Tuesday 17 July 2018

The truth about globalisation - and its mistaken discontents

Critics of globalisation are barking up the wrong tree. The real danger is a reversal of openness, writes Dan O'Brien

Trader Gregory Rowe feels the strain as he works on the floor of the New York Stock Exchange — US stocks fell with other markets around the world last Friday after the Trump administration stepped up the trade dispute with China. Photo: AP
Trader Gregory Rowe feels the strain as he works on the floor of the New York Stock Exchange — US stocks fell with other markets around the world last Friday after the Trump administration stepped up the trade dispute with China. Photo: AP
Dan O'Brien

Dan O'Brien

Ireland is the biggest tax haven in the world. That was the claim made by two foreign academics in recent days. They say that globalised companies here and elsewhere around the world are dodging taxes in mind-boggling amounts.

Last Tuesday, the agency tasked with luring globalised companies here, IDA Ireland, announced that the numbers of jobs created by such firms grew yet again in early 2018 compared to the same period last year. One in 10 people who go to work every morning go to a foreign-owned, internationally-focused business.

Quite separately, a German think-tank also published a study last week which found that Ireland was one of the biggest beneficiaries from the globalisation process.

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