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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... endeavors. In the case of Bahia, for example, merchant credit, petitioned and lent through marriage and business ties, financed the operations of the great sugar mills as well as new activities such as tobacco farming, truck farming,
... operations. The advantages of formal 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 ...
... operation up, running, and profitable, meant that commercial credit was not a viable source of industrial start-up capital. The chances of founding a textile mill and making money within the twelve–month time horizon of a commercial ...
... for example, their own personal connections to both parties were central to the market's operation, giving them a great deal of control over capital flows. Finally, formal institutions provided their economies with the liquidity crucial.
... operations. 34 Britain had the luxury of industrializing first and therefore developing the required supporting institutions at its leisure. Later industrializers did not have this same luxury. They were under pressure to catch up to ...
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 | |