I. Introduction
With the reduction of international transaction costs, globalization is dominating the
economic discussion more and more in recent times. Markets that were, measured in
economic distance, far apart only a few years ago are moving together and competition
seems to be tightening. A good case in point is the European Union (EU) with its policy
of creating a common market in Europe.
While the traditionally strong economies such as Germany are facing the competition
mentioned above, the EU has also produced an "infant prodigious". With major investment
and subsidies in infrastructure, development, and education, Ireland and its economy
are performing very well, producing 5.1% real economic growth in 2004, compared
to only 1.7% in Germany.
Of course, the question arises as to how Ireland is able to do that. Somehow the Irish
island seems to be more attractive to economic investment and growth than continental
Europe, or in other words, seems to be more......
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