Irish History and Economy Essay - 2398 Words

The â€Å"New Ireland† emerged in the 1990s’ when the country experienced an economic-cultural boom in which it was transformed from one of Europes poorer countries into one of its wealthiest. In the 1990s the socioeconomic prosperity that spread across the country found its origins in the evolution from a subsistence economy to a market economy. It was at the end of the 1950s when the Irish economy moved its first steps in condition of normal political stability and, new polices and plans were introduced and implemented to transform an Ireland that based her economy on rural and agriculture industries, to a country able to create high standard of living, consumer goods, and†¦show more content†¦The main industries targeted were: Health care, pharmaceuticals and chemicals; Electronics and engineering; Financial services and telemarketing; Software, data-processing and international services; in addition to that the Irish government provided an export subsidy policy so that Ireland developed itself into a strong international trade country establishing as the largest exporter of software-related goods and services in the world along with organic chemicals, electron ic telecommunication equipment and pharmaceutical products. Export played a fundamental role in the states robust growth, but the economy also benefited from the accompanying rise in consumer spending, construction, and business investment. In 2003 overseas companies accounted for 51% of Ireland’s exports generated more than â‚ ¬14 Billion of expenditure in the economy, directly employing nearly 140 000 people. The increasing of FDI (foreign direct investment), ensured the diversification of Irish exports into European markets, reducing the dependence on Britain so that a greater volume of exports went to European Community countries ratherShow MoreRelatedIrish Famine Essay1281 Words   |  6 PagesThe Irish Potato Famine was a period of starvation, disease and emigration, and was known as one of the biggest tragedies from 1845 to 1847. Many people depended on potato crops to survive; however [comma] the potato crops acquired blight, a disease that caused the potatoes to rot while still in the ground. 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