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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... growth in economic activity, marshal the resources to turn an idea for a coffee-related product into a working factory? In the context of the industrialization studies, this transformation was the result of a progression presumed to be ...
... growth and development: the investment in new or better or more productive activities and techniques.12 Formal or impersonal intermediaries are more efficient and more effective than personal intermediaries at promoting economic ...
... growth and development of the domestic economy. First, the standardized letters of credit that emerged from this revolution were transferable and over time took on the role of money, creating liquidity in the economy. Second, and ...
... growth. Not only did formal institutions create a larger pool of capital, they could lend it out at longer terms than personal financial intermediaries. Surveys of early modern capital markets confirm that the most widely available form ...
... growth, not all economists and economic historians find merit in this avenue of research. These scholars operate on the premise that the proper institutions will naturally arise to meet demands generated in the marketplace. Variations ...
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 | |