Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920
Stanford University Press, Sep 30, 2005 - History - 312 pages
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.
From inside the book
All U.S. dollar figures in the text reflect the exchange rate for the given year. One thousand mil-réis was called one conto, and was written as 1:000$000. Most references to Brazil's currency at the time, and in this book, ...
Sonia Moss of the interlibrary borrowing division at Stanford University's Green Library procured important Brazilian legal documents for me, and Noel Maurer generously provided me with data on the Mexico City stock exchange.
The advent of modern financial institutions, the most common of which are banks and securities exchanges, broke the constraints of traditional society. No longer were individuals, whether agriculturalists or entrepreneurs, ...
In this scenario, institutional forms of trust, like the existence of a regulatory board, can facilitate economic exchange. Institutional forms of trust prevail because some objective measure will substitute for personal knowledge to ...
Italian bankers, for example, dealt not in 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 ...
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