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A New Course for Better Times

A New Course for Better Times. ICTU Conference April 2014 . David Jacobson Industrial Policy. Introduction: TASC Commission, The Nuts and Bolts… Issues: The Banks State Support for Enterprise Sector Export Performance Innovation Sustainability Corporate Taxes. INTRODUCTION.

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A New Course for Better Times

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  1. A New Course for Better Times ICTU Conference April 2014

  2. David JacobsonIndustrial Policy • Introduction: TASC Commission, The Nuts and Bolts… • Issues: • The Banks • State Support for Enterprise Sector • Export Performance • Innovation • Sustainability • Corporate Taxes

  3. INTRODUCTION

  4. TASC Commission on Industrial Policy • Book: D. Jacobson (ed.) The Nuts and Bolts of Innovation: New Perspectives on Irish Industrial Policy, Glasnevin Publishers, 2013 • Authors: David Jacobson, Paul Sweeney, Sean Ó Riain, Jim Stewart, Eoin O’Malley, Rachel Hilliard

  5. THE BANKS

  6. Industrial policy? Yes! • See failure of credit guarantee scheme • Predicted number of companies: 5,600 • Actual: 72 • Solution: State investment bank • Aside on bailout: institutional differences…

  7. STATE SUPPORT FOR ENTERPRISE SECTOR

  8. Finding: tax payers contribute billions of euro to supporting the enterprise sector • Problems: • Absence of coherent strategy • Lack of research on impact of policy • Each “side” blames the other • Solution: More research, better info

  9. EXPORT PERFORMANCE

  10. Ireland overall (industry and services) did NOT lose competitiveness in the period 2000 to 2008 • Gains/losses in competitiveness:

  11. INNOVATION

  12. Too much emphasis on high-tech • Not enough diffusion of innovative thinking • Not enough research on impact of expenditure on innovation • Where are we good? • How can we improve?

  13. SUSTAINABILITY

  14. Evidence that: • the more rigorous the regulations on environmental protection, and • the more rigorously they are policed, • the more competitive the industry

  15. CORPORATE TAX RATE

  16. For some MNCs, • the tax rate is irrelevant, it is the fiscal regime that is important • For some, despite a significant operational presence in Ireland, corporate taxes are paid in Bermuda

  17. Industrial Policy, by David Jacobson Profit switching transfer pricing Means multinationals are slicing Tax revenues that we can get Forcing underpaid into the net. So unions to win the day Must call a stop and loudly say All firms in Ireland should pay the same Level play for a fairer game. We depend too much on the USA If they change the rules their firms won’t stay And unemployment will be even worse Than this attempt at rhyming verse. The message is that we should aim To encourage local firms the same As what we’ve done for all the rest For Ireland’s future, that’s the best.

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