Ulrich Baumgarten/ Getty Images

The Brexit Alarm

Contrary to glib assumptions, globalization of capital, trade and migration flows are not “good for everyone.” If we do not address its adverse effects, Britain’s exit from the EU will be neither the last nor the worst consequence.

LONDON – As a passionate European, the outcome of Britain’s referendum on European Union membership horrified me. It will almost certainly result in our exit from the EU. But I have feared for many years that large-scale immigration to the UK would produce a harmful populist response.

Global elites must now learn and act upon the crucial lesson of “Brexit.” Contrary to glib assumptions, globalization of capital, trade, and migration flows is not “good for everyone.” If we do not address its adverse effects, Brexit will not be the last – or the worst – consequence.

Net immigration to Britain was close to zero in the early 1990s. It began to increase later that decade, and grew rapidly after eight formerly communist countries joined the EU in 2004, when Britain – unlike, for instance, France and Germany – waived its right to impose a seven-year delay before allowing free movement of people from the new member states. Last year, net immigration was 333,000, and the total population grew by around 500,000. Credible forecasts suggest that the UK’s population, now 64 million, could be above 80 million by mid-century.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/BUSWAov;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now