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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... period. For centuries, they had worked out ways of accommodating their clients with credit instruments in order to take advantage of the new luxury goods coming out of the Orient and the specialized manufactures that were flourishing ...
... period of agricultural and commercial expansion that had gone a long way toward promoting early manufacturing. The financial revolution of the sixteenth and seventeenth centuries had long standardized the credit mechanisms that most ...
... period 1850–1920, which demonstrates the clear trend toward increasingly formal intermediation. Initially based on personal relationships or family ties, the small São Paulo banking sector before the coffee boom of the 1880s was ...
... period, however, is that the importance of personal ties quickly fell away. By the first decades of the 1900s, the personal links that had helped bankers navigate the changing economy had evaporated. The transition from personal to ...
... period 1909–13, the transition from personal to formal intermediation was complete. Not only did São Paulo's financial institutions develop at a rapid pace, this was a local, domestic phenomenon. No foreign capitalists, or even ...
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 | |