Anne G. Hanley. Native Capital: Financial Institutions and Economic Development in Sao Paulo, Brazil, 1850-1920. Stanford, Calif.: Stanford University Press, 2005. xviii + 286 pp. ISBN 0-8047-5072-6, $55.00 (paper).

Anne Hanley presents a lucid and impressive narrative of theevolution of financial markets in São Paulo, Brazil.She traces the evolution of the banking sector and SãoPaulo stock exchange from the end of the Empire (Brazil wasan empire with a constitutional monarchy between 1822 and 1889)through the first three decades of the Republic (1889–1920)and the contemporaneous evolution of capital markets from theirearly "personalistic" stage to "maturity" in the early twentieth