Public Finances of a European Dictatorship

Ricardo Ferraz is a researcher at ISEG Research and RCM2+, and also a Visiting Assistant Professor at Lisbon School of Economics & Management (ISEG, University of Lisbon) and Lusófona University.

• About the authorAcknowledegmentsForeword1. Introduction 2. Framework 3. Public finances during the Estado Novo: A detailed analysis 4. Public finances during the Estado Novo: A brief illustrative and comparative analysis 5. The sustainability of Portugal’s fiscal policy during the Estado Novo: An applied and comparative approach 6. ConclusionReferencesAfterwordAppendixesIndex

"With this book, Ricardo Ferraz makes a significant contribution to the fiscal and institutional history of Portugal. It reminds us that public finances are never neutral—they are shaped by ideologies, structured by political constraints, and carry consequences that transcend balance sheets. In tracing the fiscal pathways of a European dictatorship, this book compels us to reflect on the political uses of budgetary discipline and the long shadow that fiscal legacies cast on democratic transitions. I congratulate my dear friend and colleague, Ricardo, on another excellent piece of research and work. I encourage him to continue with his fine work, providing insightful analyses of Portuguese economic history" Joaquim Miranda Sarmento, Associate Professor (with Agregação), ISEG, Lisbon School of Economics and Management, Universidade de Lisbo, Portugal. "The present work by Ricardo Ferraz (...) brings to the attention of the international economic historians community the developments of a very interesting case. Not one that strongly influenced the evolution of the world, because of the size of the country. But one that achieved monetary and financial stability in the context of the Great Depression and the Second World War (and later of the Bretton Woods system); and one that achieved one of the most successful take-off processes during the post-Second World War golden age of economic growth. (...) Ricardo Ferraz’s book is certainly the ideal starting point to understand the intricate aspects of managing the public finances in such a process".Nuno Valério, Full Professor ISEG, Lisbon School of Economics and Management, Universidade de Lisboa, Portugal.