The preponderance and influence of the public sector in the financial system have long been a defining characteristic of Brazilian capitalism. While exerting control over the national credit system through targeted lending policies and other regulatory tools, the federal government also wields significant weight through its state-owned institutions. This article delves into the role of Banco do Brasil (BB), a prominent financial institution and policymaking instrument of the Brazilian government, during the zenith of the developmental state between 1964 and 1982. In contrast to the prevailing focus on financing public spending, this study investigates the international engagements of BB and unveils its participation in managing the country’s external imbalances. BB’s financing proved crucial in bypassing the IMF and reinforcing the government’s commitment to industrialization and developmentalism. The article offers new insights into the forces of Brazil’s state-led finance and the political economy shaping its current banking and regulatory landscape.

In 1905, world-renowned bullfighter Luis Mazzantini arrived in Guatemala City for a number of corridas. Despite the excitement of the urban elite, the matador's fights were poorly attended by the working class due to high ticket prices. This article uses the ‘Mazzantini Season’ as a case study of working-class consumer culture in Guatemala City to trace shifts in Guatemalan political economy through the 1890s and early 1900s, analysing the constraints on popular consumerism such as price inflation, currency deflation, food shortages and other factors affecting working-class urban Guatemalans. It also demonstrates the manner in which responses by the state and coffee planters to economic crises to protect elite interests fundamentally undermined the ability of working-class residents of Guatemala City to participate in consumer culture.

By the end of the nineteenth century, railway expansion had led to the formation of a technocratic bureaucracy in Chile and other countries in Latin America. Central to this formation were the engineers who oversaw and regulated both public and private railways. Recently, historians have begun to re-examine engineers’ roles in this period. By employing methods and theoretical framings from the history of technology, this article argues that engineering was an important framework through which state–capital relations evolved, making engineers pivotal actors in the evolution of political economy at the time.

This article explores how late eighteenth- and early nineteenth-century ideas of the Spanish American consumer took shape. It argues that Atlantic debates on consumption, on the one hand, and on racial difference, on the other, provided a common ground on which foreign visitors, diplomats and commentators, as well as Colombian elite intellectuals, could jointly create a positive idea of the Spanish American consumer. The article demonstrates that, in the eyes of those who had either political or economic interest in the region, it was possible for Spanish American Indians, Blacks and ‘mixed races’ to gradually overcome their ‘backwardness’ by adopting new practices of consumption. The consumption of new necessities by the Spanish American popular sectors became, for many of these commentators, an irrefutably civilising force.

This article explores the international expansion of Mexican banks and its implications for the domestic banking system during the decade leading up to the 1982 debt crisis. In contrast to the prevalent focus in the literature on profitability and performance, I examine the asset and liability structure of the banking sector and show that there were clear signs of deterioration in its financial condition well before the onset of the crisis. Financial statement analysis reveals that the banks engaged in international lending and foreign funding were the ones with the greatest propensity to be adversely affected by this problem. The international expansion of Mexican banks emerged and developed as an exit option to domestic funding problems and increasing competition from foreign bank loans, in a context of growing needs for financing and foreign exchange in Mexico.

The influence of economic ideas in parliamentary debates has attracted increasing attention in the analysis of the institutionalisation of political economy in the liberal age in the Western world. Within this framework, this paper explores a particular case: the relevance of economic ideas and the role of economists in the debates that took place in the Spanish Parliament in 1869 following the bill issued by the Minister of Finance Figuerola to establish a tax on personal incomes. Economic ideas and parliamentarian economists played a significant role in the design of the income tax as a key tool to modernise Spain's tax system, and in the subsequent parliamentary discussions.