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Enforcing Property Rights Through Reputation: Mexico'S Early Industrialization, 1878 1913

  • Maurer, Noel
  • Sharma, Tridib

Mexico s initial industrialization was based on firms that were grouped : that is, linked to other firms through close affiliations with a common bank. Most explanations for the prevalence of groups are based on increasing returns or missing formal capital markets. We propose a simpler explanation that better fits the facts of Mexican history. In the absence of secure property rights, tangible collateral could not credibly be offered to creditors; but there remained the possibility of using reputation as a form of intangible collateral. In such circumstances, firms had incentives to group together for purposes of mutual monitoring and insurance.

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Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 61 (2001)
Issue (Month): 04 (December)
Pages: 950-973

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Handle: RePEc:cup:jechis:v:61:y:2001:i:04:p:950-973_04
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