Crowding-out in Portugal 1879-1910

Abstract

Regeneration led to a daring financial plan, by which the state would substitute private agents in the captivation of internal and external capital, in such as a way as to promote modernisation. Following the relative failure of the regenerating strategy, the commentators of the nineteenth century and most of the later historical writings would describe this negatively, largely based on the argument that the excessive increase in the public debt had actually drawn the scarce internal capital away from other productive uses.