This column examines the 'reforms' proposed by former Prime Ministers Cavaco Silva and Passos Coelho. While acknowledging Cavaco's contributions to tax reform and infrastructure, the author argues he failed to prepare Portugal for the post-Cold War economy, leading to a lack of industrial integration. Passos is criticised for his austerity measures, which the author claims focused on labour market deregulation rather than structural reform. The piece concludes that both leaders failed to foster long-term economic innovation, leaving Portugal reliant on tourism and low wages.