Large-scale industry, banks, financial and industrial conglomerates (1953-73)

Abstract

The authors attempt both to identify the main ruptures occurred between 1953 and 1973, over the Portuguese industrialization process, and to describe how the deeper and deeper relationship between banks and large-scale industry has led to the constitution of financial and industrial conglomerates. Special attention is given to the evolution of the highly concentrated industrial sectores (i.e. electricity, oil refining, basic chemicals, iron and steel industry, cements, capital goods production), as well as to the competition between several entrepereneurial groups for their control. Furthermore, the authors emphasize the new industrial and infrastructural projects set forth between 1969 and 1973, which aimed at both implementing a new international specialization for Portugal and taking advantage, in an articulated way, of the country's geographical position in relation to the oil routes.