Denis O’Hearn
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Just another bubble economy?
in Are the Irish different?
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Ireland was just a bubble economy in a world of financial bubbles. After it was named the 'Celtic Tiger' in 1994, the southern Irish economy became the global archetype of success in terms of economic growth. The Celtic Tiger was doomed from the start because of its extreme dependence on a limited group of foreign corporate investors and its membership of a regional EU federation that removed many of the state's most important economic instruments. The discussion in Ireland always focused on government debt and on the advice of economists that government must reduce its debt as it opened up its economy to foreign direct investments. The plunge in Irish economic fortunes had shown how vulnerable a neoliberal economy is to changes of global investment flows. The plunge had also shown that unregulated business behaviour can be a great source of economic instability when a government clings to fiscal conservatism.

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