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 ...