The cycles of Port wine

Abstract

For the last three centuries Port wine has been the most important product of Portuguese economic history. The remarkable development of both its production and its trade definitely contributed to an equable balance of trade. As an export commodity, the cycle of its history and that of its external trade coincide. The author attempts to divide the history of the Port wine sector into four periods, according to the different stages of its trade. The first period, extending over the 18^th century, corresponds to its formation, consolidation and organization; then comes a period of stagnation and instability, between 1810 and the reinstatement of the freedom of production and the free trade in 1865; a third period of recovery, diversification of markets and reorganization, up to the beginning of II World War; and, at last, a period of retrieve, development and expansion after the war collapse.