{"id":16980,"date":"2019-01-03T17:30:26","date_gmt":"2019-01-03T17:30:26","guid":{"rendered":"http:\/\/devourlisbonfoodtours.com\/?p=1517"},"modified":"2022-02-28T15:45:08","modified_gmt":"2022-02-28T15:45:08","slug":"lisbon-local-economy","status":"publish","type":"post","link":"http:\/\/dev.devourtours.com\/blog\/lisbon-local-economy\/","title":{"rendered":"Lisbon Then & Now: The Local Economy"},"content":{"rendered":"\r\n

As the capital of Portugal, the history of Lisbon\u2019s local economy mirrors that of its mother country. It\u2019s a tale that takes in empire, trading, earthquakes, collapse, and rejuvenation.<\/h3>\r\n\r\n\r\n\r\n
\"Lisbon's<\/figure><\/div>\r\n\r\n\r\n\r\n

Photo Credit: Images Money<\/a>, Text Overlay: Devour Lisbon Food Tours<\/a><\/em><\/p>\r\n\r\n\r\n\r\n

A City by the Sea<\/h2>\r\n\r\n\r\n\r\n

If one thing defines Lisbon\u2019s history, it\u2019s the sea<\/a>. From its beginnings as Olissipo<\/em>, a Roman colony, through the Moorish al-Us\u0332h\u0332b\u016bna<\/em>, Lisbon\u2019s location at the edge of Europe, at the mouth of the fertile Tagus valley, has always made it a major trading location. Facing the Atlantic but with strong connections to the Mediterranean and to Africa, the city became a hub for commerce. First, of garum, a fermented fish sauce which was one of the main condiments of the Roman Empire, and then of spices and medicinal herbs brought from as far away as the Middle East and Asia.<\/p>\r\n\r\n\r\n\r\n

After the conquest of Lisbon by the Christian Alfonso I and its proclamation as capital by Alfonso III, the city began to look even further afield. Portugal\u2019s colonial expansion started with Cape Verde and outposts on the African coast, before moving to South America and Asia. Expansion brought unimaginable wealth to Lisbon, making it one of the most important ports in the world. The merchants rose as a major force in Portuguese society, deciding the fates of royal dynasties, and travelers came from across the world looking to make their fortunes. You can still see the remnants of this opulence around the city, especially in Bel\u00e9m. The Torre de Bel\u00e9m was the gateway to the city, the final sight seen by those leaving for the new world, while the Jer\u00f3nimos Monastery<\/a> was built using a tax levied on imperial trade.<\/p>\r\n\r\n\r\n\r\n

\"Mosteiro
The Jer\u00f3nimos Monastery is an icon of Libson’s thriving economy in Portugal’s golden age. Photo Credit: Sandra Henriques Gajjar<\/a><\/figcaption><\/figure><\/div>\r\n\r\n\r\n\r\n

A Quake Heard through the World<\/h2>\r\n\r\n\r\n\r\n

But things weren\u2019t to last. It\u2019s hard to overestimate the impact of the 1755 earthquake on Lisbon and its economy. Felt across Europe, it destroyed much of the city and killed tens of thousands of people. The city was rebuilt, but things would never be the same again. The quake destroyed much of the city\u2019s economy, but worse was to come. With the loss of Brazil in 1822, the Portuguese Empire entered into a period of decline. Trading continued \u2013 with the city beginning to export tinned fish<\/a> \u2013 but tensions were building which would lead to the turmoil of the twentieth century.<\/p>\r\n\r\n\r\n\r\n

\"The
The elegant Baixa district dates from the aftermath of Lisbon’s earthquake, but the impact on the local economy would be long-lasting. Photo Credit: Bert Kaufmann<\/a><\/figcaption><\/figure><\/div>\r\n\r\n\r\n\r\n

Isolationism defined the first years of the Estado Novo<\/em> dictatorship. Portugal looked inwards after centuries of trading with the world. Decades of stagnation followed, only to end with the moderate liberalization of the 1960s. What followed was a gradual drift towards Europe, particularly after the fall of the regime in 1974 and the loss of the final colonies soon after.<\/p>\r\n\r\n\r\n\r\n

Boom, Bust, and Rebirth<\/h2>\r\n\r\n\r\n\r\n

Things haven\u2019t exactly been plain sailing since then. Portugal\u2019s entry into the European Community in 1986 provided new economic opportunities, but the decades since have been marked by multiple booms and busts. Lisbon\u2019s economic base, too, has shifted. With high levels of education, low costs, and excellent language skills, the city became an attractive outpost for multinational companies looking to establish offices or call-centers in Europe. Flagship projects like the Vasco de Gama bridge and the 2004 European Football Championship showed a newly confident city. But things would come crashing down in the 2008 economic crisis. Portugal was one of the worst-hit countries. Youth unemployment rocketed, and many young lisboetes<\/em> had to move abroad to find work.<\/p>\r\n\r\n\r\n\r\n

\"The
The Vasco de Gama bridge was one of several grand construction projects of the 1990s and 2000s. Photo Credit: Victor Rivera<\/a><\/figcaption><\/figure><\/div>\r\n\r\n\r\n\r\n

Happily, things have begun to turn a corner. The growth of tourism in the city and favorable residency laws have led to a boom in foreign investment in the past few years. Investors have converted abandoned buildings into arts centers, hotels, bars and restaurants. Lisbon\u2019s internationalism has once again become the engine of the Portuguese economy. Right now, Lisbon\u2019s in a decisive moment. Money is flooding in, but it\u2019s not all good news. The cost of living has risen, wages remain low, and locals debate how much value tourism is really bringing to the city.<\/p>\r\n\r\n\r\n\r\n

That\u2019s why it\u2019s more important than ever to practice responsible tourism. Make sure as much of your money as possible gets into the local economy. Use local shops as much as you can. Consider staying in a hotel or registered touristic apartment and respect the space and sleeping hours of the locals. This is a beautiful place to visit, but it\u2019s also a living, breathing city. Making the right choices as a traveler can help to ensure it stays that way for generations to come.<\/p>\r\n\r\n\r\n\r\n

Discover more:<\/strong>\u00a0Read our guide on how to be a good tourist<\/a> in Lisbon.<\/p>\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"

As the capital of Portugal, the history of Lisbon\u2019s local economy mirrors that of its mother country. It\u2019s a tale that takes in empire, trading, earthquakes, collapse, and rejuvenation. Photo Credit: Images Money, Text Overlay: Devour Lisbon Food Tours A City by the Sea If one thing defines Lisbon\u2019s history, it\u2019s the sea. From its beginnings […]<\/p>\n","protected":false},"author":36,"featured_media":16968,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","inline_featured_image":false},"categories":[1723,1755],"tags":[1782,1804,1213,1805],"acf":[],"yoast_head":"\nDevour Tours<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/dev.devourtours.com\/blog\/lisbon-local-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lisbon's Local Economy: How the Imperial Capital Survived Collapse and Came out Thriving\" \/>\n<meta property=\"og:description\" content=\"From ancient trading post to imperial capital and finally a travel hotspot, the tale of Lisbon's local economy is dramatic. 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