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
Second, and arguably more important, the expansion of trade affected the domestic economy by transmitting international demand to local productive markets. The ease of international trade and finance made it ever more possible to ...
Britain's industrial revolution of the eighteenth and early nineteenth century took place in the context of a long period of agricultural and commercial expansion that had gone a long way toward promoting early manufacturing.
The first model protects worker income but may hinder broad economic development by limiting business expansion. The closely held nature of stock ownership in such firms also reduces the ability of the stock exchange to allocate ...
Thanks to the rapid economic expansion brought on by the coffee boom, this evolution from personal to formal intermediation took place over the span of a few decades. From 1880 on, banks, brokers, and two separate stock and bond ...
This book tells the story of the growth, development, and expansion of the financial sector in São Paulo in the period 1850–1920, which demonstrates the clear trend toward increasingly formal intermediation. Initially based on personal ...
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