The Irish Mining Renaissance

From the time of its emergence as an independent state until the late 1950's, the Republic of Ireland suffered from chronic unemployment, the lowest living standard in Northern Europe, and-most serious of all-an aggravated emigration problem which drained off most of its talented young people. In 1958, however, there was a drastic legislative reaction to these problems, and this in turn ignited the current mining boom in Ireland. Paving the Way to Prosperity In order to reverse the tide of emigration, the Irish government now realized, challenging domestic employment opportunities had to be increased and living standards had to be raised. It was also apparent that future industrial and economic growth in Ireland had to be based on producing goods for export. The home market could not sustain large-scale expansion, and consequently Ireland's chronic balance-of-payments deficit could best be minimized by producing export goods. These considerations, together with the limited amount of accumulated wealth in Ireland, combined to set the objectives of the country's First Program for Economic Expansion in 1958. The general objectives of this program were (1) to stimulate all segments of the economy, (2) to develop foreign trade and (3) to attract foreign capital.