Re-visiting Ireland’s boom years

Posted in Uncategorized by thenextwavefutures on 10 April, 2011

The lesson from Ireland’s boom and bust: don’t confuse economic rhetoric with long-run structural and external change

I wrote about the disaster that is the Irish economy about eighteen months ago, just after Fianna Fáil government, true to form, had bought up bad property assets from its crony capitalists on unduly generous terms. I was revisiting the Irish economic miracle ahead of a workshop in Dublin this week, and found an interesting structural explanation of the Celtic Tiger boom in Fintan O’Toole’s book Ship of Fools. It’s not the explanation of “business friendly” policy, low tax and light regulation that’s normally offered, and it has implications that go beyond Ireland.