Ireland and Its Development
1. Introduction
Ireland has faced extremely fast development in many industrial sectors during the last decades. This has not happened by accident and that is what made it for us an interesting case to study in more detail. The Irish government policy towards Foreign Direct Investments (FDI) has affected in large extend to Multinational Organizations’ investment decisions into Ireland. The FDI is one of the main focuses through the paper as we see that they have had a major impact on the development of Ireland during the 80’s and 90’s.
In this paper we will focus on three main areas. First area is a view to the historical development of the country from the mainly agricultural driven society in the 50’s to a highly developed industrial country in the 21st century. The second part of this paper will focus more carefully on the reasons why this development has been possible. We will go through some theory about government policy in attracting Foreign Direct Investments. The last part of this paper will focus on the company point of view of FDI. We will go through one company example and discuss this according to an introduced theory of companies doing FDI.
With this paper the group wants to give the reader a more specific view to the fast and well-planned development Ireland has been able to reach during the recent decades. We hope that this view encourages the reader to take a closer look to the fascinating Irish culture and we hope that the reader will get some perception what possible tools a government has to attract foreign firms to invest in the host country.
2. Economic History
2.1 Overview
Ireland will go down in economic history as the economic miracle in the last decade of the twentieth century.
For most of the 20th century although, even well into the late 1980s, Ireland was in economic terms quite unsuccessful. Chronic unemployment led to large emigration flows and dampened entrepreneurial activity. The country’s economic situation eventually reached crisis levels because of the spillover effects of the two oil shocks of the 1970s and the high interest rates resulting from the United States’ anti-inflationary policies of the early 1980s. By 1988, the public debt exceeded 140% of Irelands gross domestic product. But the unemployment situation was also serious, emigration resurged, the economy stag...
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...Donnell Kevin D.; “The economic transformation of Ireland-Underpinnings, Impact and Sustainability of the Rapid Economic Growth”; Norwegian School of Economics and Business Administration, 1998
• OECD; “Knowledge worth the investment”, OECD 2003
(http://www.oecdwash.org/NEWS/LOCAL/oecdwash-jan2003.pdf)
• Somers Michael J; “The Irish Economy”, National Treasury Management Agency, 2000 (http://www.ntma.ie/Publications/Parismay00.pdf)
• Torkildsen, Erik et al.; “Ireland in the Global Market for Foreign Direct Investment-A study of Eight Norwegian Companies”; Norwegian School of Economics and Business Administration, 1996
• World Bank; "Social Policy and Macroeconomics: The Irish Experience", World Bank, 2001 (http://www.worldbank.org/transitionnewsletter/octnovdec02/pgs20-23.htm)
• World Bank; “Ireland: Participation in macroeconomic policymaking and reform”, World Bank 2002 (http://www.worldbank.org/participation/web/webfiles/ireland.htm)
Internet sources
• http://www.ida.ie
• http://www.oecd.org/htm/M00008000/M00008465.htm
• http://www.cso.ie
• www.finance.gov.ie
• http://www.cia.gov/cia/publications/factbook/geos/ei.html
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