State to the rescue
The bank guarantee and Ireland’s financialised neo-liberal growth model
in Defining events
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This chapter looks at how the bank guarantee epitomises the Irish case of the perverse legacy of the crisis and the contradictory path of neo-liberalism. The factors such as greed, excessive risk-taking and regulatory policy failures played a role in the Irish crisis. The chapter presents these factors both as symptoms of the deeper dynamics of a financialised neo-liberal growth model and as expressions of how neo-liberal practices and discourses have mutated in the crisis by remaining dominant despite their incongruities. The Irish case of debt displacement and repayment belongs to a broader set of responses in which enormous transfers of wealth are occurring under austerity, as state efforts to manage the crisis in market-friendly ways result in 'wealthfare'. Ireland's first encounter with financialisation occurred through the establishment of the International Financial Services Centre (IFSC).

Defining events

Power, resistance and identity in twenty-first-century Ireland

Editors: Rosie Meade and Fiona Dukelow


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