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When the Luck of the Irish Ran Out: The World's Most Resilient Country And Its Struggle to Rise Again [Hardcover]

David J. Lynch

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Book Description

5 Nov 2010 0230102735 978-0230102736 First Edition
Few countries have been as dramatically transformed in recent years as Ireland. Ireland finally emerged in the late 1990s as the fastest-growing country in Europe, with the typical Irishman enjoying a higher standard of living than the average Brit. Just a few years after celebrating their newly-won status among the world's richest societies, the Irish are now saddled with a wounded, shrinking economy, soaring unemployment, and ruined public finances. After so many centuries of impoverishment, how did the Irish finally get rich, and how did they then fritter away so much so quickly? Here, veteran journalist David J. Lynch offers an insightful, character-driven narrative of how the Irish boom came to be and how it went bust. He opens our eyes to a nation's downfall through the lived experience of individual citizens: the people responsible for the current crisis as well as the ordinary men and women enduring it.

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Review

'David Lynch's book is an amazing story of rampaging greed, dirty doings and even adulterous sex…Old Mother Ireland doffs her peasant's garb and emerges as a provocative siren, infecting the Irish with diseased materialism. Along with a concise history of Ireland, Lynch makes even economics funny and fascinating.' - Malachy McCourt

'A brilliant set of insights into the true and completely general nature of 'crony capitalism'. Close connections between politicians, bankers, and property developers brought Ireland great apparent prosperity – while really creating the conditions for a huge and horrible crash. Lynch is optimistic that Ireland can rise again and find a more robust model for growth. Let's hope he is right.' - Simon Johnson, Professor, MIT Sloan School of Management and author of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

'David Lynch's book will enrage, enlighten, and sadden you. His superbly written account of what really happened in Ireland during the boom of the Celtic Tiger and the ensuing bust is, to be sure, a story about Ireland. But it is also a cautionary tale for all of us. The next time somebody tells you that the market can only go up, run away and re-read this book!' - Terry Golway, columnist, The Irish Echo and author of So Others Might Live

'Lynch marvelously weaves together politics, history, and religion to explain the incredible economic and social transformation that has swept Ireland over the past three decades and the deep financial crisis that Ireland is grappling with today.' - Kenneth S. Rogoff, Professor of Economics, Harvard University and coauthor of This Time is Different: Eight Centuries of Financial Folly

'David Lynch has produced a terrific read – a hair-raising gallop through the hills and valleys of modern day finance. After reading this book, you'll never think about Ireland – or global financial markets - in quite the same way.' - David M. Smick, author of The World Is Curved: Hidden Dangers to the Global Economy

'A tour de force of reportage and analysis. As much social anthropology as economic forensics, it is a cautionary tale of post-colonial success and excess. As cold as the eye he casts upon the land of his forebears is, Lynch retains an unmistakable affection for Ireland and a confidence that it can change, change utterly, for the better.'  - Kevin Cullen, columnist and former Dublin bureau chief, The Boston Globe
 
'…a compelling and vividly written account of what happened' The Scotsman 
  
' For those seeking a punchy account of Ireland's rise and fall, with enjoyable diversions into music, literature and popular culture, this book is an excellent place to start.' - Steve Coulter, British Politics and Policy at LSE, Feb 2011
 
'Well-written, crisp and without jargons, the book makes an excellent reading, even to a non-economic reader. It is a mixture of Irish economy and history, and culture, an inter-mingling of it that adds flavor to narration.' - Organiser (India)
 
'J.lynch's book is an excellent introduction to how far the Irish travelled from the 1980s to present.' - Survival

Book Description

The first exploration of modern Ireland's extraordinary journey from economic success story to a country in crisis


Customer Reviews

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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.2 out of 5 stars  8 reviews
4 of 4 people found the following review helpful
5.0 out of 5 stars An enjoyable, informative book! 13 Dec 2010
By cheartfield - Published on Amazon.com
Format:Hardcover|Amazon Verified Purchase
Though I am a big reader of history and biography, I typically shy away from economic histories or books written from an international finance perspective. However, "When the Luck of the Irish Ran Out" was a delightful read, filled with very helpful comparative illustrations and some great anecdotes and stories along with lots of facts and analysis. I especially like the way the author traces the lives of several of the main players and others in Ireland during this period; it provides a ground-level and human perspective on the roller-coaster ride the Irish are experiencing.
2 of 2 people found the following review helpful
5.0 out of 5 stars When the Luck of the Irish Ran Out (by David Lynch) 4 Jan 2011
By David - Published on Amazon.com
Format:Hardcover
I just completed "When the Luck of the Irish Ran Out." The author portrays a genuine fondness for Ireland that is compelling to the reader, but this is a new Ireland, not one focused on the historical ruins, the pipes and pubs, shamrocks, and the cultural landscapes of Counties Sligo or Mayo. Instead, it is an excellently written examination of the rise and the fall of the phenomenal Irish "Celtic Tiger." The book examines the many facets of Irish banking, government, telecommunications, real estate and their overall society that experienced phenomenal changes between from the 1980's until 2010. What particularly interested me is the author's explanation of the remarkable change that Ireland experienced when they moved from an almost stoic, theology-structured society in the 1970's & `80s to an aggressive entrepreneurial, culturally expansive and eventually a super-heated consumer culture, which eventually lead to the bursting of the Celtic Tiger's bubble in the past 2 ½ years. There are many similarities between the incredibly hot real estate and housing markets in Dublin and in the greater Washington, DC area in the late 1990's and 2000's. It seems that dollars were flying everywhere in both places at the same time when an ethos of complete recklessness in the real estate markets was the norm by government, finance and real estate professionals. This massive flow of dollars impacted elected and government officials in both Ireland and the greater DC area. The parallels between Dublin and the DC area are many. Some places in the DC area such as Prince George's County, Maryland are still experiencing the political fallout from the developer driven economic engine that was too hot to sustain over the long term. The same appeared to happen on a more aggressive scale in Ireland. Best wishes to Ireland and I hope that their incredibly resilient culture will find a way for their Celtic Tiger to find its roar once again.
1 of 1 people found the following review helpful
3.0 out of 5 stars Troubles 11 Feb 2011
By Stephen T. Hopkins - Published on Amazon.com
Format:Hardcover
David Lynch has written a lively account of the bubble and bust of the Celtic tiger in his book, When the Luck of the Irish Ran Out. He covers the politicians and the bankers along with the property developers and the Irish consumers. The key word in the title is "luck;" Lynch makes the point that the Irish had good luck on the way up, and bad luck on the way down. If you haven't selected your Saint Patrick's Day reading yet, consider giving this book a try, and lift a pint or two to commiserate with the troubles of the Irish. A short and finely written essay on the same topic comes from Michael Lewis in the March 2011 issue of Vanity Fair titled, "When Irish Eyes Are Crying." If you like Lewis' article, chances are good that you'll enjoy Lynch's book.

Rating: Three-star (Recommended)
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