Abstract
Two main aspects mark the period covered in this chapter: (1) a strong slowdown in economic growth starting in 1974, enough to interrupt the previous catch-up process coming from the 1950–1973 period and (2) a political revolution, also starting in 1974, that had vast economic consequences. The two phenomena ended up by being connected, with the second affecting the first on many counts.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Law 3/74, 14 May 1974.
- 2.
Decree-law 553/74, 10 October.
- 3.
Decree-law 191/74, 6 May, and Decree-law 268/74, 21 June.
- 4.
Decree-law 392/74, 27 August.
- 5.
Decree-law 169-D/75, 31 March.
- 6.
Decrees-law 215-A/75 and 215-B/75, 30 April.
- 7.
Decree-law 372-A/75, 16 July.
- 8.
Law 7/24, 27 July.
- 9.
Decree-law 329-A/74, 10 July.
- 10.
Decrees-law 450/74, 451/74, and 452/74, all of 13 September.
- 11.
Banking: Decree-law 132-A/75, 14 March; Insurance: Decree-law 135-A/75, 15 March.
- 12.
Decree-law 203-C/75, 15 April.
- 13.
The specific legislation referring to each sector is the following: Oil production and Refining, Railways, Steel, Shipping, Air Transportation, and Electricity: Decrees-law 205-A/75, 205-B/75, 205-C/75, 205-D/75, 205-E/75, and 205-G/75, all of 16 April; Cement, and Paper Pulp: Decrees-law 221-A/75 and 221-B/75, both 9 May; Tobacco: Decree-law 227-A/75, 13 May; Coaches and Lisbon Underground, Decrees-law 280-A/75 and 280-C/75, both 5 June; Carris (the Lisbon bus system): Decree-law 346/75, 3 July; Decree-law 407-A/75, 30 July; Glass and Mining: differentiated pieces of legislation for each firm; Chemicals: Decrees-law 453/75, 21 August, 457/75, 22 August, and 532/75, 25 September; Beer production: Decree-law 474/75, 30 August; Naval Construction and Repair, and Assemblage of Transportation Material: Decree-law 478/75, 1 September; Financial holdings: Decree-law 561/75, 2 October; Radio and Television: Decree-law 674-C/75, 2 December; Companhia das Lezírias, Decree-law 628/75, 13 November; Frozen Fish: Decree-law 572/76, 20 July 1976; Publishing: Decree-law 639/76, 29 July 1976.
- 14.
Decrees-law 406-A/75, 29 July.
- 15.
Translations by the author.
- 16.
Decree-law 84/76, 2 January 1976.
- 17.
Decree-law 781/76, 28 October 1976.
- 18.
Decree-law 773/76, 27 October 1976.
- 19.
Decree-law 422/76, 29 May 1976.
- 20.
Law 46/77, 8 July 1977.
- 21.
Decree-law 236-B/76, 5 April 1976.
- 22.
Law 77/77, 22 July 1977.
- 23.
Law 80/77, 28 October 1977.
- 24.
Decree-law 704/74, 7 December 1974, and Decree-law 618/5, 11 November 1975.
- 25.
Law 56/79, 15 September 1979.
- 26.
Decree-law 807/74, 31 December 1974.
- 27.
Decree 174-B/75, 1 April 1975.
- 28.
Ordinance 115/77, 9 March 1977, and Decree-law 180-C/78, 15 July 1978.
- 29.
Decree-law 169-D/75, 31 March 1975.
- 30.
Decree-law 375/74, 20 August 1974.
- 31.
Decree 644/75, 15 November 1975.
- 32.
Decree-law 217-A/75, 31 May 1975.
- 33.
Ordinance 51-D/77, 28 February 1977 and various legislative measures in August 1977.
References
Afonso, Óscar. 1999. Contributo do Comércio Externo para o Crescimento Económico Português, 1960–93. Lisbon: Conselho Económico e Social.
Aguiar, Álvaro, and Manuel M.F. Martins. 2005. A indústria. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 185–226. Lisbon: ICS.
Amador, João, and Carlos Coimbra. 2007. Characteristics of the Portuguese Economic Growth: What Has Been Missing? Banco de Portugal Working Paper, 8/2007.
