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In the late 1980s Ireland was one of the lowest income countries in Europe, with unemployment above 16% and government debt exceeding 120% of its GDP. Ireland was an island country, peripheral and dependent at the time on its larger neighbor, the United Kingdom, from which it gained independence in 1922. It had a population of approximately 3 million inhabitants, i.e., a limited domestic market. Its industry was scarce and its economy was dominated by the primary sector; basically by potato growing and cattle raising. However, Ireland in a very few years became a magnet for multinational technology and pharmaceutical companies and by 2019, as measured by the World Bank, it was the country with the highest real GDP per capita in Europe, only behind Luxembourg.
How can a country with such adverse indicators, become one of the richest?
Is Ireland just another tax haven, with no real benefits for its inhabitants?
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Links of interest:
- Quality of Life Index (2005) The Economist:
www.economist.com/media/pdf/q...
- Powell, Benjamin (2003) "Economic Freedom and Growth: The Case of the Celtic Tiger.
citeseerx.ist.psu.edu/viewdoc/...
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