December 3, 2021

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Sardine capitalism: How Portugal turned from a bankrupt country into a model in Europe

Sardine capitalism: How Portugal turned from a bankrupt country into a model in Europe

  • Mar Pichel – marpichel
  • BBC News World

attributed to him, Getty Images

Illustrative image,

Portugal overcame the 2008 economic crisis and, more recently, the COVID-19 epidemic

Being Portugal in the fashion world is nothing new. Its cities and coastal areas are full of tourists, attracted by the history and culture of a country from which great explorers emerged, good weather, excellent cuisine, and prices more affordable than other European destinations.

In addition, this small country of more than 10 million people has become an example of how to successfully overcome the economic crisis that began in 2008 and, more recently, the coronavirus epidemic.

This is what American author Michael Moran called “sardine capitalism” in a recent article published by Foreign Policy. The publication defines Portugal as “a growth model for small European economies, which have found it difficult to balance their cultural traditions and political values ​​with the demands of larger economies such as Germany, France and Italy, with which they share the euro”. He praised the country for being able to combine social cohesion, economic growth and quality of life.

But what is this “sardine capitalism”?