Open by tradition to the world and international trade the Portuguese economy has undergone significant modernization thanks to its entry into the European Union in 1986. Portugal achieved impressive results which reduced emigration in the part of the population. Accession to the Union was then seen as a means to establish Portugal amongst other democracies; this former kingdom built a vast colonial empire during the Renaissance and in the following centuries, benefited extensively from the expansion of world trade before abolishing the monarchy in 1901 and witnessing the rise of Salazar in a dictatorship that lasted from 1932 to 1974. Since 2007 Portugal has suffered severely from the financial crisis.