This paper explores the relationship between the nature of Spanish savings banks and the extent of their market success during the twentieth century. It deals with the key factors which have made such a good performance possible, including their ability to promote private saving, to cooperate with government economic policy, to adapt to changing circumstances, to operate in particular geographical areas, and to cooperate with one another. Finally, the paper deals in depth with this last factor. The competitive cooperation model is used to explain the outstanding role of the Spanish Confederation of Savings Banks in making the strategic alliance between the Spanish savings banks possible.

This article analyses various transformations that took place within the Spanish colonial trade before the implementation of the 1778 free trade regulations. Firstly it shows the changes in the pattern of trade caused by the adoption in 1739 of the system of register ships (single «registered» ships), which resulted in the cancellation of the traditional system of fleets. Secondly it examines the role of transatlantic mail in shaping a new, increasingly retail-oriented pattern of trade. Finally, it deals with the evolution of the flow of commercial information crossing the Atlantic, stressing the growing impact of fashion. The primary sources used are mainly letters belonging to Spanish merchants that were confiscated by the British during the eighteenth-century wars.

In Adam's Smith theory, economic hierarchies cannot reduce market transaction costs. To demonstrate this thesis, the article studies the definition of Smithian freedom, which makes any imposition on the independent and creative activity «costly». It also explains how Adam Smith treats the topic of the provision of private and public goods in the Wealth of the Nations. Therefore, on the one hand, the nature of the firm, which supplies private goods, is described; on the other hand, it studies the provision of public goods, that is to say, in the case of Smith's theory, the institutions that ease trade in general and the ones that ease the instruction of the people.

This paper analyse the evolution of income and wealth distribution in the settler economies in order to evaluate the manner in which the historical conditions generated certain productive structure and trade pattern and, therefore, the economic dynamic in the long run.

We consider two channels to interpret the relations between the distributive pattern and the productive and trade structure: the aggregate demand and the institutional and geographic factors. The analysis focus on four proximate causes of the specialization, i.e., learning capacity, innovation and technical progress, accumulation of fixed capital and formation of human capital. We use a comparative approach to look for the main differences in the development of settler economies during the period 1870–1940.

Firstly, we present the historical context and, then, some econometric exercises are tested to give more insights to this view. The evidence shows that economies with high inequality present an economic structure characterized by production with small incorporation of knowledge and low added-value. As a result, in the long run they verify worse performances than other economies with a more equitable distributive pattern.