Ireland’s economy developed dramatically during the 1990s, and was referred to as the
“Celtic Tiger” - an analogous term for the East Asian Tigers. As a member of the EC, foreign investors saw Ireland as a potential platform to launch their products into Europe.
Also, there was a lower corporate tax rate, a skilled workforce and improved economic management. While the country did, at the time of the Celtic Tiger, benefit from direct foreign investment and the extensive external trade, its lasting effects were detrimental to its economy,
(Burnham 2003). Ireland’s Celtic Tiger period has very much diminished and the aftermath of the reckless …show more content…
The collapse of the banking system had a knock-on effect and it seemed as if everything was falling apart. The Irish economy relied heavily on the property market and with the unsustainability in the increase of house prices other industries were also affected.
Politicians in power at the time of the Celtic Tiger, namely Flanna Fail, were unsuccessful in their principal obligation to protect the interests of the country and its inhabitants. They failed to regulate public finances and instead vested interests in their own financial gain, giving themselves huge salaries and various benefits. The politicians' expense accounts were ever increasing, deeming the lavish spending to be entitlements. The peoples' trust in the government and the political system was at an all-time low. The carelessness of bankers and developers along with the failure of regulators and politicians mean that the ordinary tax payer is suffering the consequences with taxes constantly increasing. During this time in
Ireland Elitism was prevalent. Those at the top of the hierarchy were getting richer and those at the bottom poorer. With all of the tax increases and public spending decreasing the sensible option would be to eradicate elitism from our political framework and strive