By Seán Ó Riain
ISBN-10: 0521279054
ISBN-13: 9780521279055
In 2008 eire skilled the most dramatic financial crises of any financial system on the planet. It continues to be on the center of the overseas obstacle, sitting uneasily among the united states and ecu economies. now not some time past, even if, eire was once celebrated as an instance of profitable market-led globalisation and financial progress. How will we clarify the Irish quandary? What does it let us know in regards to the motives of the overseas problem? How should still we reconsider our figuring out of up to date economies and the workings of financial liberalism in keeping with the Irish adventure? This ebook combines monetary sociology and comparative political economic climate to examine the explanations, dynamics and implications of Ireland's monetary 'boom to bust'. It examines the interaction among the economic climate, eu integration and Irish nationwide politics to teach how monetary hypothesis beaten the commercial and social improvement of the Nineteen Nineties 'Celtic Tiger'.
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Additional resources for The Rise and Fall of Ireland's Celtic Tiger: Liberalism, Boom and Bust
Sample text
But if markets cannot be disembedded from society, how can a society come to be dominated by markets to such a degree that it can be called a ‘market society’? Polanyi does in fact provide us with significant conceptual tools for understanding the process through which ‘market societies’ emerge. He analyses this process at the macrohistorical level. However, the same concepts can be applied at a variety of different scales – local, national, transnational – and across a variety of different time horizons – from macrohistorical shifts through changes in the business cycle down to the cycles of organisational and working life (Ó Riain, 2006).
This ‘social structure of liquidity’ (Carruthers and Stinchcombe, 1999), facilitated by Ireland’s position at the nexus of a ‘triple financialisation’ of the US, UK and European economies, 30 Liberalism in crisis triumphed over an alternative social structure that channelled investment towards the development of high-technology production and innovation. This was the triumph of Polanyi’s ‘market society’ with the hyper-commodification of land and money and the emergence of finance as the enemy of production (Polanyi, 1944).
For Esping-Andersen, for example, the crucial distinguishing feature between different forms of welfare capitalism was the degree of commodification of social relations and the extent to which the welfare state decommodified labour and made workers less dependent upon the market for their survival and livelihoods. In practice, Esping-Andersen’s analysis then revealed more about the non-liberal forms of the welfare state than countries within the liberal category, which were often seen as being simply ‘market-led’.
The Rise and Fall of Ireland's Celtic Tiger: Liberalism, Boom and Bust by Seán Ó Riain
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