Amaral, Luciano. 2005. O trabalho. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 65–90. Lisbon: ICS.
———. 2009. New Series of Portuguese Population and Employment, 1950–2007: Implications for GDP Per Capita and Labor Productivity. Análise Social 44 (193): 767-791.
———. 2010. Economia Portuguesa—As Últimas Décadas. Lisbon: Relógio d’Água/FFMS.
———. 2015. Em Nome do Pai e do Filho…. Lisbon: Publicações D. Quixote.
Avillez, Francisco, et al. 2004. Rendimento e Competitividade Agrícolas em Portugal. Evolução Recente. Situação Actual e Perspectivas Futuras. Lisbon: Almedina.
Baganha, Maria Ioannis. 1994. As correntes emigratórias portuguesas no século XX e o seu impacto na economia nacional. Análise Social 29 (128): 959–980.
Baklanoff, Erik N. 1996. Breve experiência de socialismo em Portugal: o sector das empresas estatais. Análise Social 31 (138): 932–935.
Barreto, António. 1987. Anatomia de uma Revolução. A Reforma Agrária em Portugal, 1974–1976. Lisbon: Publicações Europa-América.
Bastien, Carlos. 2001. Preços e salários. In Estatísticas Históricas Portuguesas, ed. Nuno Valério, 615–655. Lisbon: INE.
Campos, António Correia de, and Jorge Simões. 2011. O Percurso da Saúde: Portugal na Europa. Coimbra: Almedina.
Carreira, Henrique Medina. 1996. As políticas sociais em Portugal. In A Situação Social em Portugal, 1960–1995, ed. António Barreto. Lisbon: ICS.
Clarence-Smith, Gervase. 1985. The Third Portuguese Empire, 1825–1975: A Study in Economic Imperialism. Manchester: Manchester University Press.
The Conference Board. https://www.conference-board.org/data/economydatabase/index.cfm?id=27762.
Crafts, Nicholas, and Gianni Toniolo (eds.). 1996. Economic Growth in Europe Since 1945. Cambridge: Cambridge University Press.
Cunha, Alice. 2015. Underwriting Democracy: Portugal and European Economic Community’s Accession. Cahiers de la Méditerranée 90: 1–12.
Dür, Andreas. 2008. Bargaining Power and Trade Liberalization: European External Trade Policies in the 1960s. European Journal of International Relations 14 (4) (December): 645–669.
Eichengreen, Barry. 2007. The European Economy Since 1945: Coordinated Capitalism and Beyond. Princeton: Princeton University Press.
Fontoura, Ana Paula, and Nuno Valério. 2001. Relações económicas externas. In Estatísticas Históricas Portuguesas, ed. Nuno Valério, 713–739. Lisbon: INE.
Franco, António de Sousa. 1994. A economia. In Portugal, 20 Anos de Democracia, coord. António Reis, 170–293. Lisboa: Círculo de Leitores.
Freitas, Miguel Lebre de. 2005. O capital. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 91–124. Lisbon: ICS.
Lains, Pedro. 1994. O Estado e a industrialização em Portugal, 1945–1990. Análise Social 29 (128): 923–958.
———. 2003. Catching up to the European Core: Portuguese Economic Growth, 1910–1990. Explorations in Economic History 40: 369–386.
———. 2009. The Role of Agriculture in Portuguese Economic Development, 1870–1973. In Agriculture and Economic Growth in Europe since 1870, ed. Pedro Lains and Vicente Pinilla, 333–352. London: Routledge.
Lima, Teresa Maneca. 2015. The History of Health Policies in Portugal: A Look at Recent Trends. Research and Networks in Health 1: 1–11.
Lindert data sets for Growing Public book. http://economics.ucdavis.edu/people/fzlinder/peter-linderts-webpage/data-and-estimates/lindert-data-for-cup-book.
Lopes, José da Silva. 1982. IMF Conditionality in the Stand-By Arrangement with Portugal of 1978. Estudos de Economia 3 (2) (January–March): 141–166.
———. 1996. A Economia Portuguesa desde 1960. Lisboa: Gradiva.
———. 2005. Finanças Públicas. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 265–304. Lisbon: ICS.
Lucena, Manuel de, and Carlos Gaspar. 1991. Metamorfoses corporativas? Associações de interesses económicos e institucionalização da democracia em Portugal (I). Análise Social 26 (114): 847–903.
