Our vulnerability to global trends - Perhaps we need new economics

“LET’S keep the recovery going” was the general election slogan used by Fine Gael to emphasise the Government’s mastery of the economy and its competence in matters financial compared to administrations in other countries that had also suffered severely in the recession.

It quickly became a two-edged sword. On the one hand, it emphasised the fact that we had emerged from economic meltdown and that things were improving. Much was made of the fact that despite our growing national debt, we were enjoying a healthy surplus in international trade, particularly in the area of pharmaceuticals.

However, it became unstuck when it grew increasingly obvious that the recovery was not being experienced by everyone, particularly those on lower pay and people living in rural Ireland.