 Modernizing Elites in Latin America: Social-Network Evidence from the Emergence of Banking in Antioquia, ColombiaA chapter in Roots of Underdevelopment, 2023, pp 247-283 from Springer Abstract: Abstract This paper integrates novel data on social networks and banking entrepreneurship to study the elite of Antioquia, Colombia, between 1870 and 1930. It shows that the network position of an individual determined her likelihood to be a banker and the performance of her banking portfolio. Local connectivity was useful for having access to investment opportunities in the banking business, but it did not represent an advantage for their success. The social proximity to certain communities did relate to the portfolio performance of bankers. Bankers that were close to industrialists in the social network were more successful; meanwhile, those closer to politicians were less successful. The paper also shows that, in the long term, bankers amalgamated with industrialists. This was done through an intricate network of marriage, friendship, and political connections as well as through the systematic use of commercial houses to control banks and channel their resources to industrial projects. Overall, this paper sheds light on the persistence of elites in Latin America and their role in the consolidation of modern capitalism in the region. Keywords: O1; L1; L2; N8 (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-38723-4_9 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-38723-4_9 Access Statistics for this chapter More chapters in Springer Books from Springer |
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