In 1956, a chap named TK “Ken” Whitaker, an Irish civil servant who had trained as an economist, was appointed permanent secretary of the finance department in Dublin at the relatively young age of 39. From his vantage point at the top of his country’s treasury, the view was bleak. The Irish republic was, economically and socially, in deep trouble. It had no natural resources, very little industry and was mired in a deep depression. Inflation and unemployment were high. Ireland’s main export was its young people, who were fleeing in thousands every year, seeking work and better lives elsewhere. The proud dream of Irish independence had produced a poor, priest-ridden statelet on the brink of failure.

Whitaker immediately put together a team of younger officials who did a critical analysis of the country’s economic failings and came up with a set of policies for rescuing it. The resulting report, entitled First Programme for Economic Expansion, was published in November 1958, and after Seán Lemass was elected taoiseach (prime minister) in 1959, it became Ireland’s strategy for survival.

At the core of it were a number of key propositions. Ireland would have to embrace the idea of free trade, which meant encouraging competition and ending the protectionism that had been the hallmark of Irish economic policy under Lemass’s predecessor Éamon de Valera (whose economic philosophy had once been satirised as: “Burn everything English except their coal”). Most importantly, though, the strategy........

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