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.
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Over time, they married into planter families and reinforced a willingness to diversify proceeds from the coffee business into other channels. It is notable that the majority of these channels related directly to the coffee business, ...
São Paulo emerged from this scholarly flurry as the stellar example of economic diversification and development. The curious thing about this body of research is that while it generally agreed that a strong link between coffee and ...
I argue that the diversification of the capital markets in São Paulo, conditioned by government regulatory legislation, provided crucial mechanisms through which the abundant wealth generated by the coffee boom wound its way into the ...
Germany was an important case where diversified financial institutional development supported rapid industrialization. The distinguishing feature of the German financial system was the joint-stock universal bank, which engaged in both ...
This flexibility is observed in nineteenth-century England and is one reason, scholars hypothesize, that British bankers did not feel pressured to form universal banks.45 The geographical diversity of a network can serve to diversify a ...
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