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Ireland: from boom to austerity

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  • Patrick J. Drudy
  • Micheál L. Collins

Abstract

For the first 40 years as an independent state, Ireland faced many difficulties. Failing to provide sufficient employment opportunities, emigration and austerity were constant themes. During several decades of relative prosperity from the 1960s, foreign investment was encouraged and created new employment opportunities. A recession in the 1980s was followed by a remarkable period of prosperity from the mid-1990s. This was driven first by an export boom and later by an unsustainable housing bubble. Serious risk taking by property developers and lax lending practices by banks led to a banking crisis and a financial rescue by the government, the International Monetary Fund, the European Central Bank and the European Commission. A new austerity has returned. Copyright 2011, Oxford University Press.

Suggested Citation

  • Patrick J. Drudy & Micheál L. Collins, 2011. "Ireland: from boom to austerity," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 4(3), pages 339-354.
    • Handle: RePEc:oup:cjrecs:v:4:y:2011:i:3:p:339-354
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    File URL: http://hdl.handle.net/10.1093/cjres/rsr021
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    Citations

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    Cited by:

    1. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller & Bernhard Schütz, 2017. "Is Europe disintegrating? Macroeconomic divergence, structural polarization, trade and fragility," Economics working papers 2017-15, Department of Economics, Johannes Kepler University Linz, Austria.
    2. Philipp Heimberger & Jakob Kapeller, 2017. "The performativity of potential output: pro-cyclicality and path dependency in coordinating European fiscal policies," Review of International Political Economy, Taylor & Francis Journals, vol. 24(5), pages 904-928, September.
    3. Micheál L. Collins & Gerard Hughes, 2017. "Supporting Pension Contributions Through the Tax System: Outcomes, Costs and Examining Reform," The Economic and Social Review, Economic and Social Studies, vol. 48(4), pages 489-514.
    4. Bas van Aarle & Joris Tielens & Jan Van Hove, 2015. "The financial crisis and its aftermath: the case of Ireland," International Economics and Economic Policy, Springer, vol. 12(3), pages 393-410, September.
    5. Micheal L. Collins & Adam Larragy, 2011. "A Site Value Tax for Ireland: Approach, Design and Implementation," Trinity Economics Papers tep1911, Trinity College Dublin, Department of Economics.
    6. Brian Lucey & Charles Larkin, 2012. "Risk Tolerance and Demographic Characteristics: Preliminary Irish Evidence," The Institute for International Integration Studies Discussion Paper Series iiisdp406, IIIS.
    7. Miche l L. Collins & Mary Walsh, 2011. "Tax Expenditures: Revenue and Information Forgone - the experience of Ireland," Trinity Economics Papers tep1211, Trinity College Dublin, Department of Economics.

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