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My theory on the Celtic Tiger

  • 26-11-2020 4:55pm
    #1
    Registered Users Posts: 2,639 ✭✭✭


    I am of the opinion that it was necessary for Ireland to experience the Celtic Tiger boom and bust cycle. I believe if we didn't get carried away and propel our growth further after it reached a more natural limit, then once a big crash did eventually happen, our reference point would have been much lower than it was, once the dust had settled on the 2007-2008 financial crisis. As Dublin and Ireland was booming, this added to its international recognition and prestige and facilitated more multinational investment and more pull factors for skilled migrants.

    A lot of people suffered but in the long-run, I believe our conspicuous spending splurge was necessary. It probably promoted a lot of entrepreneurship and enterprise which otherwise would not have had a chance to get off the ground. Many may have suffered but once things returned, we had a lot of people who had experience starting up and running businesses. See what worked, see what didn't and eventually become more productive.

    I actually think it's such an interesting economic miracle. Was it inevitable given our location and language or was it a great example of the role of government in orchestrating economic growth. A perennial low growth backwater into the hub of multinational investment and the poster boy for the benefits of European integration.


Comments

  • Registered Users Posts: 28,703 ✭✭✭✭Wanderer78


    So encouraging a rapid rise in property and land prices, increasing speculation in these markets, imposing austerity measures, to try some how deal with issues which ultimately stemed from private sector financial institutions, all ultimately causing the rapid rise in wealth inequality, has worked by......


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