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Modernizing Elites in Latin America: Social-Network Evidence from the Emergence of Banking in Antioquia, Colombia

In: Roots of Underdevelopment

Author

Listed:
  • Javier Mejía

    (Stanford University)

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.

Suggested Citation

  • Javier Mejía, 2023. "Modernizing Elites in Latin America: Social-Network Evidence from the Emergence of Banking in Antioquia, Colombia," Springer Books, in: Felipe Valencia Caicedo (ed.), Roots of Underdevelopment, pages 247-283, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-38723-4_9
    DOI: 10.1007/978-3-031-38723-4_9
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    More about this item

    Keywords

    O1; L1; L2; N8;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • N8 - Economic History - - Micro-Business History

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