Financial Leadership and the Formation of Peruvian Elite Groups, 1884–1930

Abstract

Attempts to find social explanations for Peruvian economic backwardness have focused on the role of the elite's economic leadership between 1884 and 1930. Some of these studies consider the leading social class as an obstacle to economic growth. According to these interpretations the elite had, first of all, traditional ‘aristocratic’ or irrational economic behaviour.1Secondly, the native elite's collaboration with international capital permitted foreign penetration adverse to national interests.2Thirdly, in the 1884–1930 period, which was dominated by the export recovery after the War of the Pacific, an over-specialisation in export interests limited the elite's economic diversification, industrial capacity and financial decisions.3

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