However, it seemed rational to invest massively in the new technologies so as to be ready to fully reap the benefits, if (and when) the new era arrived. This over-accumulation of capital can lead to a rise in labour productivity. Due to stickiness in nominal wages, labour compensation might lag the pick-up in productivity.
Portugal became a contracting party of GATT on 6 May 1962 as part of the opening up of the economy in the early 1960s. The decision was consistent with our membership of the International Monetary Fund and World Bank in 1960, and an indirect result of joining the European Free Trade Association (EFTA), following the signing of the Stockholm Convention, also in 1960.