Abstract
The purpose of this paper is to show the characteristic structure of the cooperative credit system in the Portuguese Parliamentary Republic. The Portuguese cooperative movement, almost exclusively identifiable with the Credito Agricola Mutuo Group, presents particularly deep historical roots, since its importance for the economy of the country has been recognized at a constitutional level. For this reason the national legislator has gradually redefined the structure of cooperative credit providing a three-level model which characterizes some European cooperative systems and has allowed it to survive and develop even in particularly unfavourable economic conditions as it is the case with Portugal. The following sections survey the main characteristics of the context in which the cooperative movement hinges before analysing in detail its institutional, organizational and managerial characteristics.
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