The Brexit Endgame
Britain’s Leave campaign was a revolt against not only economic mismanagement, but also the pretension of supranational government. So Brexit’s outcome may indicate how the dialectic between supranationalism and nationalism will play out in much of the rest of the world as well, where it is the stuff of current politics.
LONDON – The United Kingdom’s “Remainers,” who still hope to reverse Britain’s decision to leave the European Union, have placarded British cities with a simple question: “Brexit – Is It Worth It?” Well, is it?
The answer given by economics is clear: certainly not. In terms of the costs and benefits of leaving, the result of the 2016 Brexit referendum was plainly irrational.
And yet economics also clearly shaped the decision. The Brexit propagandists brilliantly channeled palpable economic resentment, especially against immigration, into hostility toward the EU. But the resentment was against the home-grown damage inflicted on the British economy by its neglectful rulers. As Will Hutton and Andrew Adonis accurately note in their recent book Saving Britain, “Our problems are made in Britain; they can only be solved in Britain. Europe does not impede this mission…”