| Sumario: | Bilbao (Northern Spain) and Monterrey (Northern Mexico) gave birth to interesting cycles of industrial growth during the late-nineteenth century. These two cities became centers of regional growth, spurred by demands generated both in countries that had already achieved industrial revolution, and in their do- mestic markets.This paper compares how Bilbao and Monterrey experienced this process between 1870 and 1914, as well as describing the appearance of efficient entrepreneuring groups dedicated to the manufacturing, banking and mining industries. It also mentions issues such as the importance acquired by heavy metallurgy, the swift adoption of technology from advanced societies and the rel- evance of anonymous societies in the large-scale transfer of capital for production.
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