How the ship of fools was ship-wrecked - The Irish crisis and response

For a decade and half the Irish economy was the poster-boy of Europe. With substantial growth rates, an open economy, flexible labour markets and low levels of taxation, Ireland was seen as evidence of the success of neoliberal policies. Yet in the matter of a few short years Ireland has turned into a one of the peripheral black-holes (along with Greece and Portugal) that are threatening to bring down the whole Eurozone project. Given this context the paper will address two key questions. Firstly how did the much eulogised Celtic Tiger fall so far and so fast? And, secondly, what has been the government’s response to the fall and crash of the Irish economy? These two questions will be addressed through both a general historical analysis of the developments of Irish society up to the crash in 2008 and then the responses to it. Secondly by an analysis of two specific elements of that development; namely the much discussed low corporation tax rate and the failure of social housing to deliver decent affordable homes for those at the bottom of society. The third element is a review of the banking and sovereign debt crisis that led to the IMF/EU deal in November 2010 and a brief outlining of its implications for public finances, especially the question of default. The paper concludes by placing the Irish crisis in a global context.

Crisis Management in the Eastern Mediterranean (Implications for Policymakers)

This article examines Greek-Turkish crisis behaviour in the Eastern Mediterranean over the past two decades. Crises are first defined and classified, after which a number of common misperceptions are then addressed in light of recent experience. Three broad categories of foreign policy crises are analyzed: 1) those involving ethnically related minorities across the border; 2) those with 'alien' minorities within borders; and 3) those with third countries involving territories and resources. The article examines whether crises are simply elite-driven or partly endorsed and motivated by mass publics in both countries, and whether Greek-Turkish crisis behaviour reflects enduring ethnic rivalries, 'genuine' security interests, or domestic political needs and norms. The article draws upon the Greek-Turkish experience of the past two decades to illuminate contemporary dilemmas and issues which policymakers face in this region.