| Abstract: |
After a long period of economic divergence before 1914, the Portuguese economy
recovered slightly until 1950, entering thereafter on a path of strong
economic convergence. This paper focuses on Portuguese economic growth in the
period 1950-1973 in order to show how institutional decisions created an
opportunity for integration with the developed economies of Western Europe.
Through emigration, trade, tourism and foreign investment, individuals and
firms changed their patterns of production and consumption, bringing about a
structural transformation. Simultaneously, the increasing complexity of a
growing economy raised new technical and organizational challenges,
stimulating the formation of modern professional and management teams. |