A History of Portuguese Economic Thought (Routledge History by Antonio Almodovar, Jose Luis Cardoso

By Antonio Almodovar, Jose Luis Cardoso

A background of Portuguese fiscal concept bargains the 1st account in English of the advance of monetary inspiration in Portugal. The authors undertake a comparative method of examine how fiscal doctrine, theories and regulations were disseminated and assimilated by way of Portuguese economists in several classes. They examine the effect on Portuguese monetary considered significant economists similar to Adam Smith, Keynes and Hayek.

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Between the publication of the works of Solis and Vieira, Portugal experienced an important event in its history: the end of the Iberian dynastic union and the reestablishment of Portugal’s long-lasting political existence as an independent nation. As far as the production of economic literature is concerned, the restoration of Portuguese sovereignty, which occurred in 1640, was also to give birth to a new and extremely rich period. RESTORATION AND TRADE The Jesuit preacher and missionary António Vieira was one of the most important figures in Portuguese culture in the mid-seventeenth century.

At the same time, it was proposed that the crown’s superfluous expenditure should be reduced. The preparation of annual budgets or, as they were called at the time, ‘preventive balance sheets’ was another measure that was considered essential for the good management of public affairs. In relation to the specific case of increasing the crown’s revenue, in view of the need to finance the The new path to wealth of the Portuguese nation 43 increases in military expenditure, Vandelli and Coutinho suggested the privatisation of some of the state’s manufacturing businesses, the abolition of monopoly agreements with prices that were much too low and even the sale of some of the estates belonging to the crown and religious orders.

In other words, the increase in the supply of metallic money or the decrease in its face value would cause inflationary effects that it would be hard for a population with low revenues to bear, particularly when productivity was low and there was no capacity to reverse the country’s disadvantageous trade situation with the outside world. Furthermore, the crown could not meet the financial commitments arising from the creation of internal debt, which was exacerbated even more by the need to channel material and human resources into the continued support of burdensome military campaigns.

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