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. |
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Notaries placed the surplus funds of some of their clients in longterm loans to others of their clientele, and appear to have provided the only significant source of funds for domestic credit. Moreover, the notarial connection was ...
Because it was one of the wealthier institutions in the early modern world, thanks to its resources flowing from landed estates, dowries of religious personnel, donations, and tithes, it was a natural source of lendable funds to ...
By the end of the nineteenth century, banks and stock and bond exchanges became important sources of credit, both for business formation and for daily operations. The advantages of formal intermediaries over personal capitalists were ...
The cost of machinery, equipment, and expertise, and the length of time required to get an operation up, running, and profitable, meant that commercial credit was not a viable source of industrial start-up capital.
... and the Crédit Mobilier, an investment bank, either failed in the Great Depression of 1870 or abandoned long-term lending for commercial banking, leaving France with no institutional source of long term credit after 1880.
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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 | |
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Bibliographic information
| Title | Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920 Social Science History |
| Author | Anne G. Hanley |
| Publisher | Stanford University Press, 2005 |
| ISBN | 0804788197, 9780804788199 |
| Length | 312 pages |
| Subjects | › › History / Latin America / South America |
| Export Citation | BiBTeX EndNote RefMan |