IN THE NAME OF CAPITAL - Following entry to the European Economic Community in 1973, the Irish
economy underwent major restructuring as a result of intensified
competition from abroad. The state became increasingly and more overtly
orientated towards opening up new
outlets for capital investment and profitmaking, marking a movement
towards laissez faire principles as market forces were given freer rein.
The state also engendered a change in the very way in which the public
sector operated, from one which had been highly bureaucratic to one
whose operations became increasingly entrepreneurial and facilitative of
the requirements of capital. Light-touch planning control and the
entrepreneurialism exhibited by the authority facilitated the rapidity of the development process in the Custom House docks.
The idea that a culture of light regulation would encourage economic growth, create employment and boost government revenue was an ideology that became firmly embedded in government thinking. The loosening of financial regulations from the late 1980s permitted Irish institutions to borrow freely on global money markets and lend loosely with few controls to Irish clients. However, the Irish government’s faith in the neoliberal agenda of ‘light-touch’ regulation of financial institutions gradually led to a virtual absence of state interference. The lax regulation of the banking sector led to increasingly reckless lending policies, which were eventually to prove disastrous for the Irish economy, for Irish citizens and for the financial sector itself, as MacLaran and Kelly clearly show in their book Neoliberal Urban Policy and the Transformation of the City (Palgrave, 2014).
Nowhere has the transformation of Dublin’s inner city been so dramatic as in the docklands.
The opening up of the inner-basin area of the Grand Canal Dock for development was facilitated by the completion in 2001 of a new station at Barrow Street on the DART (Dublin Area Rapid Transit) rail line. In contrast, the opening in 2007 of the north-side Docklands station for a commuter line serving the western suburbs came too late to have much impact on the demand for office development there, as did the extension of the light rail (Luas) Red Line to the Point Village.
This project has received funding from the European Commission Horizon 2020 Marie Skłodowska-Curie
Individual Fellowship (G.A.890603).
Please cite as: Manzo, L.K.C. (2019) CITY-OF-CARE, the University of Milan, Italy.
©2021 Lidia K.C. Manzo - Pierluigi Cattani Faggion - Alison Fernandes