Estado Novo (Portugal)
King Carlos I of Portugal confirmed colonial treaties of the 19th century that stabilized the situation in Portuguese Africa. These agreements were, however, unpopular in Portugal, where they were seen as being to the disadvantage of the country. In addition, Portugal was declared bankrupt twice—first on 14 June 1892 and again on 10 May 1902—causing industrial disturbances, socialist and republican antagonism, and press criticism of the monarchy. Carlos responded by appointing João Franco as Prime Minister and subsequently accepting Parliament's dissolution. In 1908, Carlos I was assassinated in Lisbon. The Portuguese monarchy lasted until 1910 when, through the 5 October revolution, it was overthrown and Portugal was proclaimed a republic. The overthrow of the Portuguese monarchy in 1910 led to a 16-year struggle to sustain parliamentary democracy under republicanism – the Portuguese First Republic (1910–1926).
Economic history of Portugal
During the 15th and 16th centuries, with its global empire that included possessions in Africa, Asia, South America, and Oceania, Portugal remained one of the world's major economic, political, and cultural powers. English, Dutch, and French interests in and around Portugal's well-established overseas possessions and trading outposts tested Portuguese commercial and colonizing hegemony in Asia, Africa, and the New World. In the 17th century, the lengthy Portuguese Restoration War (1640–1668) between Portugal and Spain ended the sixty-year period of the Iberian Union (1580–1640). According to a 2016 study, Portugal's colonial trade "had a substantial and increasingly positive impact on [Portugal's] economic growth". Despite its vast colonial possessions, Portugal's economy declined relative to other advanced European economies from the 17th century and onward, which the study attributes to the domestic conditions of the Portuguese economy.