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Financialisation and neoliberalism; The case of water provision in Portugal

Author

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  • Nuno Teles

    (Centre for Social Studies, University of Coimbra, Portugal)

Abstract

The study analyses the evolution of water provision in Portugal. It argues that the Portuguese water system of provision is deeply marked by the process of financialisation of the Portuguese economy, leading to high levels of private indebtedness that sustained a neoliberal agenda until the crisis of 2008-09. The history of the neoliberal transformation of water provision in Portugal is examined, paying particular attention to the progress achieved and the transformations occurring in its business model and finances, including the role of different agents in these processes. The neoliberal transformation of the Portuguese system of water provision is then set against the effects of the recent economic crisis. It concludes that the recent progress in the water SoP has been interrupted through a halt in investment and pressure for higher tariffs which, in a context of declining disposable income, intensifies social vulnerability.

Suggested Citation

  • Nuno Teles, 2015. "Financialisation and neoliberalism; The case of water provision in Portugal," Working papers wpaper102, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  • Handle: RePEc:fes:wpaper:wpaper102
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    References listed on IDEAS

    as
    1. Rita Martins & Adelino Fortunato, 2005. "Residential water demand under block rates: a Portuguese case study," GEMF Working Papers 2005-09, GEMF, Faculty of Economics, University of Coimbra.
    2. Roseta-Palma, Catarina & Monteiro, Henrique, 2008. "Pricing for Scarcity," MPRA Paper 10384, University Library of Munich, Germany.
    3. Hall, David & Lobina, Emanuele, 2007. "International actors and multinational water company strategies in Europe, 1990-2003," Utilities Policy, Elsevier, vol. 15(2), pages 64-77, June.
    4. Kate Bayliss & Ben Fine & Mary Robertson, 2013. "From Financialisation to Consumption: The Systems of Provision Approach Applied to Housing and Water," Working papers wpaper02, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
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    Citations

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    Cited by:

    1. Ana C. Santos & Nuno Serra & Nuno Teles, 2015. "Finance and Housing Provision in Portugal," Working papers wpaper79, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Hansjorg Herr, 2016. "After the Financial Crisis; Reforms and Reform Options for Finance, Regulation and Institutional Structure," Working papers wpaper148, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Herr, Hansjörg, 2016. "After the financial crisis: Reforms and reform options for finance, regulation and institutional structure," IPE Working Papers 63/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    Keywords

    Financialisation; Water provision; Portugal;

    JEL classification:

    • H4 - Public Economics - - Publicly Provided Goods
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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