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In this introduction I will outline the overview of Irelandseconomic crisis Was there any other way other than austerity forIreland Was it then austerity that suited most to the Irish economiccrisis Before going into the topic what does the term austerity meanWhat happened to the Irish economy that this term edged to the minds ofIrish people Austerity can be described as A form of voluntarydeflation in which the economy adjusts through the reduction of wagesprices and public spending to restore competitiveness which issupposedly best achieved by cutting the states budgets debts anddeficits Blyth 2013 p2 The policy of austerity could be arguedas governments attempts to raise income usually through higher taxesand lower expenditure during a downturn This is highly pressured by theexternal factors such as European Commission or European Central BankFrom this it can be argued that Irelands current economic crisis canbe largely attributed to over spending by governments on public servicewages and generous spending on schemes such as welfare Before goinginto further detail what did happen that Ireland faced severe downturnIn 2008 the global economy began to experience a severe recessionIrish economy was heavily dependent on export accompanied by the incomethat was taken from taxes such as property tax stamp duty on propertyland and VAT from housing Over the space of the following 3 yearseach of these fell by between 38 and 50 Drudy Collins 2011Combined with the over spending and heavy dependence on taxation systemultimately led Irelands downfall and brought the concept of austeritymeasures into Irish peoples life In this paper I am going to discussif the austerity was the common sense to the Irish crisis or notDuring these years Irish economy was heavily dependent on export andwith the low corporate tax regime most foreign companies started toestablish their headquarters in Ireland These companies madesignificant contribution to Irish economy chemicals computers andinstrument engineering and electrical engineering - grew by 275 andcontributed some 30 point of the
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