The reception of the general theory in Portugal : the first 20 years

Abstract

The Portuguese economists who were directly or indirectly involved in the spreading of Keynesian ideas in our country like to recount a rather curious and elucidatory tale. During the break in a meeting of the Council of Ministers held towards the end of the 1950's, Ant6nio Salazar came unexpectedly upon one of the members of his cabinet confessing in a conversation between ministers that he had a certain sympathy for the Keynesian creed. the small informal circle that had formed quickly broke up to hear the comment of their leader, who was passing close by them and with a magnificent sense of timing replied: "Don't worry. You'll get over it, you'll get over it!" (Nunes, 1986: 59). In this paper, we shall attempt to reflect upon the characteristics of the Keynesian adventure in Portugal, essentially during the period between 1936 and 1956. The specific features of the Portuguese situation will be analysed in relation to a basic problem that may help to understand the paradoxical and ambiguous relationship that Keynesianism had with the dictatorial experiences of southern Europe or, if one prefers to use a more gentle form of terminology, with the economic experiences of corporativism . In Section 2, we shall attempt to provide a methodological and historical framework for the theme of this paper, bearing in mind some of the works that have been devoted to the study of this problem in other countries and, in particular, seeking to provide some means for identifying the Portuguese economy and society during the period in which Keynes' ideas were beginning to make themselves known. Section 3 will be devoted to the study of the main authors or groups of authors who, through their university teachings, independent publications in specialist journals or concrete actions within those bodies that were responsible for the management and implementation of economic policy, were directly involved in the acceptance and spread of Keynesian ideas. Finally, in Section 4, we shall attempt to draw some conclusions as to the constraints and limitations of the relationship between the experience of corporativism and the challenges resulting from the adoption of the Keynesian message.