———. 1992. Metamorfoses corporativas? Associações de interesses económicos e institucionalização da democracia em Portugal (II). Análise Social 27 (115): 135–187.
Macedo, Jorge Braga de, Cristina Corado, and Manuel Lopes Porto. 1988. The Timing and Sequencing of Trade Liberalization Policies: Portugal 1948–1986. Faculdade de Economia da Universidade Nova de Lisboa Working Paper, 114.
Martins, Maria Belmira, and João Chaves Rosa. 1979. O Grupo Estado: Análise e Listagem Completa das Sociedades do Sector Público Empresarial. Lisbon: Jornal Expresso.
Mata, Maria Eugénia. 2001. Finanças públicas e dívida pública. In Estatísticas Históricas Portuguesas, ed. Nuno Valério, 657–712. Lisbon: INE.
Mateus, Abel. 2005. A tecnologia. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 125–156. Lisbon: ICS.
———. 2013. Economia Portuguesa: Evolução no Contexto Internacional (1910–2013). Lisbon: Principia.
Mauro, Paolo, Rafael Romeu, Ariel Binder, and Asad Zaman. 2013. A Modern History of Fiscal Prudence and Profligacy. IMF Working Paper, 13/5.
Mozzicafreddo, Juan. 2000. Estado-Providência e Cidadania em Portugal. Oeiras: Celta.
Pinheiro, Maximiano (ed.). 1997. Séries Longas para a Economia Portuguesa, Pós-II Guerra Mundial, Vol. I - Séries Estatísticas. Lisbon: Banco de Portugal.
Pinto, Armando Sevinate, Francisco Avillez, Luís Albuquerque, and Luís Frazão Gomes. 1984. A Agricultura Portuguesa no Período 1950–1980. Lisbon: IN-CM.
Pires, Rui Pena, Maria José Maranhão, João P. Quintela, Fernando Moniz, and Manuel Pisco. 1984. Os Retornados. Um Estudo Sociográfico. Lisbon: Instituto de Estudos para o Desenvolvimento.
Ramos, Rui, Bernardo Vasconcelos e Sousa, and Nuno Gonçalo Monteiro. 2009. História de Portugal. Lisbon: A Esfera dos Livros.
Reis, António. 1994. A política. In Portugal, 20 Anos de Democracia, coord. António Reis, 8–111. Lisboa: Círculo de Leitores.
Santos, Maria de Lurdes Lima dos, Marinús Pires de Lima, and Vítor Matias Ferreira. 1976–1977. O 25 de Abril e as Lutas Sociais nas Empresas. Porto: Afrontamento.
Silva, Ester Gomes da, and Pedro Lains. 2013. Capital Formation and Long-Run Growth: Evidence from Portuguese Data, 1910–2011. Paper Presented at Iberometrics III, Zaragoza University.
Soares, Fernando Brito. 2005. A agricultura. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 157–183. Lisbon: ICS.
Valério, Nuno. 2004. Nationalizations and Privatizations in Portugal During the Last Quarter of the Twentieth Century: Were They Profitable to the State? Revista de História Económica e Social 7 (2ª série): 129–143.
Valério, Nuno, Ana Bela Nunes, Carlos Bastien, Rita Martins de Sousa, and Sandra Domingos Costa. 2010. História do Sistema Bancário Português, Vol. II, Da Assunção pelo Banco de Portugal das Funções de Banco Central à União Monetária Europeia. Lisbon: Banco de Portugal.
Van Der Wee, Herman. 1986. Prosperity and Upheaval: The World Economy, 1945–1980. London: Penguin Books.
World Development Indicators. http://datatopics.worldbank.org/world-development-indicators/.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2019 The Author(s)
About this chapter
Cite this chapter
Amaral, L. (2019). The 1973 Crisis, the 1974 Revolution, and Their Effects on the Portuguese Economy. In: The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries. Palgrave Studies in Economic History. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-24548-1_6
Download citation
DOI: https://doi.org/10.1007/978-3-030-24548-1_6
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-24547-4
Online ISBN: 978-3-030-24548-1
eBook Packages: Economics and FinanceEconomics and Finance (R0)