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All Sides with Ann Fisher

Sean Kay on Irelands Financial Collapse and Hope for Renewal

Ireland still is reeling from its dramatic financial collapse in 2008.  Just three years ago, Ireland was hailed as a model of economic progress, earning its economy the nickname "The Celtic Tiger." Today, it’s future is bleak. but there’s hope. Ohio Wesleyan University Political Scientist Sean Kay says the Irish people have learned important lessons from their struggles that could benefit the rest of us.

Related material:

What are the main reasons for "Celtic Tiger?" (from Wikipedia articles)

  • Membership in the European Union
  • Government business policies (low corporate tax rates)
  • Favorable time zone difference with U.S.
  • English language
  • Political stability in Northern Ireland
  • Women entering the workforce
  • Government investment in infrastructure and cities
  • Immigration of workers from Poland and Baltic States

Problems for Ireland

  • Foot and mouth disease
  • September 11 affected tourism
  • Loss of competitiveness with Eastern Europe and Asia
  • Reliance on foreign energy sources
  • Unequal distribution of wealth
  • Sean Kay says most serious causes of financial crisis of 2008 – 20010 was Irish government policies that turned the the mortgage and lending systems into a “Las Vegas Casinoâ€?