 in volume, value and calories and for different groups of products. The conclusion is reached that although calories exported by the region to the rest of the world are more expensive that those imported, the ratio is deteriorating over time. This trend is found to be different depending on the partner involved. In all cases, the region is helping the rest of the world in improving their diets at a lower cost. This result confirms the loss of natural funds such as soil and nutrients, which can be seen as a de-capitalisation of exporting countries. A side result is that globalisation is homogenising diets over time, concentrating most of food consumption in a reduced number of products, and therefore increasing interdependency among countries and affecting food security. This new debate is found to be useful for designing trade and development policies in the countries analysed. KeywordsCaloric unequal exchange, Latin America, terms of trade, food JEL Code F14, F18, N56, Q57

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The rate of CO2 emissions concentration in the atmosphere increasesthe likelihood of significant impacts on humankind and ecosystems. Theassumption that permissible levels of greenhouse gas emissions cannot exceed the global average temperature increase of 2 ºC in relation to pre-industrial levels remains uncertain. Despite this uncertainty, the direct implication is that enormous quantities of fossil fuels have, thus far, wrongly been counted as assets by hydrocarbon firms as they cannotbe exploited if we want to keep climate under certain control. These are the socalled “toxic assets”. Due to the relationship among CO2 emissions, GDP, energy consumption, and energy efficiency, the concept of toxic assets can be transferred to toxic income, which is the income level that would generate levels of CO2 emissions incompatible with keeping climate change under control. This research, using a simulation model based on country-based econometric models, estimated a threshold for income per capita above which the temperature limit of 2 ºC would be surpassed. Under the business as usual scenario, average per capita income would be $14,208 (in constant 2010 USD) in 2033; and underthe intervention scenario, which reflects the commitments of the COP21 meeting held in Paris in December 2015, the toxic revenue would be $13,433 (in constant 2010 USD) in 2036.

Abstract:The impact of food production patterns and food supply upon consumption patterns is usually explained by economies of scale and affordability. Less attention is given to food trade patterns and global insertion of economies affecting dietary changes. This paper contributes to the discussion using the concept of caloric unequal exchange that defines the deterioration of terms of trade in food in units of calories and complements studies on unequal exchange and ecologically unequal exchange. A new perspective to food systems' analysis is achieved by using this concept. This paper uses the case study of Ecuador to exemplify its potentiality. Exports and imports to and from Ecuador are analyzed for the period 1988 through 2013 in volume, value, and calories, for different groups of products. The conclusion is that Ecuador is increasingly helping to feed the world, at a caloric cost that is decreasing over time. There is a deterioration of the terms of trade of traded food in terms of calories for Ecuador of more than 250% between 1986 and 2013.

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