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Ireland’s Economy By Michael Kass Britain Gains Control • English Rule started in the late 1100’s • King Henry VIII changed Ireland from Lordship to Kingdom • In the 16th and 17th centaury Ireland was under the plantation system • After the rebellion of 1798, Britain, Ireland and Scotland merged together The Economy Pre-Famine • The Economy was mainly agriculturally and textile based at this time, and it was on the decline – The meat prices were dropped by close to 50% – Grain prices were dropping between 40%-50% • “A detailed enquiry into rural poverty reported in 1836 that an agricultural labourer could on average count on 134 days of paid employment in a year.” – University of College Cork • The two major textiles, cotton and wool, were failing due to technological deficiencies. • Meanwhile Linen was thriving in the Northeast The Great Famine • This refers to the great loss of potatoes mainly between the years of 1845-1850 • Potatoes were Ireland’s main source of food for the rural poor • It is believed that by 1850 1 million people had died and another million had fled the country • Potato yields (in tons) – 1844(pre-famine): 15 mil – 1845: 10 mil – 1846: 2 mil – 1847: 2 mil – 1848: 3 mil – 1849: 4 mil Start of Industrialization • Ireland was behind the rest of Europe with Industrialization • South Ireland started to industrialize in the 1920’s, by focusing on exports • During WWII Northern Ireland started becoming a big producer for shipbuilding, engineering and textiles Protectionism Ends • The economy got opened up to foreign trade and investors in the 1960’s • The GDP and GNP were both rising • Employment was on the rise • The oil crisis of the late 70’s hurt their economy The Celtic Tiger • Very large economic growth in the 1990’s and 2000’s • Foreign companies poured into Ireland as an easy access point to Europe – They counted for 47% of workforce • Ireland had the 2nd highest GDP in EU • Almost 1 million new jobs were created during this time – 1.1 mil in 1990, 1.9 mil in 2005 • Ireland became self-sufficient from England for the first time The Economy Now • • • • Ireland’s economy is doing very poorly now The public debt to GDP ratio is 174% Unemployment rate is 14.4% Irish property bubble popped, similar to America • People have been leaving the country – Roughly 40,000 Sources 1. http://www.thomaswhite.com/explore-theworld/ireland.aspx 2. http://multitext.ucc.ie/d/Ireland_society_and_economy_181 5ndash1870 3. http://www.historyplace.com/worldhistory/famine/after.htm 4. https://www.cia.gov/library/publications/the-worldfactbook/geos/ei.html 5. http://www.heritage.org/research/reports/2006/06/howireland-became-the-celtic-tiger