Hostname: page-component-78c5997874-m6dg7 Total loading time: 0 Render date: 2024-11-06T07:45:56.051Z Has data issue: false hasContentIssue false
  • English
  • Français

Industrial Concentration and the Capital Markets: A Comparative Study of Brazil, Mexico, and the United States, 1830–1930

Published online by Cambridge University Press:  03 March 2009

Stephen H. Haber
Stephen H. Haber
Affiliation:
Associate Professor of History, Stanford University, Stanford, CA 94305-2024.
Get access Rights & Permissions [Opens in a new window]

Abstract

This article examines the relationship between capital market development and industrial structure during the early stages of industrialization, contrasting the experiences of Brazil, Mexico, and the United States. It argues that constraints placed on the formation of credit intermediaries in Latin America by poorly defined property rights and government regulatory policies produced greater concentration in the Mexican and Brazilian cotton textile industries than that which developed in the United States.

Type
Articles
Information
The Journal of Economic History , Volume 51 , Issue 3 , September 1991 , pp. 559 - 580
Copyright
Copyright © The Economic History Association 1991

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Adelman, Morris A., “Monopoly and Concentration: Comparisons in Time and Space,” in Bagiotti, Tullio, ed., Essays in Honor of Marco Fanno, vol. 2: Investigations in Economic Theory and Methodology (Padua, 1966), pp. 1–24.Google Scholar
Archivo General de la Nación, Ramo de Trabajo (Mexico City).Google Scholar
Atack, Jeremy, “Firm Size and Industrial Structure in the United States During the Nineteenth Century,” this JOURNAL, 46 (06 1986), pp. 463–75.Google Scholar
Bátiz, V., Antonio, José, “Trayectoria de la bança en Mexico hasta 1910,” in Ludlow, Leonor and Marichal, Carlos, eds., Banca y poder en México, 1800–1925 (Mexico, 1986), pp. 267–98.Google Scholar
Beato, Guillermo, “La casa Martínez del Río: del comercio colonial a la industria fabril, 1829–1864” in Cardoso, Ciro F. S., ed., Formación y desarrollo de la burguesía en México, siglo XIX (Mexico, 1978), pp. 57–107.Google Scholar
Castro, Borja, Vioto de, Agostino, “Relatorio do segundo grupo,” in Rego, Antonio José de Souza, ed., Relatorio da segunda exposi¸cāo nacional de 1866 (Rio de Janeiro, 1869), pp. 3–73.Google Scholar
Cameron, Rondo, Banking in the Early Stages of Industrialization: A Study in Comparative Economic History (New York, 1967).Google Scholar
Cárdenas, Enrique, and Manns, Carlos, “Inflación y estabilización monetaria en México durante la Revolución,” El Trimestre Económico, 56 (01–03 1989), pp. 57–80.Google Scholar
Centro Industnal de Fiaçāo e Tecelagem de Algodāo, Estatísticas da indústria, commercio e lavoura de algodāo relativos ao anno de 1927 (Rio de Janeiro, 1928).Google Scholar
Centro Industrial do Brasil, O Brasil: suas riquezas naturaes, suas indústrias, vol. 3: Indústria de transportes, indústria fabril (Rio de Janeiro, 1909).Google Scholar
Centro Industrial do Brasil, O Centro Industrial na conferencia algodoeira (Rio de Janeiro, 1917).Google Scholar
Cerutti, Mario, “Patricio Milmo, empresario regiomontano del siglo XIX,” in Cardoso, Ciro F. S., ed., Formación y desarrollo de la burguesía en México, siglo XIX (Mexico, 1978), pp. 231–66.Google Scholar
Coatsworth, John H., “Obstacles to Economic Growth in Nineteenth Century Mexico,” American Historical Review, 83 (02. 1978), pp. 80–101.Google Scholar
Reyes, Colón, Ivette, Linda, Los orígenes de la burguesía y el Banco de Avío (Mexico, 1982).Google Scholar
Commissāo de Inquento Industrial, Relatorio ao Ministerio da Fazenda (Rio de Janeiro, 1882).Google Scholar
