The Irish Economy, Boom and Bust: Background information when reading The Spinning Heart

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The Spinning Heart

A Novel

by Donal Ryan

The Spinning Heart
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  • First Published:
    Feb 2014, 160 pages
    Feb 2014, 160 pages

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Book Reviewed by:
Rebecca Foster

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About this Book

Beyond the Book:
The Irish Economy, Boom and Bust

Although the 2008 financial crisis that provides the background to Donal Ryan's The Spinning Heart had worldwide repercussions, the effects were felt particularly heavily in Ireland. The crash was preceded by a time of great prosperity in the country, such that the booming economy was given the nickname of the "Celtic Tiger," comparing it to some of the East Asian economies that took off in the late 1980s.

Foreign investment, increased partnership between employers and unions, industrial subsidies, more women joining the workforce, a low corporate tax rate, and membership in the European Union were all factors that led to an average 9.4% annual expansion in the economy between 1995 and 2000. Over the decade between the mid-nineties and 2006, Ireland transformed itself from one of western Europe's poorest countries to one of its most successful. The nation began to attract entrepreneurs and high-profile companies such as Dell, and also drew many immigrants from eastern Europe, ...

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