Countries succeed by dedicated and earnest efforts. There are several examples of developing counties which done well to achieve to become developed. Moreover, economic growth is not possible without a societal growth in a nation. Because, citizens are running blood of every nation, therefore, as the blood runs fast the growth will eventually paced up. Though, citizens of a country plays a pivotal role in the economic growth and societal up gradation. A living example of Ireland’ success is in front of us which strived a lot to manage its economic growth. But, in the recent past years its economic growth is incredible and Ireland has achieved the status of developed county.
Economic success of Ireland:
Ireland has been achieved miraculous economic success in very short period of time. Ireland just made it possible through its aggressive work out and perfect educational, governmental and efficient corporate policies. It had helped Ireland to utilize its resources with a great manner and get best output from the well sculptured resources.
It is a story of a country which was actually not good economically. But, in contrast now it has achieved a stable economic growth in a short period of time. All the credit goes to the policy makers who developed the growth oriented policies. And from all the policies one very critical and role playing policy was free education policy. It can be called a backbone in the up gradation of social as well as economical growth of Ireland.
Moreover, reduction in corporate taxes eventually boosted the business activity in Ireland. At the same time, increase in personal taxes supported the government revenues. The surgical operation of restructuring the tax structure has also supported to enhance the business in Ireland which ultimately strengthens the economy.
Finally, the credit goes to governmental efficiency, because, nothing can be changed without a political will. Political will has played its damn important role to totally change the economic scenario of Ireland. It is the same Ireland which was popular for its low rated economy, unemployment and brain drain. But, now Ireland is one of the richest countries in the world according to economic stability as well as according to resourcefulness. It has recovered its losses and reorganized its systems to rail the derailed economic process.
Lesson from the Irish miracle:
Irish success is not less than a miracle and is a lesson for others to adapt the right policies. The lesson from the Irish success can be categorized into two parts one is success oriented policies and the other is political will. Nothing is possible without any one of them missing. Both, the political will and smart economic policies are equally important for the success as can be witnessed with the Irish example. Therefore, the lesson from the Irish success is to put emphasis on the policies as well as political will.
Philosophy behind the success:
Irish has made its market lucrative for business and corporations. It has given the lowest tax rate in the world approximately 12.5 percent which is much lower as compare to Canadian tax rate. It has given an edge to invest more with lowest tax rate to the big corporation. For that reason Microsoft and Dell Computer have invested much to in Ireland to enjoy lower tax rate in the world. On the other hand, Ireland has one of the highest personal tax rates in the world which actually compensate the lower rate of corporate. At the same time, the highly educated work force of Ireland is eligible to bear the high tax rate. And the highly skilled and educated population have geared up with the high tech industry including Internet security firm Baltimore Technologies Ltd.; TrinTech Ltd., a maker of credit card processing equipment; and SmartForce, a computer-based training company.
The economic philosophy of Ireland has also stopped the brain drain. The economic boost provided the lucrative opportunities to the Irish citizens which not only engaged them but also insist others to migrate to Ireland. This is the actual success philosophy which is widely recognized as successful and other nations are recommended to take lesson from the miraculous success of Ireland.
The economic lesson for Canada from Irish success story:
After a through overview of Irish economic success its comparison with the Canadian economic structure tells the truth. The Canadian economy is based on the high corporate taxes. At the same time, the Irish rapid growth is due to the free education policy which helped to provide a knowledgeable and skilled work force. The high tax for individuals and low taxes for corporate creates the difference in Irish success. In fact, Irish success has made a trend to get lesson from the resource management and the tactics to grow friendly. Canada can also grow further if follow the Irish social as well as business friendly policies.
At the end of treatise, it would be appropriate to say that success needs will. As we can get an example of Irish rapid economic growth, the rapid growth is only because of political will. When there was no political will then there were bad circumstance going on and a political will changed the whole scenario. And now the new economic scenario is admirable for other counties to adapt the same policies to get high returns. Irish economic policies are example for not only developing counties but also for the developed countries.