Ireland's economic history does not really have many success stories to tell. It is mainly dominated by stagnation and decline and a high dependence on Great Britain. During the 18th and 19th century Ireland's economic performance was rather weak. According to Bradley (1999:42) the industrial revolution, which was a general boom for most parts of Great Britain, was only concentrated in a few Irish sectors, such as brewing, linen and shipbuilding, and mainly only in Belfast and Dublin. In the middle of the 20thcentury, during the so-called protectionist period, Ireland's economic situation did not improve. Import quotas and high tax barriers were responsible for a poor regional competitive position of the country. The Republic of Ireland was an unattractive, rural and backward investment location with serious problems such as high unemployment and low standards of living. Then, almost overnight, Ireland's economic performance changed rapidly. The formerly isolated country started to become equal among the other nations in Europe and the world. Due to foreign investment, a significant and fast economic growth in key sectors such as information technology helped to transform the former weak Irish economy in one of Europe's most successful economies. Thus, the Republic of Ireland not only became more advanced than the United Kingdom, it also replaced its former traditional and depressing image by a modern and cosmopolitan one. This economic miracle in Ireland during the 1990s is called theCeltic Tiger,a name which points at the economic strength of the Asian countries Hong Kong, Singapore, Taiwan and South Korea.
However, it appears evident that such a rapid and successful development of a formerly weak economy not only bears advantages. Recent discussions in the literature have shown that concerning Ireland's economic boom appearances are deceptive. John Gormley uttered the above-mentioned quotation2in the 200thissue of the Resurgence Magazine Online. In all probability, Ireland's success story could not have been looked at from a more critical point of view. Gormley hints at the short-livedness of theCeltic Tigerera and moreover stresses thatall that glitters is not gold.
Table of Contents
- 1. Introduction
- 2. Ireland's Way of Becoming a Celtic Tiger
- 2.1 Ireland's Weak Economy in the 20th Century
- 2.2 The Celtic Tiger Period
- 2.2.1 Circumstances for Economic Growth
- 2.2.2 Industrial Investments
- 3. Consequences of the Celtic Tiger. A Critical View
- 3.1 Macroeconomic Perspective: GDP and GNP
- 3.2 Social Perspective: Unemployment and Transformation of Employment
- 3.3 Cultural Perspective: Transformation of a Society
Objectives and Key Themes
This paper aims to provide a critical analysis of Ireland's economic boom, known as the "Celtic Tiger," during the 1990s. It examines the factors contributing to this rapid growth and explores the multifaceted consequences from macroeconomic, social, and cultural perspectives.
- Ireland's historically weak economy and the factors hindering its growth.
- The circumstances and policies that fueled the Celtic Tiger's economic expansion.
- The macroeconomic implications of the boom, focusing on GDP and GNP.
- The social transformations brought about by the economic growth, including changes in employment and unemployment.
- The cultural impact of the Celtic Tiger, including societal shifts and changes in national identity.
Chapter Summaries
1. Introduction: This introductory chapter sets the stage by contrasting Ireland's historical economic struggles with the dramatic turnaround of the Celtic Tiger era. It highlights Ireland's prolonged period of economic stagnation and dependence on Great Britain, emphasizing its weak industrial development and the negative impacts of protectionist policies in the mid-20th century. The chapter then introduces the concept of the "Celtic Tiger," emphasizing the rapid economic growth and transformation of Ireland into a modern and successful economy, while also foreshadowing a critical examination of the long-term implications of this sudden prosperity, highlighting the potential for deceptive appearances of success.
2. Ireland's Way of Becoming a Celtic Tiger: This chapter delves into the specific factors that propelled Ireland's economic transformation. It begins by providing a detailed account of the country's weak economic standing in the 20th century, outlining the limitations and challenges that hindered growth. Subsequently, it shifts focus to analyze the "Celtic Tiger" period, exploring the various circumstances that fostered economic growth, including the role of foreign investment and the development of key sectors such as information technology. The analysis likely includes a discussion of specific policies and investments that significantly contributed to the economic miracle. The chapter integrates the historical context with the period of rapid economic expansion, establishing a clear narrative of transformation.
3. Consequences of the Celtic Tiger. A Critical View: This chapter undertakes a critical assessment of the consequences of the Celtic Tiger phenomenon, examining its impact from macroeconomic, social, and cultural perspectives. The macroeconomic analysis likely involves a detailed examination of GDP and GNP, analyzing their growth trajectories and implications for economic stability. The social perspective will likely address the transformation of the labor market, assessing the impact on unemployment and analyzing the changes in employment sectors. Finally, the cultural perspective will analyze how the rapid economic growth altered Irish society, examining its effect on national identity and cultural values.
Keywords
Celtic Tiger, Ireland, economic growth, foreign investment, information technology, GDP, GNP, unemployment, social transformation, cultural change, macroeconomic analysis, critical analysis, economic development.
Frequently Asked Questions: A Critical Analysis of Ireland's Celtic Tiger
What is the main topic of this paper?
This paper provides a critical analysis of Ireland's rapid economic growth during the 1990s, known as the "Celtic Tiger." It examines the factors that contributed to this boom and explores its multifaceted consequences from macroeconomic, social, and cultural perspectives.
What are the key themes explored in this paper?
The paper explores Ireland's historically weak economy, the circumstances and policies that fueled the Celtic Tiger's expansion, the macroeconomic implications (GDP and GNP), social transformations (employment and unemployment), and the cultural impact (societal shifts and changes in national identity).
What is included in the Table of Contents?
The Table of Contents includes an introduction, a chapter on Ireland's path to becoming a Celtic Tiger (including subsections on its weak 20th-century economy and the circumstances for economic growth during the Celtic Tiger period), and a chapter on the consequences of the Celtic Tiger from macroeconomic, social, and cultural perspectives.
What are the chapter summaries?
The introduction contrasts Ireland's historical economic struggles with the Celtic Tiger era. Chapter 2 details the factors that propelled Ireland's economic transformation, from its weak 20th-century economy to the Celtic Tiger period. Chapter 3 critically assesses the consequences of the Celtic Tiger from macroeconomic, social, and cultural viewpoints, including analyses of GDP/GNP, unemployment, and societal shifts.
What are the objectives of this paper?
The paper aims to provide a critical analysis of Ireland's economic boom, examining the factors contributing to its rapid growth and exploring the multifaceted consequences from macroeconomic, social, and cultural viewpoints.
What keywords are associated with this paper?
Keywords include: Celtic Tiger, Ireland, economic growth, foreign investment, information technology, GDP, GNP, unemployment, social transformation, cultural change, macroeconomic analysis, critical analysis, economic development.
What is the scope of the macroeconomic analysis?
The macroeconomic analysis focuses on the growth trajectories of GDP and GNP and their implications for economic stability during and after the Celtic Tiger era.
How does the paper analyze the social consequences of the Celtic Tiger?
The social analysis addresses the transformation of the Irish labor market, assessing the impact on unemployment and analyzing changes in employment sectors.
What is the focus of the cultural analysis in this paper?
The cultural analysis examines how rapid economic growth altered Irish society, its effect on national identity, and changes in cultural values.
- Quote paper
- Susan Jähn (Author), 2004, The Celtic Tiger: A Critical Analysis of Ireland's Economic Boom, Munich, GRIN Verlag, https://www.grin.com/document/44067
