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The presentations and videos of both the speakers and the plenary discussion session have now been uploaded. Please click the link above to views these and find out more.

Welcome

InterTradeIreland hosted the second annual Economic Forum in the Belfast Harbour Commissioner's Office on Wednesday 28th April 2010. The Forum provided delegates with a unique opportunity to discuss important regional economic issues in an international context.

Almost 90 attendees, from Ireland and Northern Ireland, who attended the Forum heard from and discussed with international experts, the possible shape of recovery and the challenges and opportunities for the island.



No economy can exist without generating a constant flow of economic data. These stem from the performance of stock markets both domestically and internationally. Investment therein generates the constant movement of currencies, the creation of debt and the possibility of the flow of wealth between one country and another. Inflation and or recession can be a resultant factor. International trade not only expresses the flow of goods and services, but in consequence the transference of currencies and the resultant wealth attached thereto. The generation of free trade and the concept of globalization not only have a direct influence on the wealth or debt of individual economies, but also at the same time exert constant pressure on the value of currencies, the creation of jobs and their resultant individual wealth creation. Debt in turn is what influences interest rates, and it is interest rates that define the volume of debt creation. They work in tandem with each other. All of these in turn define inflation or consequent recession. No country can live in isolation. International trade precludes this from taking place. Currency values or the value of money, the debt of nations and the basic interest rates that Central Banks define from time to time sets the parameters that define the strength or weakness of all economies.

Global trade has a similar effect to influencing currency values or the value of money, as imbalances in trade exert on currency reserves of Central Banks. Thus inflation or recession will define the creation of debt and the consequent pressure on interest rates will define how respective economies will function, and the resultant creation or retention of wealth both individually and collectively. Inflation is thus either a prelude to recession or a result thereof. This locking-in effect results in stock markets working “ in tandem,” thus create an economic domino effect. The pressure exerted on economies thus affects their capability of job creation, and it is job creation that defines the destiny of economies and their ability for the creation of wealth. None of these articles are meant to be economic treatises, or a lesson in economics. The introduction of globalization and its effect on international trade –“ so-called “free trade” is bound to affect the practice of economics within each economy, thus impacting on their ability for job creation. These in turn control the destiny of both inflation and recession. Economics is the practice of theories in constant change. Thus the theory of economics is a defining factor in the value of currencies, the creation of wealth (the value of money), and or the creation of debt. No economy is a static entity, and thus economic theory itself should be in constant change. Economic theory can only work in practice, where defined circumstances exist and variances in circumstance will define their value or efficacy. Thus we should be wary of globalization and free trade and the pressures they place on economies. For it may well end up as “ TOO LATE FOR TEARS!"



Queries?

Please contact Eoin Magennis, Policy Research Manager, IntertradeIreland
T: 028 3083 4165 (048 from Ireland) E: [email protected]