Denis O’Hearn
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Macroeconomic policy in the Celtic Tiger
A critical reassessment
in The end of Irish history?

The single overriding factor in the 'success' of the Celtic Tiger was the arrival of huge clusters of foreign subsidiaries in a few sectors, and predominantly from the United States. The broad changes in the Irish economy during the 1990s were crucial, because there was strong evidence that growth had been associated with inequality under the Celtic Tiger. The Republic of Ireland's share of foreign investment inflows into the European Union (EU) had tripled between 1991 and 1994, as it attracted forty per cent of US electronics investments in Europe. Irish governments tightened their conservative fiscal policy of spending restraint and ran higher and higher budget surpluses. The main policy target was employment, as the country had continued to endure high unemployment rates even into the mid-1990s. Economic growth, investments, high profits, high-technology products and higher wages were heavily concentrated in the transnational corporation (TNC) sector.

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The end of Irish history?

Critical reflections on the Celtic Tiger


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