The Irish Success Story and its many ties to the United States!

St. Paddy's Day is this Friday!

"May the road rise to meet you,

May the wind be always at your back.

May the sun shine warm upon your face,

The rains fall soft upon your fields.

And until we meet again,

May God hold you in the palm of his hand” - Traditional Gaelic Blessing

Friday is St. Patrick’s Day and many consider it their favorite holiday.?We see brighter days ahead but recent events in the United States banking industry have us all on edge.?With this edition, nevertheless, we?wanted to give a special nod to a holiday which is synonymous with social gatherings and fun.

There is of course, a business side to the 17th of March. Total spending for St. Patrick's Day may get as high as $6 billion in a typical year, as people shell out for plenty of corned beef and fake leprechaun beards. More than 125 million Americans plan to mark the occasion in some way, which is approximately 30x the population of Ireland.?

Ireland:

Location: West of Great Britain.

Capital City: Dublin

Population: 4,937,786

Language Spoken: English, Irish Gaelic

International Time: EST + 5 hours

Airline Service: Delta, Charter flights, Aer Lingus

Currency: Euro

Type of Government: Parliamentary Republic

Ireland is a small island nation, but its diminutive size does not mean it doesn't have a storied history. Celtic influences and Christianity have played a strong role in helping Ireland become what it is today.

Prior to the arrival of Christianity, there was not much written history of Ireland, as much information was passed through rich but spoken tales. It's believed the Celtic culture began to evolve in Ireland between 800 and 400 BC. The ancient Celts were various tribes living in several parts of Europe north of the Mediterranean. Although it's easy to imagine Celtic warriors invading Ireland like the Vikings and Normans did many years later, historians believe the Celts integrated their customs more gradually through trade and travel. The last of the Celts to arrive in Ireland, the Goidelic and Gaelic, are perhaps best known for their influences on the country.

St. Patrick is revered and celebrated for bringing Christianity to Ireland, but in his book, "The Story of Ireland," Irish author Neil Hegarty states that early Christians were most likely Britons who were brought to Ireland as slaves. In 431 AD, Bishop Palladius arrived from Rome to minister to any "Irish believing in Christ." However, St. Patrick is more widely credited with bringing Christianity to Ireland.

Proximity to Britain put Ireland in the eyes of the monarchy. In 1167, Anglo-Normans under the direction of England's King Henry II were able to take possession of the island. When Henry VIII became king in 1541, Ireland became formally united under the British crown.

The area that would eventually be called Northern Ireland has seen its share of conflict. In 1601, Scottish farmers, craftsmen and other settlers arrived at the port of Donaghadee to create the Plantation of Ulster, a British (Protestant) settlement. Gaelic landowners were expelled, and this area would be in turmoil for a century to come.

An effort to regain an Irish-controlled country and one that supported Catholicism became a common theme in Irish history. The Irish Catholic Confederation was one attempt to do just that, as was the Irish Rebellion of 1798. In 1829, Daniel O'Connell's Catholic Association frightened the British with the threat of anarchy in Ireland.

The Easter Rising in 1916, which seized key government buildings in Dublin, would help set the course for the Irish War of Independence. In this uprising, the Irish Republican Army fought against British security forces. As a result of this uprising, Northern Ireland, a small area of the island, was partitioned to become a British-controlled area.

From 1916 to 1937, Ireland held the status of a dominion. In 1937, a new constitution was adopted, and Ireland became a republic, though Northern Ireland remained under British control. Northern Ireland continued to be a conflict-driven portion of the island, and tensions boiled over when British soldiers shot 28 unarmed civilians during a peaceful protest on January 30, 1972, in Derry. Known as "Bloody Sunday," or the "Bogside Massacre," this incident was just one of many significant events that were ultimately referred to as "The Troubles."

More peaceful interactions have occurred in recent years thanks in part to the Good Friday Agreement signed in 1998. Today, Ireland ranks among the 25 wealthiest countries in the world. Though Irish history has its fair share of turmoil, the country has endured and is today among the most influential nations in the world.

U.S. relations with Ireland have long been based on common ancestral ties and shared values. In addition to regular dialogue on political and economic issues, the U.S. and Irish governments benefit from a robust slate of exchanges in areas such as commerce, culture, education, and scientific research.

Ireland is the gateway to Europe for over 700 US companies, who employ over 155,000 people. Multinational companies have chosen Ireland as their strategic European base due to a?pro-business environment and attractive taxation rates. Ireland has one of the lowest corporation tax rates in Europe at 12.5%. Many high-tech firms, such as Google, Facebook, and Twitter, base their European operations in Ireland. Apple which is the first company ever to be valued at $1 trillion rearranged its tax affairs substantially in 2015 in response to changes in Irish tax law. With sales of some €119 billion going through its Irish operation, Apple is now Ireland's largest company.

Ireland has never been fully been considered a tax haven by either the OECD or the EU Commission. Legislation, however, heavily favors the establishment and operation of corporations, and the economic environment is very hospitable for all business, especially those invested in research, development, and innovation.

We came across the video below?and thought it a perfect fit to this article. Here is a brief account as to how Ireland turned its back on socialism, cut corporate taxes and became the 4th wealthiest nation in the world by GDP per Capita.