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Financial Development in Peru Under Agrarian Export Influence, 1884-1950*

Published online by Cambridge University Press:  11 December 2015

Alfonso W. Quiroz*
Affiliation:
Baruch College, New York, New York

Extract

In the study of Latin America's economic history, discussion of the role of the export sector in promoting development has entered a provocative new stage. Recently, advances in the understanding of export economies have questioned the view that export orientation is the principal cause of underdevelopment and dependence. New studies have demonstrated the impact of export growth on the increasingly efficient use of domestic factors of production improvement of transportation networks, urban and industrial diversification, and active state intervention accompanied by the rising political influence of middle and labor sectors. Yet despite the perceived importance of domestic and foreign credit during the heyday of export-led growth, and the often underestimated but crucial native struggle to control and direct Latin American financial structures, few of those works have analyzed the crucial links between the economic structure and native financial development.

Type
Research Article
Copyright
Copyright © Academy of American Franciscan History 1991

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Footnotes

*

Research in Peru was possible thanks to an Advanced Grant for Research of the Social Science Research Council, 1987.

References

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39 Monopolies included those on guano, salt, alcohol, match and tobacco, Giesecke, Albert, “Recent Financial Reforms in Peru,” WCL 18:936 (21 Jan. 1930), 7 Google Scholar; Revista Universitaria (April 1928), 582–675.

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42 President of the National City Bank to Andrew W. Mellon, 1 June 1921, U.S. Department of the Treasury, Box 162, File No. I, USNA; U.S. Department of State, Papers Relating to the Foreign Relations of the United States, 1921 (Washington, 1936), II, pp. 663–666.

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56 WCL, 18:965 (12 Aug. 1930), 1.

57 WCL, 18:967 (26 Aug. 1930), 16.

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60 “Extension of credit accompanied by a prudent increase of existing circulation would be an effective means of solving the present economic crisis of Peru,” statement in Arequipa by A. Martinelli, Minister of Finance under President David Samanez, WCL, 20:1045 (16 Feb 1932), 7. Internal loans started in May 1931, when sugar planter Rafael Larco Herrera was Minister of Finance and Manuel Olaechea President of the Banco Central de Reserva: WCL, 19:1006 (26 May 1931), 1; “Customs vales,” ibid., 19:1053 (9 April 1932), 1.

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63 Complaints about the lost opportunities for “economic progress” after the liquidation of the Perú y Londres bank in Urquiaga, Carlos Algunas notas sobre las concentraciones bancarias y el proyecto para la formación del Banco del Estado (Lima, 1933), p. 4.Google Scholar

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