Europe and the Transformation of the Irish Economy

After joining the European Union (EEC) in 1973, the Irish economy experienced growth and became a hub for multinational corporations in IT and pharmaceutical products. EU membership has brought challenges, but Ireland's structural policies have helped it navigate hyper-globalization with fewer political tensions than seen elsewhere.

Format: Paperback / softback
Length: 75 pages
Publication date: 15 June 2023
Publisher: Cambridge University Press

The Irish economy, which had been stagnant for decades in the shadow of the United Kingdom, experienced a significant improvement after joining the European Union (EEC) in 1973. This Element highlights the impact of EU membership on Irish economic policy, providing focus and direction to the country's economic endeavors.

Prior to its EU membership, Ireland was heavily reliant on low-value-added agricultural exports to Britain, limiting its economic growth potential. However, within the EU, Ireland transformed itself into a hub for multinational corporations in the IT and pharmaceutical sectors, leading to a surge in exports and economic prosperity.

This export success not only boosted Ireland's economic performance but also required and facilitated the strengthening of education and social policy infrastructures. It underpinned the achievement of high average living standards, making Ireland a desirable destination for immigrants and contributing to social cohesion.

While EU membership brought numerous benefits, it also presented challenges. Ireland has faced several severe setbacks as a result of policy mistakes, such as the financial crisis of 2008-2009. However, the European flavor of Ireland's structural policies, combined with exposure to US experience, has helped it navigate the hazards of hyper-globalization with fewer political tensions than seen elsewhere.

In conclusion, the Irish economy's transformation after joining the EU in 1973 is a testament to the positive impact of EU membership on economic policy. The country's shift from low-value-added agricultural exports to a hub for multinational corporations in IT and pharmaceutical products has led to economic growth, improved living standards, and social cohesion. While EU membership has brought challenges, Ireland's policy decisions have played a significant role in navigating the hazards of hyper-globalization and achieving sustainable economic success.

Weight: 154g
Dimension: 153 x 229 x 8 (mm)
ISBN-13: 9781009306089