Strategies for Economic Success
From Dickinson College Wiki
Comparitive advantage strategy:- It basically relied on what existed before the independence of Ireland. It depended on the market to allocate the resources. Ireland's comparitive advantage lay in its growing grass. The climate and its topsoil provided excellend conditions for it to be lush and green. It indulged in agricultural trade with the U.K. 60% of Ireland's main labor force was agricultural and only 16% industrial. Industrialization did not fit into the comparitive advantage strategy. Great Depression occured in 1930 and things changed. Ireland had to give up its free trade policy. U.S and U.K raised their tarrifs. It was clear that this strategy had failed.
