The French Investors in Portuguese Railways from 1855 to 1884: Three Cases

Introduction As my teacher, Professor Jean Bouvier, wrote in 1976, international investment is mainly driven by the general expectation of higher profits than those obtained in one’s own national stock market.1 This was, as I see it, the principal obstacle to foreign investment in Portuguese railways; nevertheless, other factors were also relevant. I will examine these dynamics in three cases that had different results.