The financialisation of Ireland and the roots of austerity
This chapter focuses on the mechanisms by which finance in Ireland sustains and reproduces itself, in particular how it was able to protect itself during the 2008 crisis. Ireland, however, was very much the poster-boy for austerity. The chapter lays out a narrative of the events from 2007 to 2014. It also focuses on the power relations which lurked in the background during what one former Taoiseach called the 'boomier' times. The underlying thesis is that of an indigenous middleman/comprador class with the business interests concentrated mainly on the financial administration and the property speculation, which used the full power of the Irish state, to protect itself from its own profit-seeking strategies. The democratic deficit within the Irish state did not begin in 2008, but the events which emanated from that year brought it into a sharp and depressing focus.