Ireland in the global economy topic 2 Flashcards
Which of the following best describes Ireland’s economic development during the late 19th century?
A) Highly inward-looking with strong protectionist policies
B) Strong economic performance with high labour mobility
C) Fully industrialized economy with large exports
D) Decline in trade and isolation from global markets
B) Strong economic performance with high labour mobility
What was a key motivation for Irish independence in economic terms?
A) Integration with the European Union
B) Pursuit of more inward-looking economic policies
C) Opening up to global trade and foreign investment
D) Creation of multinational corporations
B) Pursuit of more inward-looking economic policies
Which phase of globalisation is associated with the period after World War II to the present?
A) Phase I: Increasing globalisation (mid-19th Century to 1914)
B) Phase II: De-globalisation (1914 to 1945)
C) Phase III: Re-globalisation and hyper-globalisation (Post-WWII onwards)
D) Phase IV: Total isolation
C) Phase III: Re-globalisation and hyper-globalisation (Post-WWII onwards)
What economic strategy did Ireland shift towards in the post-1950s era?
A) Isolation from global markets
B) Reliance on local agricultural production
C) Openness and tight integration with global markets
D) Full protectionism and tariffs on imports
C) Openness and tight integration with global markets
What major economic event prompted Ireland’s sustained economic growth and integration with globalisation?
A) Adoption of protectionist policies in the 1930s
B) Joining the European Union and embracing an open economy
C) Transition to a fully agrarian economy
D) Implementation of high tariffs and trade barriers
B) Joining the European Union and embracing an open economy
Which of the following is a key challenge Ireland faces in the context of de-globalisation and geo-fragmentation?
A) Over-reliance on agricultural exports
B) Disruption of foreign direct investment (FDI)
C) Total isolation from the global economy
D) Strengthened international governance over global trade
B) Disruption of foreign direct investment (FDI)
What is the likely impact of “near-shoring” trends driven by climate and security concerns on Ireland?
A) It will increase FDI in Ireland
B) It may lead to pressures on inward FDI
C) It will strengthen Ireland’s agricultural sector
D) It will have no impact on Ireland’s economy
B) It may lead to pressures on inward FDI
Dani Rodrik’s ‘globalisation trilemma’ suggests that countries can only achieve two of the following three goals simultaneously. Which is NOT one of these goals?
A) National sovereignty
B) Global economic integration
C) Protectionist trade policies
D) Democratic politics
C) Protectionist trade policies
What are Ireland’s main concerns regarding the European Union’s recent relaxation of state aid rules?
A) Ireland could lose its comparative advantage in attracting FDI
B) Ireland’s economy will become too dependent on state subsidies
C) The EU will require Ireland to increase its military spending
D) It will enhance competition in the local market
A) Ireland could lose its comparative advantage in attracting FDI
How did Ireland’s economic policies from the 1930s to the 1950s affect its growth?
A) These policies were highly successful in fostering economic development
B) They led to sustained economic growth and stability
C) They were largely inward-looking and failed to promote growth
D) They integrated Ireland more closely with the global economy
C) They were largely inward-looking and failed to promote growth
What is the “first phase” of globalisation typically associated with?
a) The rise of digital technology
b) Increasing globalisation from mid-19th century to 1914
c) Post-WWII global institutions
d) The 2008 global financial crisis
b) Increasing globalisation from mid-19th century to 1914
Which of the following best describes “hyper-globalisation”?
a) The period between 1914 and 1945
b) Rapid globalisation from the 1990s to the 2008 crisis
c) The de-globalisation that followed the 2008 financial crisis
d) The re-globalisation after WWII
b) Rapid globalisation from the 1990s to the 2008 crisis
Ireland’s economic success in recent years is most attributed to:
a) Inward-looking protectionist policies
b) Tight integration with a globalising world
c) Economic policies focused solely on domestic markets
d) Trade only with the United States
b) Tight integration with a globalising world
During Phase I of globalisation, how did Ireland’s labour mobility compare to other countries?
