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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... loans to others of their clientele, and appear to have provided the only significant source of funds for domestic credit. Moreover, the notarial connection was personal, but the saver/ borrower connection was not. Like modern ...
... loans but in contracts or letters of exchange. The business transactions we would call “credit” became recast as a simple agreement between two parties. Moreover, the Church defined usury as any interest rate above the prevailing market ...
... loan for the Mexican Church was a mechanism known as the censo, an ecclesiastical mortgage that put up a landed estate as collateral against a long-term line of credit. Because the censo was granted in perpetuity, landowners had both ...
... loan would be slim. Longer-term loans were required for the types of businesses associated with the Industrial Revolution. This demand sparked the creation of investment banks, among other financial innovations, in the nineteenth ...
... loan to make his idea into a business. Although the Parisian notaries provided a relatively impersonal market, in that the lenders and borrowers did not need to know one another, for example, their own personal connections to both ...
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 | |