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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... investors in another community entirely. By drawing in resources from a broad pool of savers and by making these resources available to investors, these formal capital market institutions freed the process of development from the ...
... investor. Because shares were transferable, investors were able to sell those shares if the company did not match their comfort level of risk taking. This important secondary market spread risk, introduced anonymity, and reduced the ...
... investors in Argentina's economy access to financial capital at a similar cost and with similar ease as in other parts of the world. This access to finance supported small but broad-based economic development that was quite healthy up ...
... investors with such extraordinary liability that few businesses were able to raise funds in this way. Only big, bulky, capital-hungry companies like railroads and public utilities found any backers, and these were only able to do so ...
... investors of virtually all fiscal responsibility. Under the new regulatory environment of the Republican regime, joint-stock companies became wildly popular and so numerous that the few brokers that traded the handful of railroad and ...
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 | |