bearishbull
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According to the ICT sector contributed 11.6% to Gross Domestic Product (i.e. this excludes much of the "multinational" earnings that are counted in Gross National Product) in 2000 compared to an EU average of 5.1%. This sounds significant to me even allowing for some readjustment since the period to which this data refers.joe sod said:why with all the technology companies currently in the country did ireland not develop a significant indiginos industry. Afterall that is what the chinese and indians are at now they are developing their own indiginous capacity. That is also the big fear in the us, that they will leapfrog ahead of them and steal some of their ideas.
qingdao said:Why pay someone 50000 euro to do a job in ireland, when someone in china will do it for 10000 (and remember the average salary in china is less than 1000 euro a year - so 10000 euro/year gives you a very good standard of living there).
But we have a large immigrant population with a wide range of languagesextopia said:the fact that we speak ONLY English
yeah but even without communist china theres plenty of very cheap democracies to operate in such as india-one billion people,well educated and english speaking etcSherman said:Hmm, all good points. However, one fact I feel commentators ignore, or forget, constantly when talking about China is the fact that it is a Communist dictatorship.
I could be wrong, but I don't recall any significant Communist country in the past managing a smooth transition to a market economy. The Chinese government is straining to control the population - eventually the people will snap, just as they did in E. Germany, Soviet Union, Romania and all the other Communist countries.
It is very easy to run a low-cost economy when wages, living standards, health care, supply and demand, hell, even free speech, are set by a ruling elite answerable to no-one but themselves.
things will be relatively stable, as long as there isnt a revolution, there wont be change of government and a u turn in government policys
good post.qingdao said:I think china is a communist country in name only.If you arrived in any city on the east coast, and didnt know anything about the government you'd think you were in one of the most capitalist places on earth. I live in city of 4 million people, a place that i never even heard of before i came here. There are ferrarri, bentley , porsche dealerships, guicci, prada, armani shops...and they're all doing great business. So many chinese people are looking to try and start their own business and get rich...and the governement is encouraging it. Its a place full of contradictions...economically and socially it's experiment, the result of which no one can predict.
The companies who already have invested in china have considered that the government is a 'communist dictatorship' and still invested billions. its a calculated risk...maybe even an advantage in many ways. things will be relatively stable, as long as there isnt a revolution, there wont be change of government and a u turn in government policys...and they know who to bribe if they have to. I'm sure when Chavez in venezuala or lula in brazil came in to power, with a real socialist agenda, companies invested there started to worry.
As for the government controlling everything, thats not really true. the market decides wages and living standard after that. if you have an IT degree you can get paid 700 euro/month after you graduate. English degree.maybe 200/month. no degree..you'd be lucky to get 60/month. companies know how much your worth to them and will pay accordingly. health care..if you have no money you wont get any...a bit like the US. China is not cuba where (i think) everyone gets the same wage regardless of your job...free healthcare, education ...i dont know much about cuba. free speech is another issue in itself and one foreign companies don't seem to be too concerned about (microsoft, yahoo, google etc.)
the biggest threat to stability in china is the widening gap between rich and poor. The 'peasants' (i don't like the word..but its what's used) will only sit back for so long and watch the other 300 million get wealthy while they're stuck living in the dark ages. Unless the chinese government seriously tackle this issue its going to explode.
Deng Xiaoping, the chinese leader most young people here would look up to much more than Mao, said 'to be rich is to be glorious'. i don't think he was quoting the communist manifesto when he said it.
sorry for length of my rant ....
Purple said:China can build companies in much the same way that Japan did in the 1950's. They can pump state money into private companies and cut them loose when they are big enough. If you look at the way Sony way founded it would break all sorts of laws in the EU today. In short it would never have existed if Japan in the 50's has the same set up that the EU has now. Regulation and a fair society do not lend themselves to the birth of corporate giants.
Sherman said:I could be wrong, but I don't recall any significant Communist country in the past managing a smooth transition to a market economy.
ClubMan said:If it's a market economy then it certainly is not a free market economy given the amount of regulation the Communist government still imposes. In this respect Sherman has a point.
Ric said:Yesterday in the Sunday Times Austin Hughes Economist with IIB claimed that the BIG number used by the likes of Mc Williams in the SBP and by D. Kiberd for whom he substituted is grossly misread. He said that the €260 bn Private Sector Credit mountain which scares everyone is largely comprised of corporate borrowing from IFSC based firms and that the core debt by consumers is more like €100 bn. If true I'm flabbergasted at the basic error contained in the analyses by respected economists. Who is right because the conclusions are poles apart?
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