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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... exchange on the international front.20 Merchant credit was different from notarial or Church credit because it was primarily directed toward long-distance trade rather than the commercial or consumer uses that are associated with ...
... exchange, which provided entrepreneurs a market to raise investment capital to found their businesses. With the advent of the stock and bond exchange, an investor could be one of thousands buying $100 in stock, rather than one of a ...
... exchange emerged at a point in time, therefore, is not a surprise but rather an efficient response to an opportunity that warrants no further study.40 This presumption that the right institutions will naturally evolve to meet demand ...
... exchange to allocate productive resources. The second protects shareholder income by maximizing profits, thereby creating higher overall rates of growth and standards of living, but the distribution of those gains disproportionately ...
... exchanges in the industrialized world. The amount of the nation's business concerns represented on the stock exchange was comparable to other European late developers and represented a high proportion of Argentina's industrial concerns ...
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 | |