Economy of Ireland from 1960 Onwards
Project Title: The Development of the Irish Economy since 1960
Module: Economic and Social Policy
Course: BAHBMD3
Date: 14 November 2012
Student: Kenneth Whelan
Word count 2000
Table of Contents
Introduction 3
Free Trade and EEC Membership 3
From Sterling to EMS 5
The Celtic Tiger 6
PART B 7
Bibliography 8
PART A
Introduction
After gaining independence in 1922 the Irish state took measures to industrialise the south (Free State) of Ireland to counteract the financial deficit that remained after the civil war. A vision of free trade was the agenda during the 1920`s as the state was looking towards the exports markets. Ireland at the time was very much an agricultural economy. A fiscal policy of government spending (ESB 1927) and low taxation were some of the tools been applied to stimulate growth. This lasted until the economic war (1932 to 1938) with the UK that resulted in Ireland choosing a protectionist policy, with high tariffs being erected on imports (exports UK 90%) and the government taking control of private interests, Ireland had now abolished its free trade agenda. It wasn`t until the 1950’s (after WW11) that the foundation of a free trade agenda was put in place with the establishment of the Irish Exports Board, the introduction of tax incentives, capital incentive schemes regarding new industry and the authorisation of the IDA to seek out and promote FDI.
Free Trade and EEC Membership
The 1960`s began with the implementation of a free trade strategy that was based on a report by economist Dr T.K Whitaker (Economic Development). With the boom that was occurring across Europe, the state’s new Taoiseach, Sean Lamass was pursuing an export led growth strategy. Abolishing the protectionism policy, tariffs were
Module: Economic and Social Policy
Course: BAHBMD3
Date: 14 November 2012
Student: Kenneth Whelan
Word count 2000
Table of Contents
Introduction 3
Free Trade and EEC Membership 3
From Sterling to EMS 5
The Celtic Tiger 6
PART B 7
Bibliography 8
PART A
Introduction
After gaining independence in 1922 the Irish state took measures to industrialise the south (Free State) of Ireland to counteract the financial deficit that remained after the civil war. A vision of free trade was the agenda during the 1920`s as the state was looking towards the exports markets. Ireland at the time was very much an agricultural economy. A fiscal policy of government spending (ESB 1927) and low taxation were some of the tools been applied to stimulate growth. This lasted until the economic war (1932 to 1938) with the UK that resulted in Ireland choosing a protectionist policy, with high tariffs being erected on imports (exports UK 90%) and the government taking control of private interests, Ireland had now abolished its free trade agenda. It wasn`t until the 1950’s (after WW11) that the foundation of a free trade agenda was put in place with the establishment of the Irish Exports Board, the introduction of tax incentives, capital incentive schemes regarding new industry and the authorisation of the IDA to seek out and promote FDI.
Free Trade and EEC Membership
The 1960`s began with the implementation of a free trade strategy that was based on a report by economist Dr T.K Whitaker (Economic Development). With the boom that was occurring across Europe, the state’s new Taoiseach, Sean Lamass was pursuing an export led growth strategy. Abolishing the protectionism policy, tariffs were
Bibliography: 1. Ireland now - the Economy. www. irelandnow.com/economy.html 2. Ireland – A trading Nation, Department of Jobs, Enterprise and Innovation www.djei.ie/publications/trade/1998/temp/ireland.htm 3. European Commission – Representation in Ireland impact of EU membership ec-europe.eu/Ireland/Ireland-in-the-eu/impact-of-membership-on-ireland/index-en.htp 4. www.heritage.org/research/reports/2006/06/how-ireland-became-the-celtic-tiger 5. The Economy of Ireland, John O`Hagan and Carol Newman, 2008, Gill & Macmillan Ltd.