The latest issue of the City Journal includes an article on the unmatched economic and scientific accomplishments achieved by Israel in its short history. The high-tech industry dominates the Israeli economy and the author includes some interesting statistics regarding the country’s global standing in the technology sector. As of 2007, Israel houses more foreign NASDAQ-traded companies than any other country. Notably, the author writes:
“In under 25 years—starting from those first modest tax reforms of the mid-1980s—Israel has accomplished the most overwhelming transformation in the history of economics, from a nondescript laggard in the industrial world to a luminous first. Today, on a per-capita basis, Israelfar leads the world in research and technological creativity. Between 1991 and 2000, even before the big reform of 2005, Israel’s annual venture-capital outlays, nearly all private, rose nearly 60-fold, from $58 million to $3.3 billion; companies launched by Israeli venture funds rose from 100 to 800; and Israel’s information-technology revenues rose from $1.6 billion to $12.5 billion. By 1999, Israel ranked second only to the United States in invested private-equity capital as a share of GDP. And it led the world in the share of its growth attributable to high-tech ventures: 70 percent.”
As I previously posted on Israeli Independence Day, Israel accomplished far more in its short time than could ever be expected. If Israelis maintain the same curiosity, innovation, tenacity, and determination that the country’s founders exhibited, Israel will assuredly remain among the world’s high-tech leaders.