First Programme for Economic Expansion (1958-1963)


Mind mapof the First Programme for Economic Expansion (1958-1963)
Mind Map by emma.lawler1803, updated more than 1 year ago
Created by emma.lawler1803 over 9 years ago

Resource summary

First Programme for Economic Expansion (1958-1963)
  1. Introduction
    1. Protectionism since 1930s - barrier to economic growth
      1. Gerard Sweetman (Minister for Finance in 2nd Inter-Party Government)
        1. TK Whitaker (Secretary or Dept. of Finance
          1. Younger men unaffected by policies of the 1930s
          2. White Paper
            1. November 1958
              1. First Programme for Economic Development
                1. White Paper 'Economic development' drawn up by Whitaker
                  1. Analysed the economic and social failures of the 1950s
                    1. Wasn't called a Five Year Plan - associated with Stalin.
                    2. Solutions Proposed
                      1. Free trade, emphasis on industry over agriculture
                        1. Inefficient industries have to adapt & be more competitive
                          1. "Sooner or later, protection will have to go and the challenge of free trade accepted."
                          2. Changed Emphasis of Economy
                            1. Encouraged exports, grants & tax-breaks
                              1. Foreign investment
                                1. Opportunity to learn skills needed for industrial development
                                2. Implementing the Programme
                                  1. 1959 - Fianna Fáil in power, Lemass Taoiseach
                                    1. Provided political leadership and drive to bring about change
                                      1. "A rising ride lifts all boats"
                                      2. "There is no doubt that Lemass was the great moving dynamic spirit in all this"
                                      3. IDA
                                        1. Encouraged foreign firms to set up in Ireland
                                          1. British, American, German, Japanesse
                                          2. Grants, tax-reliefs, exports, profits tax exemptions. All export oriented
                                            1. Training in technological and managerial skills
                                              1. Grants to modernise factories and train
                                                1. Some changed and survived, others collapsed
                                                2. Agriculture
                                                  1. Emphasis on grassland farming
                                                    1. Eradicate Bovine TB
                                                      1. More research & marketing
                                                        1. Price supports for wheat, beet & milk
                                                          1. Marts were set up
                                                          2. Success
                                                            1. Unemplyment fell by 1/3
                                                              1. Fall in emigration
                                                                1. Population grew to almost 3 million.
                                                                  1. GNP grew by 4%
                                                                    1. Quick & dramatic turnaround
                                                                      1. National output rose, balance of payments problems eliminated
                                                                      2. Conclusion
                                                                        1. Lemass & Whitaker = progressive
                                                                          1. Steered Ireland's trade liberalistaion & structural reforem in 1960s
                                                                            1. 1963 - Second Programme. Too ambitious, abandoned in 1967
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