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Showing posts from July, 2016

On Brexit

The unexpected happened last week. The black swan event, which no one were expecting or hoping for, shook the world pretty hard, especially the power to be. Brexit [1] happened! A majority of British people, 52%, decided to secede from the European Union leaving the whole world in a shock. In this present blog post, after discussing briefly the history of British entry into EU, I am going to address two fundamental questions: Why the British people decided to leave the EU? And now that they have decided to leave, what are the short and long term repercussions of this ground shacking event?   A Brief History of Britain’s Entry into EU [ 2] British peoples’ love affair with the EU is quite old. The EU began in the fifties as a free trading economic community (European Economic Community or, in short, the EEC). As discussed by Philip Bagus in his book on Euro (Bagus and Soto 2012) , which is a common currency of EU countries, there are two ideological camps involved in the form