European Industrial Policy: The Twentieth-Century Experience

By James Foreman-Peck; Giovanni Federico | Go to book overview

11
Portugal: Industrialization and Backwardness

JOÃO CONFRARIA Universidade Católica Portuguesa, Lisboa


11.1. INTRODUCTION

By the end of the nineteenth century Portugal was one of the poorest countries in Europe. One century later, the position is similar (excluding Eastern Europe), even if for most of the period after 1950 the income gap with Western European countries has decreased. During the same period industrialization was often considered a necessary condition for sustainable economic growth. Accepting this position, it is possible to suggest two basic constraints for Portuguese growth. First, it was difficult to build a domestic consensus for industrialization policies; the issue was settled only by the middle of this century. Second, the small dimension of the domestic market was a powerful constraint on some industrialization strategies, for instance, those based on import substitution. Actually, import-substitution policies were pursued until the late 1950s, as a result of domestic political processes and, also, of wider constraints related to international trade conditions. Later, following participation in the movements for European economic integration, export promotion became increasingly accepted. Meanwhile, the role of the state in fostering industrialization became particularly obvious after 1926. Since then, the policy framework has almost always led to state intervention not only in areas such as human resources and infrastructures but also in firms' investment and, less often, pricing decisions.

In this chapter, after a brief descriptive overview of economic growth in Section 11.2, main industrial policies are surveyed in Sections 11.3 to 11.6 according to four periods: the end of constitutional monarchy and the First Republic; the Estado Novo, as the political system set up in 1933 was known; the period of political and economic instability from 1974 to 1985; and finally, from 1986 onwards, after membership of the European Community. In Section 11.7 the possible effects of industrial policies on economic growth are briefly discussed and some concluding remarks are presented in Section 11.8.


11.2. PORTUGUESE GROWTH AND INDUSTRIALIZATION: AN OVERVIEW

From the mid- nineteenth century to the late twentieth century, it is possible to consider three main periods concerning the constitutional framework of economic

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European Industrial Policy: The Twentieth-Century Experience
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • Contents ix
  • List of Tables xiii
  • List of Figures xvi
  • 1: Industrial Policies in Europe: Introduction 1
  • References 15
  • 2: Britain: From Economic Liberalism to Socialism--And Back? 18
  • References 53
  • 3: France: The Idiosyncrasies of Volontarisme 58
  • References 94
  • 4: Germany: The Invention of Interventionism 98
  • References 118
  • 5: Italy: Stalling and Surpassing 124
  • References 146
  • 6: Sweden: The Rise and Fall of the Swedish Model 152
  • References 174
  • 7: The Netherlands: The History of an Empty Box? 177
  • References 192
  • 8: Belgium: Liberalism by Default 194
  • 9: Ireland: From Inward to Outward Policies 215
  • References 231
  • 10: Spain: Industrial Policy under Authoritarian Politics 233
  • References 263
  • 11: Portugal: Industrialization and Backwardness 268
  • References 292
  • 12: Greece: From Rent-Seeking Protectionism to Direct Intervention 295
  • References 316
  • 13: Russia: A Comparative Economic Systems Interpretation 319
  • Appendix 372
  • References 387
  • 14: A Cultural Theory of Industrial Policy 398
  • References 424
  • 15: European Industrial Policy: An Overview 426
  • References 458
  • Index 461
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