//
you're reading...
Uncategorized

Far and Away


         ————–>            ???

This spring break I did not follow the masses to any of the coastlines or islands. Instead, I was able to join the European masses in my first trip to Europe. Specifically, I visited Italy and Spain where I ventured through the cobblestones of Florence, scaled the Colosseum in Rome, and struggled to adapt to Spanish eating habits in Barcelona. Rome was remarkable with all of the ruins surrounding my hotel and in my opinion should be the first stop for anybody visiting; even if you’re not particularly religious, the Vatican is a must-see. Overall, I had a blast on my trip but it had a much deeper meaning than sight seeing. I realized while I was there how sheltered my upbringing has been thus far and how beneficial it would be for me to travel to other regions of our world.

We are very lucky to be American and to be associated with the “freedom” that serves as a footnote for America. Given the United States’ dominant global presence, I wanted to dive a little deeper into a European country that isn’t a top player. I followed my Irish heritage and financial interests to the breathtaking country of Ireland. While Ireland engraves gorgeous plateaus of greener than green grass, there is much more than meets the eye.

I used the think tank known as The Economic and Social Research Institute (ESRI) to do some further research into Ireland’s economic status. Recently, Ireland has been making headlines as being a target country that will default along with Portugal and Greece. According to the think tank, Ireland experienced a very similar housing bubble burst that the US did. Ireland was coming off of a decade in which their GDP nearly doubled in size. The housing bubble caused soaring growth in the construction and building sectors which left Ireland in a less than favorable situation by 2007. Seemingly mirroring our collapse, the financial sector collapsed with the housing bubble as it was heavily overweighted with exposure to the property market. In turn, prices soared and left Ireland in an even deeper hole by 2009.

Ireland’s economy is heavily dependent on trade because, as mentioned, it is not a dominant global player. That being said, when the global credit crunch developed, Ireland was left stranded with no one wanted to buy their goods. The global financial collapse left Ireland’s GDP down 40%. You could say it would be a bit of an understatement to say Ireland is in some trouble. Herein lies the point. During our financial crisis, yes, some people lost tons of money, jobs, and homes. However, we were able to implement fiscal and monetary policy that has slowly dragged us out of the recession. This is very eye opening as all of us, myself included, do not usually worry about the economy at our age. We feel confident that our education will help lead us to a job that our country is “constantly” supplying.

Getting to the meat of my post, what if we were of Irish nationality? What if all of a sudden, all businesses started going under and were no longer able to supply jobs due to the lack of demand for exports? As Ireland is so reliant on trade, this is a very plausible situation. Secondly, Ireland is part of the European Union. This also complicates the situation as there are 27 different governments that are all using the same currency. Here in the United States we have a centralized government and one currency that go together. 27 different fiscal policies is difficult to pair with one currency.

I guess my point, again, is that we should not take for granted the opportunities we have available for us here in the United States. In my travels over break, I realized there is much more to the world and social science for that matter, than just the United States of America. I think it would be an interesting experience to be able to try and enter the job market there over a period of time.

Advertisements

About Patrick

I am a Junior Management major, member of Bucknell's football team, and current president of Phi Gamma Delta fraternity.

Discussion

5 thoughts on “Far and Away

  1. I’m so happy you picked Ireland! I studied abroad there last spring and then worked there the following summer, and I can honestly say it’s one of my all time favorite places. Your post really hit home with me as I am currently trying to look for a job in Ireland (I want to go back!) and the job market is just horrendous. I know it’s hard to get jobs in the US but it seems impossible to get jobs in Ireland. Nevertheless, I am determined to make it over there after graduation. It’s always been a dream of mine to work in Europe after college. I’m hoping Europe, and more specifically Ireland, can really turn it around in the next couple of years and revamp their economy.

    Posted by Jenna | March 21, 2012, 3:25 pm
  2. Patrick – thank you for educating me on this topic. Seeing as I have almost 100% Irish roots (does the O’Brien give it away?), I should probably be far more educated on the country than I am. Although the financial crisis reverberated internationally, I feel that people in the United States often isolate the conflict to our own country and only understand the consequences in this context. I think it is important to comprehend the global impact, and your post on Ireland helped me to begin to do that!

    Posted by Beth O'Brien | March 21, 2012, 4:54 pm
  3. This was a really interesting post Patrick. I’ve been interested in Ireland ever since my girlfriend visited it and told me it was her favorite place in the world. I had no idea that Ireland was in danger of defaulting, but I guess I’m not entirely surprised either. With much of Europe involved in financial crisis right now, I’m interested in how each country is affected and what has caused these crises. With Ireland, I found the graph you attached very alarming, as having a large decrease in GDP clearly cannot bode well for Ireland’s economy. This country will definitely be one I’ll be keeping tabs on, especially as the rest of the world continues to work out of their financial woes.

    Posted by Ben K. | March 21, 2012, 6:28 pm
  4. Patrick, you present an intriguing post that makes me feel gratitude for being an American. It is differences such as this that make the lives you and I have much more carefree and protected than individuals in a smaller nation. Such differences are important to note, as we, being in a position of power, should always attempt to aid those less fortunate then us. I believe your post actually coincides with my post slightly, in that both Ireland and India experienced similar “bubble bursts” that are less noteworthy to us than our own financial crisis. I believe recognizing these other problems may present us with the opportunity to both be thankful for our positive circumstances, as well as recognize any opportunity we may capitalize on to aid those in less fortunate circumstances.

    Posted by Derek | March 21, 2012, 7:52 pm

Trackbacks/Pingbacks

  1. Pingback: Europe's 'Success Story' Double Dips: Irish Economy Re-Contracts, As Predicted - London Ontario Alternative News for Local Business, World News, Sports & Entertainment Plus FREE CLASSIFIEDS - March 23, 2012

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

BLOG INSTRUCTIONS

Blog 5 before session 6 What (interest) or Who (person) Inspires You? For this week’s prompt, the Blog Council wants you to examine how this class relates to your own interests. So, please write about how this class relates to some of your own intellectual or other learning interests. We are NOT interested in how it relates to a specific career goal. Plan B: same idea, but based on a person. See whole post for details.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 33 other followers

%d bloggers like this: