PremiumEduardo Catroga: “Portugal must resist the creation of the so-called European champions”

The economist and former Finance Minister argues that Portugal should attract investment from outside Europe in order to maintain companies that have their “command center” in our country.

Since the fall of the Berlin Wall, there has been an expansion of globalization, accompanied by an expansion of Western-style democracies. This crisis that we are experiencing has put a brake on globalization and may have consequences in terms of international security, peace and also democracy?
Globalization trends develop in cycles, with periods of incubation, development and stagnation. Until 2008 we lived a giant wave that started with the fall of the Berlin Wall, with China's entry into the global economy in the early 80s (joining the World Trade Organization (WTO) in 2001) and with the development of information technologies and communication and in the transport sector. After 2008 we have seen a period of globalization stagnation and in recent years the effects of the US-China trade war. Now, we are talking about de-globalization, but the process will continue in new ways and global digital flows are a new reality. The world will be increasingly multipolar. We are in a phase of geopolitical tensions that needs to be overcome through international cooperation. In the short term, tensions will intensify and Western-style democracies are being challenged and, in some cases, questioned.

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