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. |
From inside the book
... source of funds for domestic credit. Moreover, the notarial connection was personal, but the saver/ borrower connection was not. Like modern institutions, the notary eliminated the constraint of savers and borrowers knowing each other ...
... source of lendable funds to domestic enterprise and consumers. That the Church was an important creditor in the early modern world is widely recognized as ironic since the Church had laws against usury, which prohibited lending money at ...
... sources of credit, both for business formation and for daily operations. The advantages of formal intermediaries over personal capitalists were huge. First and foremost among the benefits was the fact that they created a market much ...
... 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. Longer-term loans were required for the types of businesses ...
... source of long term credit after 1880. The absence of alternatives for largescale capital mobilization meant that France's industrial sector would be characterized by single-proprietorships to an overwhelming degree at the end of the ...
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 | |