Contrasting Styles of Foreign Investment. A Comparison of the Entrepreneurship, Technology and Finance of German and Canadian Enterprises in Barcelona Electrification

Peter Hertner and Henry Vivian Nelles

Revue économique, 2007, vol. 58, issue 1, 191-214

Abstract: Two different ?styles? of foreign direct investment that emerged in the global economy at the end of the nineteenth century combined to electrify Barcelona before WWI. German electrical equipment manufacturers, in association with specialized investment bankers, began the process of electrification in the 1890s and 1900s by setting up subsidiary operating companies in Barcelona as captive customers for their equipment. After 1911a different style of foreign direct investment, originating from Canada, deploying different technological, financial and business strategies, created an integrated, regional, hydroelectric monopoly in the region. This paper compares the achievements and the failures of the two styles, German ?Unternehmergeschäft? and Canadian ?Venture Capitalism.?

Date: 2007
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