The risk of democracy is hidden; and you should not throw sophisticated decision making process into the mob. Britains’ exit tragedy is a lesson for politicians who have the responsibility to make careful decisions. The historic event has put a sudden stop for the British economy. It has to reboot the economy again by integrating high tariff from its neighbors, at the same time closing borders to other Europeans.
As a people’s choice, Britain’s Brexit Blunder is an irreversible democratic accident that denies the island economy a collective investment location for the entire Europe. Gains from coming out of the union depend upon the impact of the British decision to quit on EU. If Brexit triggers further exits and generate skirmishes within the European Union in future, Brexiters can claim that they were right.
Understandably, the verdict by the mass has less economic logic. Rather it seems to be made out of Britain’s continuing slide in political and economic weight in Europe. Ever since the end of the colonial era, the country became noise makers in international platform that depended on the US to retain some element of power. Inside the EU, Britain will be overshadowed by the economic power of Germany and political power of France.
In this context, the Brexit was an expression of psycho-identity crisis.
History shows that Britain has continuously shown the symptom for exit very early. The Kingdom became a non-believer in Euro when it made an early exit from the European Monetary Union in the early 1990s. Plain speaking, it is better for a reluctant convert to go outside the Union.
Definitely Britain will have flexibilities and choices outside the EU. It will not be affected by the problems of an asymmetric economic union. If every action has a good side also, this escape from ill-fitted economic integration is the consolation. But when trade is considered to be an engine of growth, regional disengagement becomes an irrational choice.
Now, the next government has to design the new road map for trade and investment engagement with Europe and the rest of the world. Everything seems like building a new house after a hurricane. Only sophisticated economy management from the new government can put the British economy back into track. People can make mistake; but government can’t.