Booms and busts: from bullionism to state-sponsored capitalism

• Gold (Ouro Preto, MG), 1693-1770

  • first gold rush of the modern age
  • boom (-1750), then bust
  • “pernicious transfer of gold” to Portugal increased dependence on England from Metheun treaty (1703)

• Diamonds (Diamantina, MG), 1725-1770

• Promotion of internal economy

  • formation of joint-stock companies
  • diversification of agriculture: sugar, tobacco, cotton, rice, and coffee

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