Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920
This 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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... and implements that stimulated domestic machinery and metalworking, drove domestic textile production by needing millions upon millions of jute sacks for the beans, and stimulated infrastructure investment throughout the state.
... companies that produced agricultural implements, chemicals firms that produced synthetic insecticides, drying and roasting plants that prepared coffee for the market, and textile firms that wove rough sacks to ship the coffee beans.
These planters invested their progeny and their money in a broad range of activities, from import firms and warehouses to tool and textile manufacturing facilities, to both profit from the expanded chain of transactions and to protect ...
The textile obrajes that benefited from it produced enough cotton goods to rival the volume of European textiles imports in the nineteenth century.29 Other domestic entrepreneurs, from bakers to silversmiths, depended on the extension ...
... 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 loan would be slim.