Quote:
Originally Posted by Timber Loftis
Some would view Ireland's nosedive toward zero taxes and regulations on many industry sectors as a kind of "dumping." In your typical dumping scenario, a commodity is sold at below market, or even cost, prices by an importer in effort to kill a local competitor. Then, once the competitor is out of business, they control the market. Ireland's slashing of corporate taxes and regs is, some could say, a type of bribe to get industries to move there. It worked, and Ireland got lots of companies to relocate, particularly many pharmacy companies. But, when you do that, you're riding on the bubble, and when the bubble bursts you find out that there's no money to keep financing such bribery.
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I agree. It is a form of bribery in a sense. After all, It's an unlikely country for such big corporations to house their HQ. And it worked beautifully. But then yes, you ride the bubble when you do this. In the last decade, Ireland actually came out of a massive economy boom, something referred to as "The Celtic Tiger", so this slump has kinda hit it quite hard in comparison. But then, all of Europe is in the same boat, with the exception of one or two countries, and tend to be roughly one year behind the USA in terms of recovery.