Ireland in the global economy topic 2

what is globalisation

It connects markets for goods, labour and capital across countries.

What was Ireland's economic policy in the 1930s?

Protectionist and inward-looking, with high tariffs and import substitution.

When did Ireland begin opening its economy?

From the late 1950s, with greater opening in the 1960s.

Why did Ireland's protectionist model fail?

Domestic industry remained weak behind protected markets.

When was the failure of Irish domestic industry clear?

By the 1950s

What did the Control of Manufactures Acts do?

They restricted foreign direct investment in Ireland.

Why did Ireland increasingly use FDI?

It avoided some of the painful restructuring of domestic industry.

What was the IDA's role?

It played a powerful role in attracting foreign investment.

How did Ireland's FDI strategy change?

From manufacturing to high-tech, services and R&D.

What helped Ireland attract FDI?

Education, tax policy, the IDA, English and its policy environment.

When did globalisation intensify?

From the 1990s

What helped globalisation grow in the 1990s?

US growth, the Soviet collapse and the internet/telecoms boom.

Why was Ireland well positioned for globalisation?

Its English language, time zone and policy environment helped.

When did Ireland join the EEC?

1973

How did European integration affect Ireland?

It reduced Ireland's dependence on the UK.

What was Project 1992?

An EU programme to complete the Single Market.

What did the Single Market remove?

Barriers to trade, services, movement and capital.

Why is the Single Market called 'mini globalisation'?

It increased economic integration between European countries.

What did EU structural and cohesion funds do?

They helped countries prepare for increased competition.

When did Ireland join the euro without the UK?

1999

What happened to Ireland's growth after becoming more open?

Growth became more sustained as Ireland integrated globally.

What was Ireland's experience of late-19th-century emigration?

Emigration was very high and largely driven by economic factors.

What happened to Irish trade policy in the 1930s?

Ireland became more protectionist with high tariffs.

What was import substitution?

Producing goods domestically instead of importing them.