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Portugal then became the world's main economic power during the Renaissance, introducing most of Africa and the East to European society, and establishing a multi-continental trading system extending from Japan to Brazil. [1] In 1822, Portugal lost its main overseas territory, Brazil.
Not considering inflation, one modern Brazilian real is equivalent to 2,750,000,000,000,000,000 times the old real, that is, 2.75 × 10 18 (2.75 quintillion) réis. Before leaving Brazil in 1821, the Portuguese royal court withdrew all the bullion currency it could from banks in exchange for what would become worthless bond notes; [13] [14]
Brazil–Portugal relations (Portuguese: Relações Brasil-Portugal) have spanned nearly five centuries, beginning in 1532 with the establishment of São Vicente, the first Portuguese permanent settlement in the Americas, up to the present day. [1]
Brazil belonged to the Kingdom of Portugal as a colony. [2] European commercial expansion of the fifteenth and sixteenth centuries. [2] Blocked from the lucrative hinterland trade with the Far East, which was dominated by Italian cities, Portugal began in the early fifteenth century to search for other routes to the sources of goods valued in European markets. [2]
Brazil exported sugar, tobacco, cotton and native products and imported from Portugal wine, olive oil, textiles and luxury goods – the latter imported by Portugal from other European countries. Africa played an essential role as the supplier of slaves, and Brazilian slave traders in Africa frequently exchanged cachaça , a distilled spirit ...
Until 1747 the Brazilian real was the same as the Portuguese real, with the gold peça of 13.145 g fine gold worth 6,400 réis or 6 400. After that date, however, the Brazilian real started to become a separate currency unit when the value of the peça was raised by 10% in Brazil (but not in Portugal) to 7,040 réis. [2]
Unlike Spain, Portugal did not divide its colonial territory in America. The captaincies created there functioned under a centralised administration in Salvador, which reported directly to the Crown in Lisbon. The 18th century was marked by increasing centralisation of royal power throughout the Portuguese empire.
The United Kingdom of Portugal, Brazil and the Algarves was a pluricontinental monarchy formed by the elevation of the Portuguese colony named State of Brazil to the status of a kingdom and by the simultaneous union of that Kingdom of Brazil with the Kingdom of Portugal and the Kingdom of the Algarves, constituting a single state consisting of three kingdoms.