Saturday, July 02, 2005
Nobody ever thinks of the Irish
The New York Times had a little Op-ed piece earlier in the week announcing Ireland as the second richest country in the EU after Luxembourg.
Who would have ever thought of Ireland? I'd never realized so many American companies had investments and operations there.
T. Friedman goes on to point out a few of Ireland's success factors:
I've always thought (naively) that with such a high emigration rate, Ireland wasn't that strong of a country, financially. Although, my emigration understanding is from many of the Irish pubs I frequent, so my view may be a little biased.
It's interesting to see Ireland as a hotspot of activity within the EU. I wonder what type of competition Ireland will face from emerging Eastern European countries?
Who would have ever thought of Ireland? I'd never realized so many American companies had investments and operations there.
The results have been phenomenal. Today, 9 out of 10 of the world's top pharmaceutical companies have operations here, as do 16 of the top 20 medical device companies and 7 out of the top 10 software designers. Last year, Ireland got more foreign direct investment from America than from China. And overall government tax receipts are way up.
T. Friedman goes on to point out a few of Ireland's success factors:
Ireland's advice is very simple: Make high school and college education free; make your corporate taxes low, simple and transparent; actively seek out global companies; open your economy to competition; speak English; keep your fiscal house in order; and build a consensus around the whole package with labor and management - then hang in there, because there will be bumps in the road - and you, too, can become one of the richest countries in Europe.
I've always thought (naively) that with such a high emigration rate, Ireland wasn't that strong of a country, financially. Although, my emigration understanding is from many of the Irish pubs I frequent, so my view may be a little biased.
It's interesting to see Ireland as a hotspot of activity within the EU. I wonder what type of competition Ireland will face from emerging Eastern European countries?
Comments:
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Vinnie, your points are well taken; Ireland has benefitted greatly in its 30+ years of EU membership. The true test will be its ability to be a funder nation; not only pay back the loans it has received, but offer financing to the new members of the compact.
As to the competition they will face...well, it remains to be seen. Friedman (who I generally view as a hack) makes a heck of a point in saying that part of Ireland's success is its simple corporate tax system. Few, if any, things are simple in E. Europe...and the population, as a whole, doesn't speak English. I'll be just as interested to see their development...but, despite barriers, not remotely surprised to see them with relative success in 30 years.
(It's also worth noting that the wealth isn't spread well in Ireland; there are some remarkably poor rural areas for a country with relative wealth and a population of less than 4 million..)
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As to the competition they will face...well, it remains to be seen. Friedman (who I generally view as a hack) makes a heck of a point in saying that part of Ireland's success is its simple corporate tax system. Few, if any, things are simple in E. Europe...and the population, as a whole, doesn't speak English. I'll be just as interested to see their development...but, despite barriers, not remotely surprised to see them with relative success in 30 years.
(It's also worth noting that the wealth isn't spread well in Ireland; there are some remarkably poor rural areas for a country with relative wealth and a population of less than 4 million..)
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