This article seeks to critically examine the political economy of the Northern Irish "peace process." When the principal paramilitary organizations in the region declared cease- fires in 1994, it was widely assumed that political progress would be followed by economic prosperity. However, this "peace dividend" has never fully materialized. Those working-class communities that were at the center of the Troubles have derived little economic benefit over the last two decades. Indeed, if anything the already substantial class divisions in the six counties have become more pronounced over the course of the peace process. The article concludes by suggesting that these widening socioeconomic disparities have the potential to undermine the prevailing political settlement in Northern Ireland.