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The 1973 Crisis, the 1974 Revolution, and Their Effects on the Portuguese Economy

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The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries

Part of the book series: Palgrave Studies in Economic History ((PEHS))

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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.

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Notes

  1. 1.

    Law 3/74, 14 May 1974.

  2. 2.

    Decree-law 553/74, 10 October.

  3. 3.

    Decree-law 191/74, 6 May, and Decree-law 268/74, 21 June.

  4. 4.

    Decree-law 392/74, 27 August.

  5. 5.

    Decree-law 169-D/75, 31 March.

  6. 6.

    Decrees-law 215-A/75 and 215-B/75, 30 April.

  7. 7.

    Decree-law 372-A/75, 16 July.

  8. 8.

    Law 7/24, 27 July.

  9. 9.

    Decree-law 329-A/74, 10 July.

  10. 10.

    Decrees-law 450/74, 451/74, and 452/74, all of 13 September.

  11. 11.

    Banking: Decree-law 132-A/75, 14 March; Insurance: Decree-law 135-A/75, 15 March.

  12. 12.

    Decree-law 203-C/75, 15 April.

  13. 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. 14.

    Decrees-law 406-A/75, 29 July.

  15. 15.

    Translations by the author.

  16. 16.

    Decree-law 84/76, 2 January 1976.

  17. 17.

    Decree-law 781/76, 28 October 1976.

  18. 18.

    Decree-law 773/76, 27 October 1976.

  19. 19.

    Decree-law 422/76, 29 May 1976.

  20. 20.

    Law 46/77, 8 July 1977.

  21. 21.

    Decree-law 236-B/76, 5 April 1976.

  22. 22.

    Law 77/77, 22 July 1977.

  23. 23.

    Law 80/77, 28 October 1977.

  24. 24.

    Decree-law 704/74, 7 December 1974, and Decree-law 618/5, 11 November 1975.

  25. 25.

    Law 56/79, 15 September 1979.

  26. 26.

    Decree-law 807/74, 31 December 1974.

  27. 27.

    Decree 174-B/75, 1 April 1975.

  28. 28.

    Ordinance 115/77, 9 March 1977, and Decree-law 180-C/78, 15 July 1978.

  29. 29.

    Decree-law 169-D/75, 31 March 1975.

  30. 30.

    Decree-law 375/74, 20 August 1974.

  31. 31.

    Decree 644/75, 15 November 1975.

  32. 32.

    Decree-law 217-A/75, 31 May 1975.

  33. 33.

    Ordinance 51-D/77, 28 February 1977 and various legislative measures in August 1977.

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  1. Nova School of Business and Economics, Lisbon, Portugal

    Luciano Amaral

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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

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