Ireland – a model of business success in the global economy?
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Ireland – a model of business success in the global economy?
CIEE International Faculty Development Seminar
• Usha Ramanujam, Instructor, PCC, Business AdministrationGlobal Economy – Celtic Tiger
• VedVyas Shanbhogue, Intel Corporation, Portland, ORIntel Corporation in Ireland
• Cynthia McBurney, Owner, Kathleens of Dublin, Portland, ORImports from Ireland
• Monica Sharma, PCC Alumna & Accountant, Ike Corporation, Beaverton, ORHow does PCC education help in an import/export company?
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Global Economy: The Celtic Tiger
By Usha Ramanujam
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Agenda
• About CIEE
• Some background on Ireland
• Surge of the Celtic Tiger
• Current challenges
• Summary
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About CIEE• Council on International Educational
Exchange• International Faculty Development Seminars
(IFDS)– Faculty and Administrators are selected by PCC
International Education
• Goals– Promote educational experiences abroad– Lectures– Tours
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To Ireland..
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Monday, July 2: First and Second Lectures
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All lectures @ Dublin City University (DCU)
• DCU was established in 1980
• 85-acre campus, almost 10,000 students
• Has a large study abroad program
• PSU students participate frequently
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Historical Background
1948• Ireland (The Republic) createdAmerican born Eamon De Valera was the first President
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Historical Background
1948• Ireland (The Republic) createdAmerican born Eamon De Valera was the first President
• Northern Ireland remained part of UK
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The Republic & Northern Ireland
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Historical Background
1948• Ireland (The Republic) createdAmerican born Eamon De Valera was the first President
• Northern Ireland remained part of UK
1973Ireland joined EU
Was the poorest member
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Historical Background
1948• Ireland (The Republic) createdAmerican born Eamon De Valera was the first President
• Northern Ireland remained part of UK
1973Ireland joined EU
Was the poorest member
1996Celtic Tiger growth begins
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Wednesday, July 4: The Fourth, Fifth, and Sixth Lectures
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“The Devil is in the Detail: The Underbelly of the Celtic Tiger”
by Dr. Peader Kirby
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The surge of the Celtic Tiger
Year Unemployment Rate
1992 15.4%
2006 4.3%
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The surge of the Celtic Tiger
Year Unemployment Rate
1992 15.4%
2006 4.3%
10.7% annual growth between 1994 to 2000
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What attracted Multinationals to Ireland?
• Foreign Development Investment (FDI)
• Corporate tax breaks
• English speaking work force
• Low wages
• Availability of EU funds to create innovative social partnerships
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Additional factors boosting the economy
• Women joined the workforce• Higher levels of immigration to Ireland• Creation of jobs in high tech sector• Return of the Irish Americans
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Slowing down…..since 2002
• Increase in minimum wages (€8.75)
• Lack of indigenous commitment to research and development– High Tech companies only have assembly line jobs
• Disintegrating educational system• Rising interest rates and growth in private debt• Disparity in wealth • Decline in agriculture and production industries
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The current growth is in ..
• Civil Service• Construction
– 44% increase
– Microsoft• 800 jobs to construct
datacenter
• Less than 30 to operate!
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The current growth is in ..• Consumer spending
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Thursday, July 5: Trip to Belfast, Northern Ireland
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Religious differences
Shankill Road Mural
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Loyalists vs. Nationalists
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Loyalists vs. Nationalists
Falls Road Mural
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Northern Ireland is
still isolated
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Summary
• What has worked for the Irish economy?– Being part of EU– Tourism and strong Euro
• What can sustain the Celtic Tiger?– Develop indigenous technologies– Reduce religious/political conflicts
• Impact of International Education @ PCC– International Financial Reporting Standards
introduced in Principles of Accounting II (BA 212)
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