Davis, Lance E., “Sources of Industrial Finance: The American Textile Industry, A Case Study,” Explorations in Entrepreneurial History, 9 (04. 1957), pp. 189–203.Google Scholar
Davis, Lance E., “Stock Ownership in the Early New England Textile Industry,” Business History Review, 32 (Summer 1958), pp. 204–22.Google Scholar
Davis, Lance E., “The New England Textile Mills and the Capital Markets: A Study of Industrial Borrowing, 1840–1860,” this JOURNAL, 20 (03. 1960), pp. 1–30.Google Scholar
Davis, Lance E., “Capital Immobilities and Finance Capitalism: A Study of Economic Evolution in the United States, 1820–1920,” Explorations in Economic History, 1 (Fall 1963), pp. 88–105.Google Scholar
Davis, Lance E., “The Capital Markets and Industrial Concentration: The U.S. and U.K., A Comparative Study,” The Economic History Review, 19 (08. 1966), pp. 255–72.CrossRefGoogle Scholar
Davison's Textile Blue Book (New York, 1890–1930).Google Scholar
Dockham's American Report and Directory of the Textile Manufacture and Dry Goods Trade (Boston, 1880–1900).Google Scholar
Ojeda, Leticia Gamboa, “La trayectoria de una familia empresarial de Ia industria textil de Puebla: Los Quijano-Rivero, 1864–1921,” in Labastida, Julio, ed., Grupos económicos y organizaciones empresariales en México (Mexico, 1986), pp. 57–81.Google Scholar
Gerschenkron, Alexander, Economic Backwardness in Historical Perspective: A Book of Essays (Cambridge, 1962).Google Scholar
Haber, Stephen H., Industry and Underdevelopment: The Industrialization of Mexico, 1890–1940 (Stanford, 1989).Google Scholar
Haber, Stephen H., “Manufacturing Profitability and the Great Depression in Brazil: Evidence from the Cotton Textile Industry” (Paper presented at the Conference of the All-University of California Group in Economic History, Los Angeles, 11. 12 1989).Google Scholar
Haber, Stephen H., “La economía mexicana, 1830–1940: obstáculos a la industrialización (I),” Revista de Historia Económica, 8 (Winter 1990), pp. 81–93.Google Scholar
Elizondo, Roberto C. Hernández, “Comercio y industria textil en Nuevo León, 1852–1890,” in Cardoso, Ciro F. S., ed., Formación y desarrollo de la burguesía en México, siglo XIX (Mexico, 1978), pp. 267–86.Google Scholar
Instituto Nacional de Estadística Geografía e Informática, Estadísticas históricas de México (Mexico, 1985).Google Scholar
Kemmerer, Edwin, Inflation and Revolution: Mexico's Experience of 1912–1917 (Princeton, 1940).Google Scholar
Kennedy, Stephen J., Profits and Losses in Textiles: Cotton Textile Financing Since the War (New York, 1936).Google Scholar
Keremetsis, Dawn, La industria textil mexicana en el siglo XIX (Mexico, 1973).Google Scholar
Lamoreaux, Naomi, “Banks, Kinship, and Economic Development: The New England Case,” this JOURNAL, 46 (09. 1986), pp. 647–67.Google Scholar
Levy, Maria Bárbara, História da Bolsa de Valores do Rio de Janeiro (Rio de Janeiro, 1977).Google Scholar
Ludlow, Leonor, “La construcción de un banco: el Banco Nacional de México, 1881–1884,” in Ludlow, Leonor and Marichal, Carlos, eds., Banca y poder en México, 1800–1925 (Mexico, 1986), pp. 299–346.Google Scholar
Mann, H. Michael, “Entry Barriers in Thirteen Industries,” in Yamey, Basil S., ed., Economics of Industrial Structure (Baltimore, 1973), pp. 67–77.Google Scholar
Marichal, Carlos, “El nacimiento de la banca mexicana en el contexto latinoamericano: problemas de periodización,” in Ludlow, Leonor and Marichal, Carlos, eds., Banca y poder en México, 1800–1925 (Mexico, 1986), pp. 231–66.Google Scholar
Martin, Joseph G., A Century of Finance: Martin's History of the Boston Stock and Money Markets, One Hundred Years, January 1798 to January 1898 (Boston, 1898).Google Scholar
Cosío, Meyer, María, Rosa, “Empresarios, crédito y especulación, 1820–1850,” in Ludlow, Leonor and Marichal, Carlos, eds., Banca y poder en México, 1800–1925 (Mexico, 1986), pp. 99–118.Google Scholar
