Kieran Allen: Ireland's Economic Crash [2009] paperback

"Ireland's Economic Crash: A Radical Agenda for Change" recounts how a miracle economy turned into an economic disaster zone. While its ordinary people suffer, the government bails out banks and imposes wage cuts, levies and reductions in basic public services. The result is a downward spiral of economic gloom and doom. In this damming critique, Kieran Allen advocates a withdrawal of state support to the private banks and the creation of a 'good' public bank. He calls for a scheme of public works to give jobs to the unemployed and to stimulate the moribund economy. He argues that those who made vast fortunes during the boom years should carry the cost of cleaning up the mess they largely created. Shifting from the local to global dimensions, Allen examines the reckless growth of a 'casino economy' where valuable resources were squandered by hedge funds and other financial speculators. He suggests that our current 'for profit' system is facing a deep, long-term crisis. Written in a clear and accessible style, "Ireland's Economic Crash" backs up its claim with carefully marshalled evidence and argument.
Along the way Allen punctures five myths about the Irish crash - including that we all must share the pain - and proposes specific solutions to get us out of the crisis. Above all, "Ireland's Economic Crash" is a passionate call for new thinking about economic alternatives and the future for Ireland.