Brexit's Effect Of Globalization
Brexit’s Effect of Globalization Globalization is a process of interaction and integration among nations, businesses, government, and its people. This reoccurring process has been seen throughout history and has evolved with time. These series of actions are what have spread ideas, trade, economic development, and culture. Globalization can be said to work as a domino effect, if one nation is impacted economically, all other nations may somehow also be impacted. An example of this can be seen in the recent events in the United Kingdom, known as the Brexit. This event has been said to affect economic stability in Europe, which may suppress economic growth on a global scale (Watson, M. n.d.). The United Kingdom is the world’s sixth largest …show more content…
as it benefits both the nation and the global economy in terms of trading relations and other factors of globalization. Many fear this will isolate the nation from the rest of the world and investors may perceive Britain as unstable, which turn will damage investor confidence in its economy. As with anything that changes in the economy on a global level, a short term negative effect may likely occur. However, the nation is unlikely to take any major action that will prevent it from trading with its current trading partners. The U.K. has taken this approach to prosper economically outside of the E.U. and control its borders. This can only be done through immigration policies that doesn’t favor E.U. citizens and prevent any interruptions in trade flows (Giles, …show more content…
E-commerce and global trade have brought in the promotion of consumer goods and services along with other tradable goods. The E.U. has been able to hold the position as the world’s top economic power because of its free trade among its members. Although it is feared that this new referendum can affect pricing for products and goods globally due to the pricing in international currency, the U.K.’s departure from the union may not affect the global economy in the grand scheme of events. The nation wants to improve itself internally and work on creating jobs domestically (Hosmer,
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