Native Capital: Financial Institutions and Economic Development in São Paulo, Brazil, 1850-1920
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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... manufactures,” while Wilson Cano noted that planters cultivating less productive lands would have had reason to diversify their investments to attain a better return, “thus transforming coffee capital into industrial capital.
After a decade of slow but profound structural change in the 1890s, the São Paulo Bolsa experienced a decade of rapid expansion and diversification into equity and debt issues for a broad range of new urban and industrial ventures.
The early emergence and maturation of financial intermediaries from small, conservative, personal institutions into larger, more flexible, and formal institutions provided São Paulo with the liquidity and capital it needed to diversify ...
it needed to diversify its economy. Initially operating via highly personalistic relationships typical of premodern and early modern Europe, financial intermediaries took on an institutional form around the middle of the nineteenth ...
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