Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920This book studies the development of banks and stock and bond exchanges in São Paulo, Brazil, during an era of rapid economic diversification. It assesses the contribution of these financial institutions to that diversification, and argues that they played an important role in São Paulo's urbanization and industrialization by the start of the twentieth century. It finds that government regulatory policy was important in limiting and shaping the activities of these institutions, but that pro-development policies did not always have their intended effects. This is the first book on São Paulo's famous industrialization to identify the strong relationship between financial institutions and São Paulo's economic modernization at the turn of the century. It is unique in Brazilian economic history, but contributes to a body of literature on financial systems and economic change in other parts of the world. |
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... expansion of trade affected the domestic economy by transmitting international demand to local productive markets. The ease of international trade and finance made it ever more possible to produce goods in one region or country and sell ...
... expansion that had gone a long way toward promoting early manufacturing. The financial revolution of the sixteenth and seventeenth centuries had long standardized the credit mechanisms that most businesses required to operate. And the ...
... expansion. The closely held nature of stock ownership in such firms also reduces the ability of the stock exchange to allocate productive resources. The second protects shareholder income by maximizing profits, thereby creating higher ...
... expansion brought on by the coffee boom, this evolution from personal to formal intermediation took place over the span of a few decades. From 1880 on, banks, brokers, and two separate stock and bond exchanges arose to create ...
... expansion of the financial sector in São Paulo in the period 1850–1920, which demonstrates the clear trend toward increasingly formal intermediation. Initially based on personal relationships or family ties, the small São Paulo banking ...
Contents
Brokers and Business Finance under the Empire | |
The Republican Revolution and the Rise of | |
The Republican Revolution and the Failure | |
Commercial Banking and the Business | |
Conclusions | |
NOTES | |
BIBLIOGRAPHY | |
INDEX | |