Friday, July 01, 2005

End of the rainbow

I often read Thomas I. Friedman's articles on economics in the NYT. In one of his latest articles titled The end of the rainbow, he talks about how Ireland went on to become the second richest nation of europe. I really like the article as it is terse and shows what changes has worked for Ireland.

Here is a small excerpt I would like to emphasize upon:

Ireland's advice is very simple: Make high school and college education free; make your corporate taxes low, simple and transparent; actively seek out global companies; open your economy to competition; speak English; keep your fiscal house in order; and build a consensus around the whole package with labor and management - then hang in there, because there will be bumps in the road - and you, too, can become one of the richest countries in Europe.