Ireland under austerity

Neoliberal crisis, neoliberal solutions

Once held up as a 'poster child' for the benefits of untrammeled capitalist globalisation, the Irish Republic has more recently come to represent a cautionary tale for those tempted to tread the same neoliberal path. The crash in the world economy had especially grave repercussions for Ireland, as it only narrowly escaped bankruptcy by negotiating emergency loans at punitive rates from the IMF, EU and ECB. A series of austerity measures introduced by successive Irish governments and overseen by the institutions of global finance has seen the country endure what some consider the most substantial 'adjustment' ever experienced in a developed society during peacetime. In this collection of essays, a range of academics, economists and political commentators delineate the reactionary course that Ireland has followed since the ignominious demise of the Celtic Tiger. A central thread that runs through the book is that the forces of neoliberalism have employed the economic crisis they caused to advance policies that are in their own very narrow interests. The host of regressive measures imposed since the onset of global recession has fundamentally restructured Irish society and will continue to do so long after public anger recedes and the national humiliation of the 'bailout' fades from memory. Ireland Under Austerity provides a critical and engaging account of what has happened to a society that in recent years has, more than most, mapped out the pernicious cycle of boom and bust that remains an essential hallmark of contemporary capitalism.