Welcome to this week’s IT Sunday, a selection of the best Irish Times journalism for our subscribers.

The model of capitalism on which Ireland now depends requires a large injection of socialism, writes Fintan O’Toole in his column this weekend. “As the State enters its second century, there is little doubt that it has to get bigger, more active and more capable. The odd thing is that almost all corporate capitalists would agree with this proposition. The even odder thing is that our political system has no coherent way of making it a reality. What is the Irish model of capitalism? It has been, in a word, attraction. But increasingly it has to add another word: retention.”

Looking back, 2022 was the year the interest rate cycle turned and much of what has happened in financial markets since last December reveals the true nature of investors and the primacy of group psychology when it comes to money. David McWilliams writes that from crypto to tech stocks, all sorts of “assets” that were pumped up in the boom are falling to earth, exposing yet again the madness of crowds and how humans behave when we are in a money mania. “Looking forward to 2023, when we get a sense that the credit cycle has reached its plateau, hold on tight because we will take off again. Euphorically.”

Sticking with all things economic, as Ireland moves towards having more electric vehicles on its roads, a big hole will emerge in State finances as the €5 billion raised in taxes on motoring is hit – and hit hard. That is because much of it is based on taxing fuels that will be used less, or charging cars based on emissions. In his Smart Money column this week, Cliff Taylor examines the question of how exactly the missing revenue might be replaced. In short: it’ll likely be motorists in the firing line.

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There will never be another like Pat Hickey, writes Johnny Watterson of the man who departed the Olympic stage this week. As president of Olympic Council of Ireland for 28 years, he was fearless and combative and climbed to the top of the international scene. His resignation, however, brought to an official end the career of one of the most able and divisive characters in the Irish sporting arena.

Sinn Féin has come a very long way in its attitude to the EU, writes former Irish ambassador to London Bobby McDonagh. Mary Lou McDonald’s recent Dáil speech, in response to the Oireachtas address by European Commission president Ursula von der Leyen, illustrated this very clearly. This new approach is presumably, in part, about positioning her party for the reality of government, Mconagh writes.

Corinna Hardgrave spent ample time in restaurants in (mostly) Ireland this year, encountering everything from a lunch spot with just two tables to a Michelin star restaurant. This week, she’s considering her food Oscars for 2022. And the winners are...

In a Berlin Letter this week, Derek Scally writes on how Soviet, Nazi and bureaucratic ghosts haunt a legal battle around Berlin’s most famed hotel – the Adlon. The hotel’s heirs are seeking €120 million compensation in a case that could trigger a cascade of similar hearings over postwar confiscations of Nazi-owned property.

This week, Trish Murphy responds to a parent whose daughter emigrated to New Zealand 17 years ago. Almost two decades, the reader is still devastated, saying they feel sick inside due to how much they miss their child: “How can I cope with this loss?” Read Murphy’s response here.

And finally, Roe McDermott advises a man who has always dated women but has recently reconnected with an old male friend and realises he’s attracted to him. “I’m curious about exploring this aspect of my sexuality, but equally nervous,” he writes. You can read McDermott’s advice here.

As always, there is much more on irishtimes.com, including rundowns of all the latest movies in our film reviews, tips for the best restaurants in our food section and all the latest in sport. There are plenty more articles exclusively available for Irish Times subscribers here.

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