Essay about irish economy

1322 Words Feb 24th, 2015 6 Pages
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
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European Union Structural and Cohesion Funds- Since joining the EU in 1973, Ireland has received over €17 billion in EU Structural and Cohesion Funds these funds were used to increase investment in the education system and to build physical infrastructure. Ireland is unique among cohesion countries, having allocated up to 35% of its Structural Funds to human resource investments, compared with an average of around 25% for other cohesion fund recipients. The Irish economy's increased productive capacity is sometimes attributed to these investments, which made Ireland more attractive to high-tech businesses,[24] though the libertarian Cato Institute has suggested that the EU transfer payments were economically inefficient and may have actually slowed growth.[25] The conservative Heritage Foundation also attributed to transfer payments no significant role in causing growth

6. Briefly outline the framework for Irish industrial policy from the 1960s
Tk Whitakers economic development report 1958 laid the industrial policy framework for Ireland and this is still largely in place today. It emphasizes the encouragement of export orientation for services ( moving from an emphasis on manufacturing in the 1960s) the attraction of FDI and a movement towards freer trade.


7. Discuss three factors which make Ireland an attractive location for Foreign Direct Investment:
1. Track…

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