British and Spanish entrepreneurs: The origins of their initial capital (c. 1800- c. 1939)

Abstract

This paper uses a large sample of British and Spanish entrepreneurs to determine the origin of their initial capital between 1800 and 1939, with emphasis on the role played by banks. The sources are, for England, the Dictionary of Business Biography edited by David Jeremy, and, for Spain, regional compendia of short biographies. The study shows, among other results, the importance of marriage and other extra-economic sources for the Spanish entrepreneurs during the nineteenth century, and the absence of banking in supporting the initial capital needs of entrepreneurs, both British and Spanish, throughout the time covered by the study. The most important difference between the two countries is the possibility of most British entrepreneurs to get initial capital from informal capital markets.