Ireland's rising success

Ireland has been an interesting country to learn about, not just on broad view over the economy of the country; but studying about specific events that are driving the country. Ireland is a world leader in going "Green", which in fact has given the country cheaper electricity, a leading car producer for Hybrids, and gives the ability to dig into to there natural resources less and sell more. Along with the exportation, Ireland has in sourced many jobs and laying claim to some of the biggest companies in the world that call Ireland home. Ireland is becoming a well rounded country with not just industry, as well as taking care of its nation's people.

Even with the country as well suffering from a global recession, less that 8% of the country is under the poverty line. This showing the cost of living in Ireland is less than most countries, as well as showing a the prosperity of a fast growing nation. Ireland has also managed to take more advantage of a thriving tourism industry that has helped small businesses more so than other countries in the European Union, that is all connected by the EURO. Though, Ireland has been in its past famines and collapsing to rebuilding economic infrastructure; Ireland still manages still to be in five economies in the world that is economically free to citizens.

The study on Ireland has opened up my mind more about other economic solutions and that there is more than one way to drive a country economically. I will find myself still looking up Ireland, because it is now become a routine. This will further my knowledge beyond the semester.

Car Industry

I previously went over how Ireland went "green" and the nation has becoming eco-safe. This nonetheless was a stepping stone for a rising industry and Chevrolet wants in. With Nissan already being the largest electric car producer in Ireland; Chevy has turned towards the nation for a push on their product line for further with more production on their own electric car, even pushing the Volt to makes its first effort in Ireland itself to go again the Nissan leaf. The product that is causing the incline in the industry is the actual car battery, "batteries which are currently in the range €10,000 to €15,000"(finfacts.ie)".The industry thanks to its "green" path is becoming one of the largest car industries and soon to be in electric cars.

In return for all this, Ireland will be helping its residents with a rebate on the purchase of an electric car as well. Much like America did with "clash for clunkers", Ireland for "those who purchase electric cars will be eligible for a €5,000 grant" (finfacts.ie). Not only will these help the nation’s people, but promise growth to any other car companies that the product it gives is already on a rise.

Economic Freedom

After time dealing with Ireland I have realized how great the country actually is. In recent rankings Ireland has ranked third in an economic freedom, even beating United States which was ranked fifth. This was based on comparison of other countries, so size, government, property, labor, etc. all put into thought. This is nothing new for "The top four nations remain unchanged from the 2007 Index" (insideindianabusiness.com). Even with a the world in comparable economic instability, Ireland has stood strong. Ireland's score was based on an "overall 82.35/100" (insideindianabusiness.com). Proving Ireland is setting the scale for many countries and actually making an example for other countries that has gone through distress much like Ireland has.

Irelands Thriving Insourcing.

In part post I spoke of major companies in Ireland, but never gave one of the major factors of why a business would love to call Ireland home. Costs to run a business in Ireland has companies like DELL and even Google (Originally starting in Ireland). Taxes are so low "Google is expanding it's base in Ireland (Google Expanding It's European Base, Dublin) where it has it's European base and where corporation tax rates are 12.5%" (hereisthecity.com). Even Dell has taken advantage in Ireland. Even though "Dell has previously stated that should these tax rates change it will leave Ireland, however, even at 17.5%, Ireland's tax rates would still be among the lowest in the Western world"(hereisthecity.com).

With this though, Microsoft is verging on Dublin to transfer some of its major corporation there, with some of the business there already. A subsidiary of Microsoft, Round Island One; is has one of the because incomes in Ireland and the ratio between what companies pay here in America and out in Ireland its not greed, but good business planning.

Natural Resources

Many countries have made choices in what natural resources they use and what they hold back like the oil in the Gulf of Mexico. Ireland has made its best of all its resources and being an island with oil off the coast and fertile lands, it is a self sustaining country. Ireland major natural resources are "natural gas, peat, copper, lead, zinc, silver, barite, gypsum, limestone, dolomite" (indexmundie.com). All production on these are still on a rise but the natural gas and oil drilling due to government planning to halt further search for new drilling hot spots for economic reasons and the option to stay "Green" (Earth Friendly).

Ireland has had other issues in why its countries resources are not at large anymore. Due to competition "contracts with foreign companies are preventing us from selling it and transforming us into the Saudi Arabia of Europe" (eirigi.org). This is alarming, seeing how Ireland's oil reserve could clear the national debt. Ireland in past years has had water issues as well with spill offs from agriculture and pollution. These issues seem common though in most countries and they are dealt with.

Ireland's Electronics

Ireland is a major electronics provider in western Europe. Many well known companies have claims in Ireland, "International electronics companies such as Intel, Analog Devices, Dell, IBM, and Cisco have located major manufacturing, R&D, and Fab facilities in Ireland" (enterprise-ireland.com). The major equipment that the electronic industry in Ireland provides is mostly semi conductor components and data processing materials. This have given many companies a monopoly over Europe since most of the companies are known around the world for this equipment, so placing it the industry in Ireland gives the companies much advantage to waterway exporting.

The key to Ireland's success in the electronics industry is its investments in smaller electronics firms, which bring in over hundred million Euro annually. This is only as well prosperous because "Indigenous sectors is dominated by exporters providing leading-edge technology products in a global niche" (enterprise-ireland.com). All this had made Ireland known more for technology and less for the blarney stone atop the caste.

Ireland's famine past

In the 1840's America was bombarded by Irish immigrants, but all of it was because of a potato famine that dismantled the country in every way, especially economically. I found this to be an important part Ireland's economic history because it directly impacted America as well and shows how one countries economic troubles can advert to another country. Firstly the destruction of the crops caused a ripple affect, "In the wake of the famine, the 19th century witnessed the de-industrialization of Ireland"(trincoll.edu). This lead to much of Ireland's population running for other more economically successful countries like America. Then with the exportation of agricultural crops diminished and caused return from it to suffer, making many business disappear. This major famine would keep Ireland behind until the turn of the century, but it would not be the last suffrage the nation would see. Though, if the potato famine was not to happen, it would have better prepared Ireland for future problems, because of how powerful economically the country was becoming before the famine.

This though, was an important part of the history in Ireland because of what it caused and if other countries looked back in their own history, they would see a large change in Irish immigrants and the affect it caused.