Inglorious Revolution: Political Institutions, Sovereign Debt, And Financial Underdevelopment In Imperial Brazil by William R. Summerhill

Inglorious Revolution: Political Institutions, Sovereign Debt, And Financial Underdevelopment In…

byWilliam R. Summerhill

Hardcover | October 6, 2015

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Nineteenth-century Brazil’s constitutional monarchy credibly committed to repay sovereign debt, borrowing repeatedly in international and domestic capital markets without default. Yet it failed to lay the institutional foundations that private financial markets needed to thrive. This study shows why sovereign creditworthiness did not necessarily translate into financial development.

“Using a vast array of archival evidence, Summerhill convincingly shows that political commitment to a secure public debt was neither necessary nor sufficient to insure financial development in nineteenth-century Brazil. A must-read for economic and financial historians and for anyone interested in the politics of financial development.” —Jean-Laurent Rosenthal, California Institute of Technology

About The Author

William R. Summerhill isa professor of history at UCLA. His research focuses on the determinants of long-run political and economic change in Latin America, with particular emphasis on Brazil.

Details & Specs

Title:Inglorious Revolution: Political Institutions, Sovereign Debt, And Financial Underdevelopment In…Format:HardcoverDimensions:360 pages, 9.25 × 6.13 × 0.98 inPublished:October 6, 2015Publisher:Yale University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0300139276

ISBN - 13:9780300139273

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"A critical weakness of much scholarship on long-run economic development is that it makes generalizations from a few salient histories, usually of European countries. In Britain change in political institutions allowing the government to borrow apparently led to a financial revolution. But this brilliant book shows that exactly analogous political changes in Brazil did not have the same consequences. A Trojan horse in the conventional wisdom."--James A. Robinson, University of Chicago