By Antonio Almodovar, Jose Luis Cardoso
A heritage of Portuguese financial idea bargains the 1st account in English of the improvement of monetary idea in Portugal. The authors undertake a comparative method of examine how monetary doctrine, theories and regulations were disseminated and assimilated via Portuguese economists in numerous classes. They investigate the effect on Portuguese fiscal considered significant economists equivalent to Adam Smith, Keynes and Hayek.
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Additional info for A History of Portuguese Economic Thought (Routledge History of Economic Thought)
This was, in fact, the underlying motivation behind the work of Duarte Ribeiro de Macedo, who was to inspire the promulgation of pragmatic laws against luxury, which in turn served as instruments in the programme for the industrialisation of the country put forward by the Count of Ericeira, who had the suggestive epithet of ‘the Portuguese Colbert’. It was, however, difficult to resist the temptation of balancing the trade deficit with Brazilian gold, so that the attempts to counter the trend The Golden Age and the mercantilist era 35 imposed by the signing of the Methuen Treaty were not always as successful as might have been hoped.
Pombal could not have remained unaware of the winds of intellectual change which were blowing across the Europe of the Enlightenment, even though he was not to suspect that such winds would also bring with them a great storm which would in turn lead to the overthrow of his model for economic development. The new path to wealth of the Portuguese nation 39 THE ROYAL ACADEMY OF SCIENCES AND THE EMERGENCE OF PHYSIOCRATIC INFLUENCES Criticism of Pombal’s policies had two main strands. One was that he had neglected agriculture, implementing an industry-led economic policy that had foundered due to stagnation in the agricultural sector.
This was the case with the Companhia Geral da Agricultura e Vinhos do Alto Douro1 (created in 1756) – with obvious implications for the production and marketing of the famous Port wines that were destined in particular for export to the English market – and the Companhia da Pesca da Baleia2 (in 1756), which was based in the Algarve. In all these cases of monopoly agreements and practices, with the concession of exclusive trading or production rights, there was clear evidence of an economic policy that had been conceived by Pombal with the aim of endowing the state with greater economic power and, above all, guaranteeing the individual economic agents shared opportunities without the risks inherent in the system of free competition.
A History of Portuguese Economic Thought (Routledge History of Economic Thought) by Antonio Almodovar, Jose Luis Cardoso