>Andrew's point that O'Hearn's book (and my review) are stuck in the past
>would be welcome news. But I find it difficult to avoid the empirical
>evidence O'Hearn cites to the effect that the foreign share of fixed
>capital investment in Eire rose from about 60 per cent in 1988 to 75-80
>per cent in the 1990s is difficult to gainsay (p.70).
Ehh..
Jim I don't know if you read my post but I didn't deny the importance of foreign capital at all (I thought in fact I'd underlined it - see my articles at http://flag.blackened.net/revolt/ws98/ws53_tiger.html for instance the box that reads "The figures show that despite the breaking of the traditional relationship with Britain (which now accounts for less then 25% of exports rather then the 45% of twenty years ago) the economy has a typical neo-colonial structure with the most dynamic sectors being both foreign owned and highly subsidised by PAYE taxes. Alongside this is the massive rate of US investment ($3000 year/person). These figures should sound a note of warning to those republicans who so eagerly greeted Bill Clinton as an ally against Britain. In the longer term it could be a case of out of the frying pan and into the fire!"
But the point is that using the importance of US capital to claim the boom doesn't really exist is well fooling no one. In 1997 in Dublin if blind folded leftist might just about have fooled themselves about this - in 2000 it just makes no sense at all. Not simply in terms of the emperical statistics of further and stronger growth but in terms of the very skyline of the city. The huge derelict sites that dominated the city in the 1970's and 80's (which we jokingly would tell tourists were the result of bomb damage) are now new office blocks, apartment blocks, and shopping complexs. Housing prices have soared by over 200% in the last five years, offical unemployment has dropped from 12% to 5%. There is net migration into the country of around 40,000 a year as against the net migration out in the 80s which was never less then 30,000 a year. The long fought for minimum wage is almost irrelevant as labour shortages have forced unskilled pay rates well over it. And of course now inflation is taking off, now at over 5%.
Quite frankly saying anyone who denies the reality of the Celtic Tiger in the face of all this is 'stuck in the past' is if anything a little polite! A recent article that attempts to come to grips with this reality is at http://flag.blackened.net/revolt/ws99/ws57_celtic.html
Someone yesterday posted on the importance of union/state/business partnership in all this in what seemed to be an approving manner. The reality of partnership however is that it has destroyed rank and file union organisation and that it has meant the working class are not getting the benefits of the boom (wage increases have been limited to very slightly above the rate of inflation). More details on all this at http://flag.blackened.net/revolt/union_wsm.html (the articles on national deals are two screens down the index)
Andrew
Andrew
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