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Ireland’s Economy

Ireland’s Economy. By Michael Kass. Britain G ains C ontrol . English Rule started in the late 1100’s King Henry VIII changed Ireland from Lordship to Kingdom In the 16 th and 17 th centaury Ireland was under the plantation system

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Ireland’s Economy

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  1. Ireland’s Economy By Michael Kass

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. Sources • http://www.thomaswhite.com/explore-the-world/ireland.aspx • http://multitext.ucc.ie/d/Ireland_society_and_economy_1815ndash1870 • http://www.historyplace.com/worldhistory/famine/after.htm • https://www.cia.gov/library/publications/the-world-factbook/geos/ei.html • http://www.heritage.org/research/reports/2006/06/how-ireland-became-the-celtic-tiger

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