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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... joint-stock companies, the equivalent of the modern corporation, but saddled investors with such extraordinary liability that few businesses were able to raise funds in this way. Only big, bulky, capital-hungry companies like railroads ...
... joint-stock companies became wildly popular and so numerous that the few brokers that traded the handful of railroad and utilities stocks quickly organized a formal stock and bond exchange. The São Paulo Bolsa, as it was known, became ...
... joint-stock companies, they benefited from the elimination of shareholder liability and attracted investors in droves. Chapter 6 looks at the expansion and maturation of the commercial banking sector that resulted. In the 1890s, when ...
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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 | |