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This chapter aims at placing the history of Spain and Portugal in a global context to revise many of the commonplaces that have been present for centuries about the history of both countries. It also explains this history in a comparative perspective with reference to other European countries as well as other imperial formations. Special attention is given to the different institutional systems and the political fragmentation of the Iberian Peninsula, as well as to the evolution of the different models of regional development. This also makes it possible to break with nationalizing visions of its economic performance, while the different regional trajectories and their connections are interpreted as part of a peninsular system that does not differ qualitatively from that of other regions of Europe, particularly Mediterranean Europe.The result is a more nuanced, less pessimistic – far from exceptionalism – and more realistic picture of peninsular history and a reflection on how that history has been influenced by imperial systems and globalization.
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