Silva Lopes: the economist who made History – publico

                 

                         
                     

                         

                 

 
                         

We all go by history but there are few who leave their mark, and José da Silva Lopes was one of those people. Economist died Thursday in Lisbon, aged 82.

                     

                         Let’s descend to 1975, a period of dramatic change and cleavages in Portugal. Following the March 11, with the creation of the Revolution Council and turning to the left, the speed of events in Portugal post-April 25 knows an acceleration. Silva Lopes, then Minister of Finance, and Manuel Jacinto Nunes, Governor of the Bank of Portugal (chosen by Silva Lopes), have prepared a plan for State intervention in banks, with the appointment, transient, administrators from the state. The strategy was requested by Prime Minister Vasco Gonçalves, leader of the Third Interim Government,

The economy was almost stopped, inflation rose sharply, missing currencies, and trade unions pressed for substantive changes. Overall, the adverse effects of the oil shock and fuel prices increase further aggravated the situation.

The two officials are then called to the Palace of Belém, occupied by Costa Gomes. Already dark, and after waiting for several hours, Silva Lopes and Jacinto Nunes walk into a room where, in addition to Vasco Gonçalves, are personalities like Pinheiro de Azevedo and Melo Antunes.

According to later reports Silva Lopes and Jacinto Nunes, the two then start talking about your plan, but are interrupted: the Council of Revolution had chosen to nationalize banks, something that Melo Antunes did not agree. In between, Pinheiro de Azevedo wanted to include in the list Montepio (not private) and CGD (which was already state). “The idea of ​​nationalization of banks did not come from me, nor was my project, but in fact I have to admit that I ended up supporting it,” remember Silva Lopes in the book “Memories of Economists.”

On 14 March, is published in the Official Gazette the law legalizing the passage of banks for the state, with the exception of those with foreign capital, then following up insurers. In law, it was stipulated that the new managers would be appointed by the Prime Minister, after hearing the finance minister, Silva Lopes, and trade unions. But the strength was unequal. “When I presented the list (names for banks), a meeting that was also people from unions, I realized that was not me who was boss, were the unions, and my names not interested. So I went to the Prime Minister and dismiss me Minister of Finance “.

The Economist, which had begun in government labors logo in 1974 with the First Provisional Government (as Secretary of State for Finance, through the Minister of the folder with the formation of the Government II), was also Minister for Foreign Trade of the IV Government, formed at the end of March 75, but left the executive while the PS. Nationalizations, however, widened to the entire national economic fabric. He also had a stint of three months for the portfolio of the Third Constitutional Government Finance in 1978.

Silva Lopes, who introduced the Christmas bonus in Portugal, witnessed one of the worst recessions ever and advanced to the first budget deficit in half a century, never took part in any government. But never absent from public participation and destinations of the Portuguese economy, in which was involved very early.

The opening to the outside
Born on 10 May 1932 in Ourem, José Lopes da Silva came in 1949 for the course of Finance of the Institute of Economics and Finance (former ISCEF today ISEG), Lisbon. Shortly after completing his degree, is accepted at the Ministry of Economy to work issues such as international trade and European integration. Through their duties, and because it was one of the few who spoke English, we see, at 27, involved in the negotiations of Portugal’s accession to EFTA ( European Free Trade Association ).

Europe is reconstructed from the post-war, and Portugal was not totally outside of the transformations. In 1959, the country joins the EFTA, after several negotiations in which Lopes Silva was active. One of the victories was to obtain a greater grace period, protecting the domestic industry from international competition, with ease of trade and capital movements. This is where several multinational enter in Portugal and in 1963 the value of industrial production in Portugal for the first time exceeds the agricultural production. “The EFTA gave an extraordinary impetus to the Portuguese industrialization and opening to the outside Portugal,” attested Silva Lopes.