Irish Economy Term Papers

In the past decade the Irish economy has improved dramatically, with the standard of living and employment reversing its long-standing downward trend.  This rapid economic growth in Ireland was the result of the development of an industrial core of firms specializing in information technology, software development and financial services.  These firms clustered in Dublin during the 1990s as the result of the convergence of a number of factors, including geographic location, education level of the population, and transportation and communication infrastructure.  Government policies that led to low inflation, an attitude of cooperation with both trade unions and business, and direct business incentives were also critical factors in entrepreneurial development in Ireland.  The generally business-friendly climate fostered by the government further augmented Ireland’s economic growth by making Dublin one of the more attractive locations for firms seeking to establish a presence in the European Union (EU) through inviting foreign direct investment as well as assisting entrepreneurs in start-up operations.  The direct role of the government in fostering the growth of targeted industries in Ireland makes the phenomenon different from most other similar industry clusters in the industrialized nations, which are largely the outcome of decision-making in the private sector.  The outcome of this process was a significant decrease in unemployment and a sharp increase in the ability of the nation to both domestically form capital and to attract multi-national investors.

One of the key factors in drawing specific industries such as information technology and financial services to Ireland is the education level of the population, which is high even by European standards. The emphasis of the education system is to produce large numbers of technicians and Bachelors level engineers that specialize in applied industrial applications.  This provides a stable base of technical skills to support a broad range of industrial activity.  The educational system in the past decade has also emphasized computer literacy, which has produced one of the highest levels of computer use in the EU and operates as incentive for businesses that highly depend on information technology to locate in Ireland.

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