The birth of joint stock companies in Chile, 1849-1875

Abstract

This article deals with the emergence of joint stock companies (JSC) in Chile during the third quarter of the nineteenth century. We have built the first database related to JSC for this period, providing useful information about its demography. We found that: JSC funded the emergence of new key industries fostering economic growth; there was a high level of concentration in JSC ownership; most shareholders were Chilean, which means that the main investment projects in mining, banking and transport were funded with national capital; Chilean businessmen were active in mobilizing capital funds and adopting new technologies.  The entrepreneurial spirit shown by local businessmen, be they miners, bankers, agriculturalists or traders is undeniably present, in a transitional phase to capitalism