Economic Development

Ireland is the home of a mixed economy. Though the country's constitution allows for private entrepreneurship, it also gives the government permission to provide "essential services" to the people (Boland et al., n.d.). Because of this, the state is involved in transportation, television, electricity, and health insurance. According to the 2013 Index of Economic Freedom, Ireland has an overall economic freedom score of 75.7 ("Ireland," 2013). The factors that contribute to this score include government spending, fiscal, business, and labor freedom, and freedom from corruption. The index considers Ireland as the eleventh freest country in the world. 

The 1990's were a golden time for Ireland. The country's high-technology sector boasted a relatively low corporate tax rate which allowed the economy to grow and unemployment to decrease to record-breaking levels. When this progress began to slow at the turn of the twenty-first century, the state turned to mortgage and construction companies to maintain a steady level of growth. This focus inflated these industries tremendously, without much capital to back this gain, and in 2008 they collapsed, leaving an intense economic recession their wake. In 2010, the European Union and International Monetary Fund bailed out the country, provided that Ireland complied with strict budgetary restrictions (Boland et al., n.d.). 

Agriculture is an important industry in Ireland's economy.

On a lighter note, agriculture remains a vital part in Ireland's economy. The country's rich agricultural land and ideal climate make Ireland an important farming country. From beef cattle to sheep raising to cereal growing, Ireland truly hosts a plethora of agricultural gold. Among the most successful output in the farming industry includes beef, farmhouse cheese, and bloodstock. 

Ireland does, however, lack a large supply of minerals. In fact, the country must depend almost entirely on imports for energy development. Almost all rural homes are "connected to the national electricity network, which relies partly on hydroelectric plants and on small and medium-sized peat-burning thermal power stations" (Boland et al., n.d.). 

The country is one of the world's top exporters of computer software. Ireland's chief trading partner is the United Kingdom, among other European Union nations. Other significant exports include textiles, food, and machinery. 

Ireland adopted the euro as its official currency in 1979.

In 1979, Ireland joined the European Monetary System, and in doing so, adopted the euro as its official currency. The two most important finance buildings in Ireland are the Central Bank of Ireland and the Irish Stock Exchange. Though the Central Bank does not perform any transactions with the public, it is responsible for overseeing the country's other financial buildings, including the Irish Stock Exchange. The Exchange is actually the oldest in the world; it has been in-use since 1793. 

Sources:

Boland, F., Edwards, R.W.D., Kay, S., Ranelagh, J. O., Abhinav, V., Albert, M., ... Young, G.  (n.d.).  Ireland.  Encyclopædia Britannica.  Retrieved from http://www.britannica.com/EBchecked/topic/293754/Ireland

Ireland.  (2013).  Retrieved from http://www.heritage.org/index/country/ireland

[Photograph of euros].  Retrieved from http://blogs.channel4.com/faisal-islam-on-economics/euro-collapse-contingencies-at-davos-is-berlin-listening/16096

[Photograph of dairy cow field].  Retrieved from http://www.eolasmagazine.ie/where-now-for-irish-agriculture