Stagnant political system fails to win ground in our new economic war

FOR years the maxim of American business was: “As General Motors goes, so goes the nation.” Today there are fears General Motors is going bankrupt and this could have further enormous implications for the global economy. The whole thing emphasises the need for new political thinking in relation to the economy.

During the Roaring Twenties, when the rest of the world was enjoying an economic boom, this country was mired in the aftermath of the Civil War. Finance Minister Ernest Blythe sought to reduce government spending by cutting the old age pension by one shilling and they were never allowed to forget it.

The Cumann na nGaedheal government sought to escape from its economic woes by blaming Eamon de Valera for just about everything, as the Irish people had been blaming the British for generations.