Lessons from the Portuguese Socialists: How Dialogue with the Left can deliver Political and Economic Stability

Abstract The experiences of Portugal's Socialist Party, which was in power for eight years and was led by António Costa, offer useful lessons to centre‐left governments that seek re‐election. In its first term in office, the Socialist Party governed with the support of the parties of the radical left and was able to deliver visible improvements to living standards and complete a full parliamentary term. However, in the second half of its period in power, the socialists wasted the parliamentary majorities obtained in 2019 and 2022 and faced early elections and a humiliating defeat in 2024. The lessons from this eight‐year period seem clear: a leadership style that prioritises dialogue and cooperation with the left can deliver political stability and electoral victories, but complacency about standards in public life is often punished at the ballot box.