irish economy
Topic 1 Revision
1. Discuss one measure of the Irish Economy’s openness to the international economy.
2. Briefly outline the initial approach to economic policy pursued by the Cumann na nGeadheal government after independence in 1922?
Employed a very conservative approach and continued on with the policies that had existed pre independence. Kept parity with sterling given that 97% of Irish Exports were to the U.K. Elevated the promotion of agriculture as the main policy priority.
Low tax and low spend and aimed to balance budgets.
3. Discuss two pillars of Fianna Fáils economic policy after to coming to power in 1932 that proved damaging to the economy in hind sight?
Economic war with Britain: The Irish government refused to pay rent on irish ports to the british government. The Uk retaliated by imposing tariffs on Uk exports such as coal. This damaged economic growth given that the UK was Irelands main trading partner at the time
Self- sufficiency: Fianna Fáil wanted to distinguish itself from the previous administration and pursued a policy of subsidising Irish manufacturers while isolating them from competition from other countries. This led to Irish Companies developing inefficiencies and such companies were not well placed to compete when the time came. It made foreign ownership of irish Companies illegal. Both shifts proved to be very damaging to the economy and Ireland missed out on the post world war two boom across Europe.
4. T.K. Whitaker wrote a report Economic Development (1958) which rested on 3 pillars. Discuss.
As Secretary of the Department of Finance in 1958 T.K. Whitaker introduced the First Programme for Economic Expansion. This programme, which became known as the 'Grey Book' was a landmark document for the Irish economy at a time when economic growth was virtually non-existent. Whitaker felt that this plan would give a badly needed boost to economic development.
The book rested on 3 pillars:
Move towards further trade liberalisation
1. Discuss one measure of the Irish Economy’s openness to the international economy.
2. Briefly outline the initial approach to economic policy pursued by the Cumann na nGeadheal government after independence in 1922?
Employed a very conservative approach and continued on with the policies that had existed pre independence. Kept parity with sterling given that 97% of Irish Exports were to the U.K. Elevated the promotion of agriculture as the main policy priority.
Low tax and low spend and aimed to balance budgets.
3. Discuss two pillars of Fianna Fáils economic policy after to coming to power in 1932 that proved damaging to the economy in hind sight?
Economic war with Britain: The Irish government refused to pay rent on irish ports to the british government. The Uk retaliated by imposing tariffs on Uk exports such as coal. This damaged economic growth given that the UK was Irelands main trading partner at the time
Self- sufficiency: Fianna Fáil wanted to distinguish itself from the previous administration and pursued a policy of subsidising Irish manufacturers while isolating them from competition from other countries. This led to Irish Companies developing inefficiencies and such companies were not well placed to compete when the time came. It made foreign ownership of irish Companies illegal. Both shifts proved to be very damaging to the economy and Ireland missed out on the post world war two boom across Europe.
4. T.K. Whitaker wrote a report Economic Development (1958) which rested on 3 pillars. Discuss.
As Secretary of the Department of Finance in 1958 T.K. Whitaker introduced the First Programme for Economic Expansion. This programme, which became known as the 'Grey Book' was a landmark document for the Irish economy at a time when economic growth was virtually non-existent. Whitaker felt that this plan would give a badly needed boost to economic development.
The book rested on 3 pillars:
Move towards further trade liberalisation