The Celtic Tiger: Difference between revisions
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= ''' | = '''BEFORE THE CELTIC TIGER ''' = | ||
Prior to the Celtic Tiger, Ireland's economy and standard of living was horrible. | Prior to the Celtic Tiger, Ireland's economy and standard of living was horrible. | ||
*High Unemployment | |||
*Slow economical growth | |||
*High Inflation | |||
*Heavy Taxes | |||
*Towering public Debts. | |||
Many factors contributed to Ireland's problems. | |||
*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 00:54, 4 December 2006
File:Ireland1.png File:300px-Celtic tiger cartoon.png
![](/images/2/25/Ireland_mapflag.03.jpg)
BEFORE THE CELTIC TIGER
Prior to the Celtic Tiger, Ireland's economy and standard of living was horrible.
- High Unemployment
- Slow economical growth
- High Inflation
- Heavy Taxes
- Towering public Debts.
Many factors contributed to Ireland's problems.
- 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
- 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
- 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
- Modern Ireland
- Dual Labor Market
- Increased the number of highly skilled workers
- Vast amount of well paid jobs
![](/images/thumb/3/3f/Ctaug122006.jpg/300px-Ctaug122006.jpg)
Negative Economic Effects
- Inflation of prices
- groceries and chain store prices increased
- housing property increased
- 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
- 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
- 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
- Some desperate workers had to take the low paying jobs that attracted foreign companies to Ireland
![](/images/f/f0/Ireland_tax_comparision.jpg)