Los tenedores de deuda externa ¿agentes del imperialismo informal? Europa y América Latina (c. 1820-1900): Foreign bondholders: agents of informal imperialism? Europe and Latin America (c. 1820-1900)

Juan Luis Simal

doi:10.12795/araucaria.2025.i60.18

Authors

Juan Luis Simal Universidad Autónoma de Madrid

DOI:

https://doi.org/10.12795/araucaria.2025.i60.18

Keywords:

Debt, International financial markets, Informal imperialism, Europe, Latin America

Abstract

This article examines the appropriateness of understanding foreign debt holders as agents of informal imperialism during the 19th century (c. 1820-1900). It considers sovereign debt issued by various European and Latin American states and acquired by international investors, especially British and French, in the London and Paris markets. Starting from the characterization of financial interests as one of the fundamental elements in classic interpretations of economic imperialism, the article reviews the main historiographical contributions produced on the issue in recent years. While there are many elements that can lead to understanding the committees of bondholders as key actors in the web of informal imperial interests, the article discusses the actual effectiveness of their actions, both in relation to their ability to influence the policies of their governments (especially in the case of the British government) and their bargaining power with debtor states. The analysis shows that as the nineteenth century progressed, bondholders' strategies for organizing and acting collectively became more sophisticated, increasing their capacity to influence both nationally and internationally.

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