In international commentary and debate on the effects of the Great
Recession and austerity, Ireland has been hailed as the poster
child for economic recovery and regeneration out of deep economic
and fiscal contraction. While the genesis of Ireland's financial,
economic, and fiscal crisis has been covered in the literature, no
systematic analysis has yet been devoted to the period of
austerity, to the impact of austerity on institutions and people,
or to the roots of economic recovery. In this book a group of
Ireland's leading social scientists present a multidisciplinary
analysis of recession and austerity and their effects on economic,
business, political, and social life. Individual chapters discuss
the fiscal and economic policies implemented, the role of
international, and, in particular, of EU institutions, and the
effects on businesses, consumption, work, the labour market,
migration, political and financial institutions, social inequality
and cohesion, housing, and cultural expression. The book shows that
Ireland cannot be viewed uncritically as a poster child for
austerity. While fiscal contraction provided a basis for
stabilizing the perilous finances of the state, economic recovery
was due in the main to the long-established structure of Irish
economic and business activity, to the importance of foreign direct
investment and the dynamic export sector, and to recovery in the
international economy. The restructuring and recovery of the
financial system was aided by favourable international
developments, including historically low interest rates and
quantitative easing. Migration flows, nominal wage stability, the
protection of social transfer payments, and the involvement of
trade unions in severe public sector retrenchment -
long-established features of Irish political economy - were of
critical importance in the maintenance of social cohesion.
General
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