The Investor's Shelf — one book
An Economic History of Portugal, 1143-2010

An Economic History of Portugal, 1143-2010

Leonor Freire Costa, Pedro Lains, Susana Münch Miranda
2016
T2 417 pages · about 6h 57m to read OL20709050Wgoodreads

The standard long-run account, from empire trade through EU convergence.

Summary

The reference has not verified this book in detail; the summary states only what the title, author and subject establish.

Costa, Lains and Munch Miranda wrote a long-run economic history of Portugal covering nearly nine centuries, from the medieval kingdom's formation to the aftermath of the financial crisis. The reference has not verified the book's detailed contents.

The scope establishes the questions such a history addresses. Portugal was among the first European states to establish a global maritime empire in the fifteenth and sixteenth centuries, capturing the spice trade and later Brazilian gold, and this wealth did not produce sustained domestic development. The country was among Western Europe's poorest by the nineteenth century, industrialised late and partially, spent much of the twentieth century under an authoritarian regime pursuing autarkic policies, then democratised in 1974, lost its African colonies, joined the European Community in 1986, and joined the euro. It subsequently required an international assistance programme in 2011.

The analytical questions include why early imperial wealth did not translate into growth, which parallels the Spanish case; the role of the wine trade and the Methuen treaty relationship with Britain; the persistence of low literacy and weak human capital; the effect of Salazar's economic policies; the consequences of decolonisation and of European integration; and the sources of the debt accumulation that produced the 2011 programme.

The authors work with reconstructed national accounts and quantitative series, which is the contribution such a volume makes. Readers should consult the table of contents for the periods relevant to them.

Key takeaways 7

  1. Early imperial wealth from the spice trade and Brazilian gold did not produce sustained domestic economic development.
  2. Portugal was among Western Europe's poorest countries by the nineteenth century despite its earlier imperial position.
  3. Persistently low literacy and weak human capital constrained industrialisation over a very long period.
  4. The trade relationship with Britain shaped Portuguese production toward wine and away from manufacturing.
  5. Authoritarian rule through much of the twentieth century pursued autarkic policies that delayed integration with European markets.
  6. European Community accession in 1986 produced convergence that subsequently stalled.
  7. Long-run reconstructed national accounts permit comparison across centuries that narrative history alone cannot support.

Who should read it

Economic historians and analysts working on long-run European divergence or on Portugal specifically.

Where it sits in the reference 2

Countries
Philosophy

Similar books 6

Chosen by shared topics, the entries that hold them, and the people who recommended both.

EuroTragedy: A Drama in Nine Acts
EuroTragedy: A Drama in Nine ActsAshoka Mody
The Euro and the Battle of Ideas
The Euro and the Battle of IdeasMarkus K. Brunnermeier, Harold James
A Farewell to Alms: A Brief Economic History
A Farewell to Alms: A Brief Economic History of the World
A Great Leap Forward: 1930s Depression and U
A Great Leap Forward: 1930s Depression and U.S. Economic Growth (Yale Series in Economic and Financial History)
A Great Leap Forward
A Great Leap ForwardAlexander J. Field
A History of Economic Theory
A History of Economic TheoryJurg Niehans