Overview

A banking system emerged in Brazil during the early 20th century that was efficiently and productively supported by economic development. However, it also contained the seeds of its future limitations. This bankin g system did not equalize conditions across sectors or regions as existing theory and historiography anticipated. Deeply embedded institutional constraints limited banking's contribution to long term development. The three most important institutional constraints were insecure property rights, continual tension between the system's public and private sector functions, and competition between the Federal State and the states. Nevertheless, the banking system was an effective tool in the consolidation of an economy of national scope during these crucial years. As a modern banking system emerged, its use in national consolidation both magnified and reflected its limitations.

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Reviews

This important contribution to the literature of the history of Brazil in the 20th century traces the development of the country's banking sector, something of key importance in Brazil's economic development. --Choice Triner's study is a most important and up-to-date contribution...a classic, foundational study... -American Historical Review

Author Information

GAIL D. TRINER is Assistant Professor of History at Rutgers University, specializing in Latin American Economic History.

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