The Celtic Tiger: Difference between revisions

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Prior to the Celtic Tiger, Ireland's economy and standard of living was horrible. There were many factors to Ireland's economic failure.
Prior to the Celtic Tiger, Ireland's economy and standard of living was horrible. There were many factors to Ireland's economic failure.
#*Low economic growth
*Low economic growth
#*Wrong fiscal policies
*Wrong fiscal policies
#*Protectionism - is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over or competition.
*Protectionism - is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over or competition.


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Revision as of 00:51, 4 December 2006


File:Ireland1.png File:300px-Celtic tiger cartoon.png

Description

INTRODUCTION OF THE CELTIC TIGER

Prior to the Celtic Tiger, Ireland's economy and standard of living was horrible. There were many factors to Ireland's economic failure.

  • Low economic growth
  • Wrong fiscal policies
  • Protectionism - is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over or competition.

Positive Economic Effects

  1. Unemployment rate dropped significantly
    • Fell from 18% in lat 1980's to 4.2% in 2005
    • Average industrial wage grew at one of the highest rates in Europe
  2. Public Debt
    • Dramatically cut to become one of the lowest in Europe (34% GDP in 2001)
    • Public spending doubled without any significant increase in taxation levels
  3. Modern Ireland
    • New transportation services

      Description

    • New monuments
    • Enhanced street appearance
  4. Dual Labor Market
    • Increased the number of highly skilled workers
    • Vast amount of well paid jobs

File:Ireland3.png

Description

Negative Economic Effects

  1. Inflation of prices
    • groceries and chain store prices increased
    • housing property increased
  2. Neglect of certain government responsibilities
    • health care service did not receive sufficient fund
    • at first transportation sector was not reformed
      • transportation system was insufficient
      • road ways could not support all the commuters
  3. Loss of culture among those with high paying jobs
    • Irish people had more money to spend and grew out of old Irish ways
    • There were more expensive cars and designer labels around Ireland
  4. Capitalist Economy Expansion
    • Some desperate workers had to take the low paying jobs that attracted foreign companies to Ireland
      • Unskilled jobs
      • Low wages
      • No job security
    • Poverty levels increased
      • The gap between the rich and the poor grew significantly
      • Inflation of prices
Description