An Accidental Brexit: New EU and Transatlantic Economic Perspectives

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In: Economics and Finance

Abstract

"Paul J.J. Welfens has written a highly perceptive study of the origins - and the implications - of what must be Britain's worst deliberate economic policy mistake since the Great Depression." -Harold James, Princeton University, USA "This book by Paul J.J. Welfens, dealing with the result of the Brexit referendum, presents a harsh, rational and critical analysis of how the result came to pass. Welfens covers the crucial and fundamental points and surprising facts: this book is highly recommended reading for anyone looking for a frank and candid approach to the subject matter." -Friedrich Schneider, Johannes Kepler University Linz, Austria This book analyzes how the EU referendum in the United Kingdom came to pass and what the foreseeable consequences are for the UK, Europe, US and world economy. The Brexit decision represents a momentous event for Europe, which weakens the EU and shifts the global balance of power. Welfens argues the EU has lost its appeal and is not in keeping with the twenty-first century, which is being shaped by Asia and digital innovations. The subject of immigration from EU countries played a key role in the Brexit decision, with an anti-EU campaign that was profoundly biased. The estimated impact of the referendum was deeply distorted by the broadly inadequate information produced by the Cameron government, which omitted the expected 10 percent loss in income caused by leaving the EU. With this this information, there could have been a clear pro-EU majority. In the absence of a second referendum, one cannot know what the British electorate really wants. Both the Brexit decision and new President of the United States Donald Trump's approach to European disintegration dynamics also raise serious questions about the future of transatlantic relations