de Fomento, Ministerio, Estadística del Departamento de México (Mexico, 1854).Google Scholar
de Fomento, Ministerio, Memoria del Ministerio de Fomento (Mexico, 1857).Google Scholar
de Fomento, Ministerio, Memoria del Ministerio de Fomenìo (Mexico, 1865).Google Scholar
Navin, Thomas R., and Sears, Marian V., “The Rise of a Market for Industrial Securities, 1887–1902,” Business History Review, 29 (1955), pp. 105–38.Google Scholar
Neuhaus, Paulo, Histórja monetária do Brasil, 1900–45 (Rio de Janeiro, 1975).Google Scholar
The Official American Textile Directory (New York, 1890–1930).Google Scholar
Peláez, Carlos Manuel, and Suzigan, Wilson, História monetária do Brasil: análise da política, comportamento e instituçōes monetárias (Brasilia, 1976).Google Scholar
Potash, Robert, The Mexican Government and Industrial Finance in the Early Republic: The Banco de Avío (Amherst, MA, 1983).Google Scholar
Pryor, Frederic L., “An International Comparison of Concentration Ratios,” in Yamey, Basil S., ed., Economics of Industrial Structure (Baltimore, 1973), pp. 123–42.Google Scholar
Retrospecto Commercial do Jornal do Comercio (Rio de Janeiro, 1911–1930).Google Scholar
Reynolds, Lloyd, “Cut Throat Competition,” American Economic Review, 30 (12. 1940), pp. 736–47.Google Scholar
Saes, Flávio Azevedo Marques de, Crédito e bancos no desenvolvimento da economia paulista, 1850–1930 (Sāo Paulo, 1986).Google Scholar
Martínez, Hilda Sánchez, “El sistema monetario y financiero mexicano bajo una perspectiva histórica: el Porfiriato,” in Quijano, José Manuel, ed., La banca, pasado y presente: problemas financieros mexicanos (Mexico, 1983), pp. 15–94.Google Scholar
Martínez, Hilda Sánchez, “La política bancaria de los primeros gobiernos constitucionalistas, antecedentes inmediatos para la fundación del Banco de México, 1917– 1925,” in Ludlow, Leonor and Marichal, Carlos, eds., Banca y poder en México, 1800–1925 (Mexico, 1986), pp. 375–408.Google Scholar
Secretaría de Fomento, Boletín semestral de la República Mexicana 1889 (Mexico, 1890).Google Scholar
Secretaría de Hacienda, Estadística de la República Mexicana (Mexico, 1880).Google Scholar
Secretaría de Hacienda y Crédito Público, Documentos para el estudio de la industrialización en México, 1837–1845 (Mexico, 1977).Google Scholar
Stein, Stanley J., The Brazilian Cotton Textile Manufacture: Textile Enterprise in an Underdeveloped Area (Cambridge, MA, 1957).CrossRefGoogle Scholar
Suzigan, Wilson, Indústria brasileira: origem e desenvolvimento (Sāo Paulo, 1986).Google Scholar
Sylla, Richard, The American Capital Market, 1846–1914: A Study of the Effects of Public Policy on Economic Development (New York, 1975).Google Scholar
Temporary National Economic Committee, 76th Congress, 3rd Session, Investigation of Concentration of Economic Power: Monograph 27, The Structure of Industry (Washington, DC, 1941).Google Scholar
Tenenbaum, Barbara, The Politics of Penury: Debt and Taxes in Mexico, 1821–1856 (Albuquerque, 1986).Google Scholar
The Textile Manufacturer's Directory of the United States (New York, 1880).Google Scholar
Topik, Steven, The Political Economy of the Brazilian State, 1889–1930 (Austin, TX, 1987).Google Scholar
Triner, Gail D., “Brazilian Banks and the Economy, 1906–1918” (MA thesis, Columbia University, 1990).Google Scholar
U.S. Bureau of the Census, Census of Manufactures, 1840–1930.Google Scholar
Vasco, Cunha, “A indústria do algodāo,” Boletim do Centro Industrial do Brasil (12. 30, 1905).Google Scholar
Walker, David W., Kinship, Business, and Politics: The Martinez del Río Family in Mexico, 1824–1867 (Austin, TX, 1986).Google Scholar
Wright, Gavin, “Cheap Labor and Southern Textiles, 1880–1930,” Quarterly Journal of Economics, 96 (11. 1981), pp. 605–29.CrossRefGoogle Scholar