The Celtic Tiger is a nickname for the Republic of Ireland during its
period of rapid economic growth between the 1990s and 2001 or 2002.
Many economists credit Ireland's low taxation rate (10 to 12.5
percent throughout the late 1990s) and business-friendly regulation
policies as responsible for much of the growth. A more sceptical
interpretation is that much of the growth was due to the fact that
the economy of Ireland had lagged the rest of northwestern Europe for
so long that it had become the one of few remaining sources of a
relatively large, low-wage labour pool left in Western Europe.
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Today's selected anniversaries:
1777 San José de Guadalupe, the first town in the Spanish colony
of California, was founded.
1890 The Diet of Japan, modelled after the German Reichstag,
first met, when the Meiji Constitution went into effect in
1929 Rear Admiral Richard Byrd and two passengers completed the
first flight over the South Pole.
1947 The United Nations General Assembly voted to partition the
British Mandate of Palestine between Arabs and Jews.
Wikiquote of the day:
"Arbitrary power is most easily established on the ruins of liberty
abused to licentiousness." ~ George Washington