In memoriam the Celtic Tiger
In the debates about current events in Ireland, it is often now suggested that the ‘Celtic Tiger’ was all an illusion and that it never really existed, or that if it did it consisted almost entirely of a sleight of hand connected with a property bubble and banking misconduct.
Without wanting in any way to take away from the seriousness of what Ireland now faces, that kind of perspective on the Celtic Tiger is seriously misplaced. Even after all the stuff we are about to experience, Ireland will be an immeasurably richer country, with a wholly different infrastructure and economic capacity, than might have been expected back in the early 1980s. The property bubble was not the substance of the Celtic Tiger, but rather an aberration that resulted from it. Until 2004 or so the bulk of our economic activity was in exports of goods and services, rather than trading in property or domestic consumption. You can trace the transition from this to the more recent unviable distortion of the economy by reading the annual reports of the National Competitiveness Council (which correctly identified what was happening and warned about it early on).
It is worth making this point in order to remind ourselves that not everything that we did, or even that our politicians led us in doing, was wrong. It is just that eventually we all lost touch with reality. But we can, and I suspect we will, return to a more viable version of economic success. Our ability to do that will not be helped by enthusiastically adopting a hugely distorted vision of recent Irish history.