What Went Wrong With California?
Patrick Boyle On Finance
Patrick Boyle
4.9 • 320 Ratings
🗓️ 20 October 2024
⏱️ 28 minutes
🧾️ Download transcript
Summary
Since the gold rush, California has been the go-to state for start-up companies. In recent years the Golden State has been losing the competition with neighboring states. More than 500 businesses have left California since 2005. Among these businesses were Fortune 500 companies and the economic impact from these departing companies is likely to be severe. California’s tax laws and prohibitive regulations are the leading causes of the massive corporate exodus. The business-friendly conditions, opportunities to save costs, and home-ownership options for employees in other states are a few reasons companies have decided to leave California. These factors led to the first three-year decline in population in Californias history. In today's video we ask, what went wrong with California? Patrick's Books: Statistics For The Trading Floor: https://amzn.to/3eerLA0 Derivatives For The Trading Floor: https://amzn.to/3cjsyPF Corporate Finance: https://amzn.to/3fn3rvC Ways To Support The Channel Patreon: https://www.patreon.com/PatrickBoyleOnFinance Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle Visit our website: https://www.onfinance.org Follow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Business Inquiries ➡️ sponsors@onfinance.org Patrick Boyle On Finance YouTube Channel: https://www.youtube.com/@PBoyle
Transcript
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| 0:23.4 | California has the largest economy in the United States, with a gross state product of over |
| 0:29.1 | $4 trillion. |
| 0:30.7 | If it was its own country, it would have the world's fifth largest economy behind Japan |
| 0:36.4 | and ahead of India. |
| 0:38.3 | California is home to some of the world's most valuable technology companies. |
| 0:42.3 | It's the centre of the global entertainment industry, and its farms are amongst the most productive in the world, |
| 0:49.3 | growing over half of America's vegetables, fruits and nuts. |
| 0:53.3 | California's workers are hugely productive too. |
| 0:57.3 | The state has a GDP per capita of $104,000, which would rank it as number six in the world |
| 1:04.1 | if it was a country. |
| 1:05.8 | Tax havens, which California definitely is not, often have distorted GDP, as multinational companies |
| 1:13.1 | frequently transfer intellectual property assets to tax havens, like Ireland, which get counted |
| 1:19.9 | as that country's GDP. Income on foreign-owned capital held in tax havens also gets counted |
| 1:26.7 | as GDP because the income originates |
| 1:29.6 | in that country, even if the financial firm has nothing but a PO box to show for it. If we exclude |
| 1:36.8 | tax havens from the list to remove these distortions, California really stands out as the most |
| 1:43.4 | productive place in the world. |
| 1:46.0 | Unfortunately, some of the shine has started to come off the Golden State in recent years, |
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