History of the Irish Economy: Difference between revisions
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Ireland in 1921, 1961, and even in 1981 remained still a traditional, agricultural economy characterized by low level technology with a growing but still incipent industrial sector. | Ireland in 1921, 1961, and even in 1981 remained still a traditional, agricultural economy characterized by low level technology with a growing but still incipent industrial sector. | ||
Since independence Ireland took three independent strategies. Each one was created after the previous one failed. . These were: 1)Comparative advantage, 2)economic autarky, and | Since independence Ireland took three independent strategies. Each one was created after the previous one failed. . These were: 1)Comparative advantage, 2)economic autarky, and 3)ndustrialization-by-invitation. | ||
1) The comparitive advantage strategy: | 1) The comparitive advantage strategy: | ||
Revision as of 18:49, 6 April 2006
Ireland in 1921, 1961, and even in 1981 remained still a traditional, agricultural economy characterized by low level technology with a growing but still incipent industrial sector.
Since independence Ireland took three independent strategies. Each one was created after the previous one failed. . These were: 1)Comparative advantage, 2)economic autarky, and 3)ndustrialization-by-invitation.
1) The comparitive advantage strategy: This was the first strategy taken by Ireland. It basically depended on market signals to determine resource allocation. It seemed to be the most risk adverse and relied on non-discretionary policymaking. They adopted a low-key strategy.
