History of the Irish Economy

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The Irish economy before and after Ireland’s independence from the U.K. in 1922 was known for its lack of success more than anything. Some suggest that Ireland’s geographic location was it’s major disadvantaged as it was “living in the shadow of a giant” [1].

Between the years of 1881 and 1981, Ireland experienced a century of population stagnation. This occurred as a result of an increase in natural population that was offset by substantial emigration rates (more than 400,000 people left Ireland between 1951 and 1961 [2]). During this 100-year span, Ireland did of course experience economic progress, as indicators of economic performance show a rising standard of living. This progress, however, was relatively unimpressive. In 1921, 1961, and even in 1981, Ireland remained a traditional agricultural economy. Much to its disadvantage, the Irish economy seemed to be resisting the industrialization process that was occurring elsewhere [1].

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