This information is not readily available as U.S. exchanges do not keep track of what proportion of each firm's equities trade on which exchange. It is likely that total global market capitalization of Israeli firms, especially when adjusted for inflation, is not much higher than it was in 1993 solely based TASE listings. Israeli high tech has missed the bull market of the past five years. These are the facts of Israel's high tech economy. We at the Institute hope that high tech as a share of national economic activity grows much more rapidly in the future.
High tech is global.
High tech is outside the bounds of domestic government protection and control, since Israeli firms have to sell the output of their high tech goods and services to foreigners in a fiercely competitive international marketplace. There is no room for monopolies in high tech, as exist in the domestic Israeli cement, insurance, banking, paint, chemicals, agriculture, and other economic sectors. However, it would advance the cause of economic freedom if Israeli taxpayers were not forced to subsidize foreign high tech firms with their taxes, which offsets a good portion of the value added that foreign high tech firms bring to Israel. Perhaps the Institute's biggest quarrel with Schmemann and other correspondents is their failure to address the most important problem of Israel's economy. It would be right to praise Israel for its economic achievements.