In 2016, economist Paul Krugman dubbed the Irish economy a “leprechaun economy” in reference to the 26.3% rise our GDP saw in 2015. It was clear to him that GDP was failing as a measurement in the Irish context: Rather than providing an accurate picture of the size and growth of the economy, it reflected largely upon the wealth of foreign corporations whose headquarters are situated here.
Despite how wealthy we may appear on paper, our boastful GDP does not translate into real-life prosperity for the majority of Irish citizens. Our country is plagued with economic struggle; We are in the midst of a housing crisis, and for many young Irish people, migration is the only viable option they can see in their future. In November 2024, figures released by the Department of Housing revealed that the number of people in emergency homeless accommodation had reached a record high of almost 15,000. In 2023, inflation outpaced wage growth,leading to a 0.8% decrease in real wages. Yet, year after year, our GDP fails to reflect this sobering reality.
Ireland’s high GDP comes as a result of its status as a tax haven. Our corporate tax rate of 12.5%, which was originally announced in 1997 and gradually phased in thereafter, makes Ireland an enticing destination for multinational corporations. Ireland’s rate of 12.5% stands in stark contrast to the rates in most other European countries, which generally exceed 20%.
Corporate America’s values have been imported to Ireland along with its offices. Hustle culture now has a palpable presence in Ireland. With WeWork offices and LinkedIn profiles abound, it can be hard not to be sucked into the world of corporate American culture.
The gentrification of Grand Canal Dock, now colloquially known as ‘Silicon Docks’ in reference to Silicon Valley, serves as a paradigmatic example of the Americanisation of corporate culture in Dublin. The docklands, which were once essentially a scrapyard, have since become a corporate haven wherein the lines between labour and leisure begin to blur. Pedestrianised plazas, manicured green spaces, and waterfront seating areas keep employees immersed in corporate culture even during their down time.
Similarly to how Silicon Valley displaced local communities in California, Waterways Ireland has been accused of gentrification and forcing houseboat dwellers to move away due to soaring fees.
But such developments are, of course, not all bad. Upward mobility now seems to many to be an achievable goal, given our newly opportunity-laden capital city. In my parents’ generation, white-collar career aspirations were inconceivable amongst the working class. Nowadays, more meritocratic attitudes take centre stage. The pervasive idea is that, if you work hard enough to climb the corporate ladder, you can earn twice as much money as your parents.
The question remains, though, as to whether this perceived opportunity is real or illusory. Connections are still vital in obtaining coveted corporate jobs, and people who have gained “elite” social capital through, say, private education or bourgeois extracurricular activities, have a better chance at making meaningful connections with people who can help them enter their desired careers.
Women are also negatively affected by the importance of connections in securing jobs; So-called “boys’ clubs” are pervasive in corporate culture. Often, friendships are formed and job offers are made within traditionally male spaces like golf courses and sports games – places that women are covertly excluded from.
The American dream has proven to be a defunct myth that translates perhaps even more poorly to the Irish context. Our class system, rooted in social capital inasmuch as economic capital, can seem inescapable. Irish people have an ear for whether someone is rich or poor based solely on their accent; Even if they can’t tell from that alone, the go-to question to tell which crowd someone is from is always “What secondary school did you go to?”
The same may not be said about the U.S., where it perhaps would be easier to fake it ‘til you make it. Our country is a small one wherein your upbringing is of huge importance. The myth of meritocracy that has been imported from corporate America, faulty in and of itself, fails even worse to reflect the reality of Irish society.
To gauge broader student perspectives on the issue, The University Times spoke to a number of Trinity students about America’s large corporate presence in Ireland.
Matthew Hull, a Senior Fresh Philosophy and English student, deemed “American capitalistic culture” a “parasitic” one. He said: “These pervasive corporate attitudes seek to suck the marrow from the bone with no regard for any humanistic principle or common decency.”
He lamented what seems to him to be his peers’ tendency to “value money at the expense of everything else.”
He added: “While this may create a materially more favourable society for a select percentage, it essentially comes at the cost of that other fragment of the population.” He continued: “We are told now in American fashion that career comes over all else, that career defines you. And this narrow and reductive worldview has had a profoundly negative knock-on effect within our society.”
In contrast with Hull’s decidedly negative view, Alex, a Junior Sophister Computer Science student, noted that America’s corporate presence in Ireland “has created a ton of opportunities.”
James Ó Cannanáin, a Junior Sophister History and Political Science student, echoed Alex’s sentiment, saying: “American corporate influence is vital economically to Ireland”.
He did, however, qualify his statement, continuing: “There is a natural seep of American culture and media into the Irish sphere along with that. I think a healthy understanding of American culture is good, but not when people begin to import it and espouse it at the expense of Irish culture.”
Trinity student Luke critiqued the situation from another angle, questioning Ireland’s independence in decision-making. He said he feels that American foreign direct investment has “disabled Ireland’s ability to formulate an authentic foreign policy, and has reduced Ireland largely to being a colony of America”.
There is no easy policy fix to the situation we find ourselves in. While Irish society is richer and more opportune now than in the past, in part due to American corporations setting up their head offices here, the class divide remains. The balance between economic growth and cultural preservation is perhaps an impossible one to strike.
