Economic Issue: "This is the House that Ireland Built"
Source: Time Magazine, December 13, 2010 Issue by: Catherine Mayer/Dublin and Longford
Statement of the Problem: Wild property speculation and craze bank loans have left Irish economy reliant on emergency aid. Ghost estates aren't just symbolic of Ireland's fall from grace. They are one of its key causes, the most conspicuous legacy of the unhinged building boom and incontinent bank lending spree that have driven a once affluent nation into a staggering debt.
Surmising the entire issue on the swaying debt crisis of Ireland, there is an obvious imbalance in managing their resourceful funds. The management of their economy has doomed to face a lot of question as to how they would be able to recover from the present state that they have delved to place their economy at.
The fact that the Irish government has resigned so much into putting most of its investments into building houses without further seeing the possibilities that it may incur them in the future, can be a potential point to blame why they were suffering a great turbulence in their economy.
On one side, I may have to agree that truly, they were able to accomplish the possibility of building such huge infrastructure in a little less time which is quite impressive on their part knowing what they have gone through during the dark ages of their history. But the real problem in this situation is that, the economy has been so inefficient in dividing the benefits to the members of its society. What's worst about the situation is that, no one has ever taken the initiative to ring the alarm bells that would help them notice the developing problem. or ever have these bells been rung, nobody cared to listen. "They just continue to build houses."
In the end, some if not all of the Irish have claimed to harbor regrets for allowing this causality to happen. From where I stand, one main reason why they became so neglectful was that, they have been accustomed into living an easy and generous way of life. Perhaps, the attitude is an upsurge, a form of retaliation to all the hardships that they have gone through the past. They want to relinquish that part in their history and by doing so, they resorted into such affluence believing to give such a benefit to themselves. Moreover, whatever the circumstances might behold them, it is quite imperative to give emphasis and look into the past that has stirred our will. That way, we can learn from each mistake, correct them and lead a better way of life. In affiliation to this, being watchful and vigilant as well as being involve makes the better of it all thus, creating a prosperous atmosphere and a better world at large.
