The role of T.A. Smiddy in Fianna Fáil economic policy-making 1932–45

Abstract

Professor Timothy Aloysius (T.A.) Smiddy was economic advisor to Taoiseach (Prime Minister) Eamon de Valera between 1932 and 1945. Notwithstanding a distinguished public service career, Smiddy’s role as the first independent economic advisor to an Irish political leader post-1922 has escaped examination in the existing literature. This research identifies that Smiddy had a real and prolonged influence on the banking and monetary policies pursued by de Valera during the 1932–45 period. Ultimately, however, the often progressive nature of his proposals was circumscribed by de Valera’s reluctance to supersede the more traditional views of the Department of Finance and the Currency Commission. This paper also identifies that de Valera took a keener interest in economic matters than has been generally assumed. However, such an interest did not result in a coherent, or consistent, Fianna Fáil banking and currency policy in the 1930s and early 1940s.