Irish Economic Development

Irish Economic Development

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This book offers a discerning narrative on the spectacular rise and fall of the so-called Celtic Tiger economy. It depicts Ireland as a micro-state with a unique reliance on foreign-assisted businesses, driven in part by a favourable taxation regime. It shows that rent-seeking by trades unions and property developers contributed to the fall since 2002. Although the countrya€™s highly centralized governmenta€™s pre-disposition to lobbying has yielded international successes, it has also resulted in recurring self-inflicted crises since 1970. This volume shows how Irelanda€™s export-led growth is associated more with the attraction of foreign-assisted businesses than with the development of critical masses of internationally competitive indigenous businesses. Although the success of foreign-assisted businesses in the pharmaceutical, ICT and finance sectors has been influenced by tax advantages, many of these businesses have been involved in highly productive activity in Ireland over a number of decades. The problem of rent-seeking is shown to have undermined Irish competitiveness in the internationally traded and sheltered sectors. The Irish policy mind-set is shown to lean towards distribution rather than growth. While this has been advantageous for how a€˜Ireland Inc.a€™ interacts with other governments and international businesses, it has also resulted in a failure to resist the destructive effects of capture by lobbies. In conclusion, this book considers future opportunities offered by the EUa€™s smart-specialization policy and future threats from increased international tax competition. It argues that unless Irish citizens and policymakers change deep-seated attitudes and mind-sets towards business development, the countrya€™s performance for the next number of decades will more likely resemble serial under-achievement than that of a high-performing EU state.France 33.3 (29.8) 42 Germany 29.48 (27.0) 21 United States 40(34.9) 25 Source : KPMG (2012) for corporation tax ... The policyfocus on innovation emerged in 2004 whenthe Finance Act instituted a25 per cent research and development tax anbsp;...

Title:Irish Economic Development
Author:Eoin O'Leary
Publisher:Routledge - 2015-02-20


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