a) Very high
b) Very low
c) Similar to other developed countries
d) Did not exist
a) Very high
What was a key motivation for Ireland’s independence in the 1930s?
a) Strong economic performance
b) National sovereignty and economic development
c) Rapid industrialisation
d) Integration into the European Union
b) National sovereignty and economic development
Ireland’s economic policies after gaining independence were generally:
a) Open and globally integrated
b) Focused on agricultural development
c) Inward-looking and protectionist
d) Entirely dependent on multinational corporations
c) Inward-looking and protectionist
The 2008 financial crisis is associated with which phase of globalisation?
a) Hyper-globalisation
b) Pre-WWII de-globalisation
c) The first phase of globalisation
d) The beginning of the digital global economy
a) Hyper-globalisation
What impact did Ireland’s integration into the EU have on its economy?
a) It stagnated growth
b) It created rapid economic growth
c) It reduced foreign investment
d) It isolated Ireland from global trade
b) It created rapid economic growth
One key challenge for Ireland’s economy in the context of globalisation is:
a) Too much reliance on agriculture
b) Dependency on multinational corporations
c) Lack of foreign direct investment
d) Limited access to European markets
b) Dependency on multinational corporations
What does Dani Rodrik’s “globalisation trilemma” focus on?
a) Managing climate change, economic growth, and unemployment
b) Balancing globalisation, democracy, and national sovereignty
c) Decoupling from global trade systems
d) Balancing financial deregulation, growth, and protectionism
b) Balancing globalisation, democracy, and national sovereignty
“Geo-fragmentation” refers to:
a) The creation of stronger global financial markets
b) The fragmentation of the global economic system into regional blocs
c) The integration of digital markets globally
d) Increasing immigration across the EU
b) The fragmentation of the global economic system into regional blocs
How has the relaxation of EU “state aid” policy impacted Ireland?
a) It has increased competition for FDI
b) It has reduced Ireland’s ability to provide subsidies
c) It led to the exit of Ireland from the EU
d) It allowed Ireland to out-compete other European nations
a) It has increased competition for FDI
What is a significant risk for Ireland due to “near-shoring” and “decoupling” trends?
a) Increased unemployment
b) Reduced inward foreign direct investment (FDI)
c) Loss of agricultural dominance
d) Increased trade with non-EU countries
b) Reduced inward foreign direct investment (FDI)
Which sector is Ireland heavily reliant on for its economic growth?
a) Manufacturing
b) Multinational corporations and FDI
c) Domestic agriculture
d) Construction
b) Multinational corporations and FDI
What was a key feature of Ireland’s economic recovery post-2008?
a) Adoption of protectionist policies
b) Tight integration with global markets
c) Expansion into non-EU trade
d) Strict regulation of foreign investment
b) Tight integration with global markets
What are some potential disadvantages for Ireland due to “geo-fragmentation”?
a) Difficulty in managing population growth
b) Pressure on inward foreign direct investment (FDI)
c) Increased international collaboration
d) Reduced labour mobility
b) Pressure on inward foreign direct investment (FDI)
What might a relaxation in EU “state aid” rules lead to for Ireland?
a) Increased access to EU funding
b) A subsidy race that disadvantages Ireland
c) Higher levels of FDI into Ireland
d) Greater competition within Ireland’s domestic industries
b) A subsidy race that disadvantages Ireland
Ireland’s vulnerability to macro-crises such as the 2008 financial crisis is heightened by:
a) Over-reliance on agricultural production
b) High integration with global financial systems
c) Low levels of foreign direct investment
d) Lack of a monetary union
b) High integration with global financial systems
What role does the adoption of the Euro play in Ireland’s economy?
a) It provides financial stability but limits independent monetary policy
b) It allows for higher tax revenues from multinational corporations
c) It reduces Ireland’s competitiveness in global markets
d) It fosters de-globalisation
a) It provides financial stability but limits independent monetary policy
