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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... the development of commercial facilities such as warehouses, and the mastery of simple industrial processes such as toolmaking and cloth weaving to supply the coffee trade.11 A vigorous and entrepreneurial planter class, ...
By the fifteenth century, interregional trade was becoming “incorporated,” as merchants associated themselves with a particular firm or series of correspondents to acquire better information about the market as well as to spread risk.
vast new overseas trade routes opened as a result of the fifteenthand sixteenth-century voyages of discovery, merchant credit practices were standardized in what has been termed by a leading scholar as “the first financial revolution.
Merchants extended credit to one another and to their business partners as a mechanism to keep the trade that was their livelihood circulating. But the credit we find in colonial Latin America went beyond convenient accommodation.
Colonial documents suggest that as much as one-third of the credit extended by Mexican merchants was for purposes not directly related to their trade.27 Marriage and business ties between Spanish and Mexican, Portuguese and Brazilian ...