Ireland: Waterford Crystal.

Waterford Crystal is perhaps Ireland's 2nd most famous export (some might say her first most famous are her people but for now we're talking economic exports). Not only does Waterford make famous stemware but she also makes many of the world's most famous sports trophies. In Ireland the tour of the Waterford factory is a very popular tourist destination. Waterford claims to make only products for the high end market so I was surprised to find Waterford on sale last fall at Costco. Sure enough the economic problems buffeting the rest of the world have also claimed Waterford as a victim.

Waterford Wedgwood plc is the holding entity and parent for Waterford Crystal. The quality of its products are considered wonderful but its financial record has been mixed, and significant cost-cutting has been ongoing for many years. In January of this year parts of the company, including the main Irish and UK operations, were placed in receivership. Its assets are currently being bought by an American private equity firm KPS Capital. Much of its production is scheduled to be sent to Indonesia although some of it will still be produced in Ireland for the time being.

For good or ill globalization is a force that's here to stay and one can argue from a strictly economic standpoint that Ireland's loss is Indonesia's gain. But I'll wager a guess that Waterford's Crystal will lose some of its cachet over time particularly on this side of the pond.