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 during the 'Golden Age' of economic growth in postwar Europe? What have the effects of the European Monetary Union been? Amaral examines long-running trends in the development of the modern Portuguese economy in order to help us understand various growth phases of the modern period. This title is important reading for economic historians and economists researching economic growth, crises, stablisation and monetary unions.

A fascinating exploration of the evolution of the Portuguese economy over the course of eight centuries, from 1143 to 2010.

After World War II, with the triumph of multilateralism, several international organizations were created, including two which would be of special importance for the external funding of the Portuguese economy in the second half of the twentieth century and in the early twenty-first. The European Union and the International Monetary Fund have been responsible for providing large amounts of funding, both in periods of economic development and during times of financial crisis. This contributory volume provides a thorough analysis on specific case studies: the Marshall Plan (1949-1952); the three IMF interventions (in the seventies, eighties and the 2011 bailout); the implementation of the first EU funds Portugal received prior to accession; and the debate on the new framework for European funds for the period 2021-2027. These case study analyses provide an overview of the legal, economic and financial implications that such external funding has on the country at different times and in different economic contexts. Of particular import at all times is the public finance legal framework, and this is especially the case for the new European funding structures, which has attracted some criticism. And for any future IMF financial assistance and its political implementation implications. Portuguese Economic Development and External Funding in the Modern Era provides important insights into economic development, crisis management, financial assistance and European investment funds. While the work is Portuguese-centred, the topics investigated and the means of analysis adopted are applicable to other countries. This is the first book to address economic development and external funding, and it will inevitably be used as a template for future research.

This book examines the history of what became one of Portugal’s largest banks, the Caixa Geral de Depósitos. The bank was founded in 1876 by the state to run public deposits, and evolved into a savings bank, catering for both public and private deposits. Its history goes beyond the history of banking, as it ties in with the role of the state in the banking sector and financial markets. The book weaves in and out of different political and international contexts, following the many changes of the Portuguese political regime and of its interactions with the national and international economy. The most important lesson from the study is that publicly owned institutions can compete successfully with the private sector when they simultaneously cater for the interests of policy makers as well as those of the public, in this case, the depositors. The history of the Caixa Geral de Depósitos therefore shows how the state of a peripheral economy is capable of successfully managing a large financial institution when the right set of incentives is in place. This work will be a valuable resource for researchers and students of financial and economic history at both the advanced undergraduate and postgraduate levels. It will also provide interesting insights for practitioners in the financial sector.

Portuguese democracy is now celebrating its 50th anniversary. Portugal joined the European Union (EU) in 1986, but the enduring legacies of the country’s transition process from authoritarianism to democracy became apparent during the European sovereign debt crisis, when Portugal experienced its third bailout since the institutionalization of democratic government. Although the first decade after EU accession was one of slight growth and investment, Portugal’s economy has, in effect, been performing poorly since the beginning of the 21st century. Among the major changes in Portuga - as in much of Southern Europe - as a result of the ‘great recession’, was the emergence of important new actors, including populist parties, new social movements and the polarization of attitudes toward the EU. In some of these areas, the phrase ‘with the exception of Portugal’ was always present. This book explores the factors that might explain why this is no longer the case, presenting a global overview, with an interdisciplinary focus, of the processes of economic, social and political changes in Portuguese democracy since the 2008 economic crisis. The volume is accessible to a broad academic audience, with chapters examining economic, political, social and foreign policy issues, for scholars interested in an analysis of Portugal’s emergence from the economic crisis.

The Oxford Handbook of Portuguese Politics brings together the best scholars in the field offering an unrivalled coverage of the politics (broadly defined) of the country over the past 50 years. The Handbook includes eight sections. First, it looks at the past and present by making an overview of Portuguese political developments since democratization in the 1970s. Second, it looks at political institutions as the building blocks of Portuguese democracy. The third section examines mass politics and voters, that is, a thorough analysis of the demand-side of mass politics. The fourth section turns to the supply side of mass-politics by looking at parties and the party system. The fifth section looks at the Portuguese society by unpacking a plethora of societal aspects with direct implications for politics. The sixth section examines governance and public policies, with a view to understanding how a constellation of public policies has an impact on the quality of governance and in fostering well-being. The seventh section looks at Portugal and the European Union. The eighth and final section unpacks Portuguese foreign policy and defence.

Portugal in the Twenty-First Century: Politics, Society, and Economics, edited by Sebastián Royo, reflects on the legacies of authoritarianism on the democratization process and addresses issues related to Portugal's integration into the European Union, with the perspective offered by its twenty-three years of membership. Portugal in the Twenty-First Century reflects on what has happened in the country and in Europe during the last three decades. The analysis is divided into two sections: political and sociological perspectives, and economic and social perspectives. The contributors identify basic changes in the economy and society of Portugal that occurred as a result of the democratization and European integration processes. They also assess the impact that these changes have had on the quality of Portuguese democracy, and on the country's economic development. Royo's collection reflects on how far Portugal has come since the Carnation Revolution in 1974 in order to better understand where it is headed now, at the dawn of the twenty-first century. Portugal in the Twenty-First Century: Politics, Society, and Economics, edited by Sebastián Royo, provides an original series of analyses of the development of Portuguese politics, sociology, and economics since the transition to democracy and the accession to the European Union. Drawing on the research by established scholars, Royo offers an up-to-date assessment of Portuguese political and economic issues. It is essential reading for those interested in understanding contemporary Portugal.

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.

This volume considers the Arabic and African diasporas through the underexplored Afro-Hispanic, Luso-Africans, and Mahjari (South American and Mexican authors of Arab descent) experiences in Spain, Portugal, and Latin America. Utilizing both established and emerging approaches, the authors explore the ways in which individual writers and artists negotiate the geographical, cultural, and historical parameters of their own diasporic trajectories influenced by their particular locations at home and elsewhere. At the same time, this volume sheds light on issues related to Spain, Portugal, and Latin American racial, ethnic, and sexual boundaries; the appeal of images of the Middle East and Africa in the contemporary marketplace; and the role of Spanish, Portuguese, and Latin American economic crunches in shaping attitudes towards immigration. This collection of thought-provoking chapters extends the concepts of diaspora and transnationalism, forcing the reader to reassess their present limitations as interpretive tools. In the process, Afro-Hispanic, Afro-Portuguese, and Mahjaris are rendered visible as national actors and transnational citizens.

This open access book offers a comparative overview on Portuguese emigration in Europe and outside the EU in times of recession. It looks at Portuguese emigrants who, after the crisis of 2008, moved both intra-EU, such as UK, France, Switzerland, Germany and Spain, but also into countries with historical links, such as the USA and Canada, and to Portuguese speaking countries such as Brazil, Angola and Mozambique, as well as the processes of return. In addition to the dynamics of movement, the book provides an in-depth analysis of the heterogeneity of this emigration. It deepens the multifaceted identities concerning social and professional pathways among highly skilled and less skilled emigrants. The labour market continues to be the main regulatory force of Portuguese emigration, which helps to explain the outflow and the processes of settlement and return. Nonetheless, this book demonstrates that non-economic factors have likewise been of great importance in the decision to emigrate. As such this book will be a valuable read to policy makers, students and scholars in migration.