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The epilogue provides a brief overview of some key findings. The industrial expansion of the Cumann na nGaedheal years is likely to have been more substantial than has generally been supposed, and the conservative approach adopted in most areas of economic policy is understandable in light of the circumstances of the times. Though the contemporary economics community had been highly critical of Fianna Fáil policy in the 1930s, governments of all political dispositions became more protectionist and interventionist with the onset of the Great Depression, and quantitative economic historians judge Ireland to have emerged a net beneficiary from the economic war with the United Kingdom. The large number of jobs that had been created under protectionism, however, made it difficult to dismantle the tariff regime when external circumstances changed. The strategy of ‘industrialization by invitation’ provided a route through the difficult interest-group politics of outward reorientation. Comparison with the performance of other independent states may in any case entail the application of an overly taxing standard: Ireland was unusual in that it continued to share a common labour market with its larger and more prosperous neighbour. Economies of this type can expand more dramatically when circumstances are advantageous and decline more precipitously when they are not. This provides a framework through which the later Celtic Tiger era might be viewed. The book ends by summarizing the evidence on the share of foreign-owned firms in manufacturing employment over the first half-century of independence.
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