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. |
From inside the book
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... intermediaries , then , access to a community's resources depended on the goodwill and business intentions of the savers . Lending was based on personal connections and was limited by the willingness of the lender to assume risks ...
... intermediaries are more efficient and more effective than personal intermediaries at promoting economic development, though personal and impersonal intermediaries can and do coexist. The transition from one type of intermediary to the ...
... intermediary. Because it was one of the wealthier institutions in the early modern world, thanks to its resources ... intermediaries in the early modern period. For centuries, they had worked out ways of accommodating their clients ...
... intermediaries over personal capitalists were huge. First and foremost among the benefits was the fact that they created a market much larger than the kin group, neighborhood, or village that had been the effective pool of savings for ...
... intermediaries, and they created a market larger than the personal notarial or merchant contacts. Formal institutions could attract capital from a much larger geographic region, even internationally, meaning that they could gather ...
Contents
1 | |
Brokers and Business Finance under the Empire | |
The Republican Revolution and the Rise of | |
The Republican Revolution and the Failure | |
1 | |
Commercial Banking and the Business | |
TABLE A 4 | |
Conclusions | |
TABLE A 7 | |
NOTES | |
BIBLIOGRAPHY | |
INDEX | |