Irish International Business - Competing in the Global Marketplace - Case Study Example

Running Header: Individual Case Study Analysis Student’s Name: Instructor’s Name: Course Code: Date of Submission: Individual Case Study Analysis Ireland did not start out as a success story at first. It struggled to raise its economic stakes by aligning itself in ways that would ensure that it has improved many aspects of the country’s economy. This included all aspects of its political, social, cultural and economic infrastructure. Ireland ensured that it created a brand name for itself in the investment industry (Charles, 2007). Many investors became heavily attracted to the investment rates that the country had to offer. The rates were subsidized because the government had reduced the amount of taxes that it was imposing on the people and their businesses. This creates a room for them to relax the taxes that they imposed on the goods and services on offer. This attracted investors to make investments in the country and heavily increase their spending in the country (Frank 1997). Policies that were imposed in the region also gave the investors room for expansion and growth. This meant that after the gradual freeing of limiting exports, the state allowed the general process of trade diversification (Frank 1997). This meant that investors had more opportunities to export their goods and services to many other European countries. This was unlike before where they could only export their goods to Europe. This limited them to the policies and way of trade as stipulated by the country. This left more room for them to export more and improve their overall income. The creation of policies also paved way for the Ireland government to come up with creative ways of increasing their overall profits (Norton 1997). Privatisation is one method that ensures a country has given the control of businesses to private entities. This ensured that the government lessened its grip on the businesses. This encouraged many people to participate in the trade. This is because they would not be totally subjected to how the government wanted to conduct its business. They were being given room to come up with strategies. The strategies were to be employed in their own businesses and organizations based on their own analytical way. This will pave way for the growth of new ideas and opinions. These brainstorming sessions, many at times, ensured that there were new ideas that were generated from time to time. They allowed the growth and expansion of so many businesses. A good example of businesses that were privatised included the ESB. This was the state owned electricity supplier in the region (Frank 2007). In early 2000, the world was embracing information communication and technology. Ireland ensured that it exploited this field as much as it could. This led the way for the sector to effectively create jobs for so many people. The very many people that were absorbed into the ICT sector reduced the unemployment rate. The unemployment rate thus ensured that the government was getting more from the employed and their general input to the overall economy. There are so many industries in the country (Charles 2007). These industries included the tourism, textile, minerals and the machinery amongst very many others. They also contributed significantly to the reduced unemployment rate in the region. It should be noted that many of the industries were direct subsidiaries and entities of the mother companies. The set branches directed from the mother countries which had improved infrastructure, communication and mode of operations in a region. A good example of this mode of operation can be seen in one of business transactions that were initiated in the country. Microsoft Company wanted to bring in some business into the country. As a result of this, the government had to make major alignments to some of its policies to accommodate what business idea Microsoft had in mind (Norton 1997). This is because the web hosting structure that they wanted to incorporate would mean improved infrastructure and advanced communication channels. It would also mean that very many of its citizens will be absorbed into the industry. The labour laws in the country also paved way for the growth of the labour relations in the country. This was unlike any other country and it improved the way of life for many of the people in the industries. This meant that the labour markets went through a strict government regulation. This worked in the country’s favour. This was because in many instances, the regulations ensured that the country operated within strict labour laws. The laws that were put in place ensured that the country attained some level of flexibility in their labour relations. The government, labour sectors and their employees were allowed to interact freely in many of the trade transactions. This created room for the ultimate cost of engaging in the trade to be drastically reduced. The general cost of wages drastically reduced. This left a clear cut room for the country to spend less in many of its transactions. This meant that it was possible to accumulate so many profits that would be reduced on the general cost of trade cut backs (Charles 2007). The labour laws in the country also ensured that the country gained economic advantage over all others. This means that by allowing their employees to form unions, they were creating a clear cut path for them to engage competitively in their duties. This is because the labour unions allowed the employees to compete actively for their collective bargaining rights. It also meant that they got the best possible deals in relation to the work that they did. Many countries all over the world suffer immensely because of their lack of appreciation of their workers. This in turn affected the way that they worked in very many ways. They believed that there was absolutely no need to engage actively in the general process of economic nation building. Once Ireland realised this, it created mechanisms that would allow the employees and their labour unions to communicate on their general needs and expectations. This paved the way for the unification of the needs of the government with those of the labour parties. This generally minimised the rate at which workers went on strike in the country. Their input in the workplace ensured that they amassed as much as they can in the sector. The sectors of education also contributed greatly to the improvement of the lives of very many people in the region. Majority of the people in the overall population are between the ages of 15-44 years (Charles 2007). The education system in Ireland has ensured that it has provided mechanisms for them to be actively educated and entrenched into the country’s employment sector. This was by ensuring that they provided training and skills that were compatible to the economic advantages. It should be noted that a recent survey conducted in the country showed that it placed great emphasis on the use of skills in many sectors of the economy. This meant that not everyone was trained to work in specific jobs. The education system allowed the training to range and cover all the diverse areas of the economy. The state realised the importance of teachers, doctors and lawyers. It also recognises the importance of farmers, industrialists and mechanics. This ensured that they were catered for in the education sector. This ensured that 13.2 % of all expenditure from all sectors was channelled to improve the education sector (Charles 2007). This was by either creating training infrastructure in the sectors of the economy in all aspects. In conclusion, it is wise to note that Ireland has had the ability to note and incorporate all aspects that will improve its general economic strength. This means that it took time to understand the impact of foreign investments in their country. This ensured that they joined with what the country could offer locally. This paved the way for the growth of the local investments in the region. This boosted overall productivity in the region (Frank 1997). Competition is essential in ensuring that a country is able to stand on its own economically. This will then create a clear path that will enable it to compete with others. Once it has done so, it will attract other nations to want to do business with the country. This will lead to the growth of both local and foreign investments in the country. References Charles, WL 2007, International Business: Competing in the Global Marketplace, 6th edn. McGraw-Hill, New York. Frank, B & Bradley, J 1997, ‘Foreign Direct Investment and Trade: The Irish Host-Country Experience’, Economic Journal, vol. 107, no. 445, pp. 1798. Norton, R 1997, ‘The Luck of the Irish’, Fortune, vol. 140, no. 8, pp. 194-205. Read More