The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries
This book offers insights into the behaviour of the Portuguese economy in relation to economic growth from the twentieth century to the present. How did the 1891-92 crisis and World Wars impact Portugal economically? How did the Portuguese economy behave
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The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries Luciano Amaral
Palgrave Studies in Economic History
Series Editor Kent Deng London School of Economics London, UK
Palgrave Studies in Economic History is designed to illuminate and enrich our understanding of economies and economic phenomena of the past. The series covers a vast range of topics including financial history, labour history, development economics, commercialisation, urbanisation, industrialisation, modernisation, globalisation, and changes in world economic orders. More information about this series at http://www.palgrave.com/gp/series/14632
Luciano Amaral
The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries
Luciano Amaral Nova School of Business and Economics Lisbon, Portugal
Palgrave Studies in Economic History ISBN 978-3-030-24547-4 ISBN 978-3-030-24548-1 (eBook) https://doi.org/10.1007/978-3-030-24548-1 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Sean Pavone/Alamy Stock Photo This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1 Introduction 1 2 The 1891–1892 Crisis and Beyond 17 3 World War I and the 1920s Financial Crisis 65 4 The Estado Novo Period: The 1930s and World War II 119 5 The Estado Novo Period After World War II: The Golden Age of Economic Growth 171 6 The 1973 Crisis, the 1974 Revolution, and Their Effects on the Portuguese Economy 225 7 The European Period (1986–2017) 265
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vi Contents
8 Conclusion: Some General Topics—Government, Openness and External Imbalance 309 Index 321
List of Figures
Chapter 1 Fig. 1 Fig.
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