Democracia e plutocracia nas companhias coloniais pombalinas, 1757-1777

Abstract

The literature in business history has shown that the liquidity of company shares had implications on distribution structures of capital and decision-making power. This paper examines the share transactions of the Pombaline colonial companies in comparison to the United East India Company. It finds a more democratic distribution of capital per shareholder than in England but also a higher concentration of voting and decision-making power. It concludes that there was an increasing trend toward a more plutocratic system in both an absolutist monarchy and a parliamentary regime, showing that different legal systems had similar impacts on the distribution of power.

Keywords

• Portugal
• colonial companies
• capital market
• shareholder structure
• 18th century