Brexit: The economics of international disintegration

Sampson, Thomas ORCID: 0009-0006-2237-5497 (2017) Brexit: The economics of international disintegration. Journal of Economic Perspectives, 31 (4). pp. 163-184. ISSN 0895-3309

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Abstract

This paper reviews the literature on the likely economic consequences of Brexit and considers the lessons of the Brexit vote for the future of European and global integration. Brexit will make the United Kingdom poorer because it will lead to new barriers to trade and migration between the United Kingdom and the European Union. Plausible estimates put the costs to the United Kingdom at between 1 and 10 percent of income per capita. Other European Union countries will also suffer economically, but their estimated losses are much smaller. Support for Brexit came from a coalition of less-educated, older, less economically successful and more socially conservative voters. Why these voters rejected the European Union is poorly understood, but will play an important role in determining whether Brexit proves to be merely a diversion on the path to greater international integration or a sign that globalization has reached its limits.

Item Type:	Article
Official URL:	https://doi.org/10.1257/jep.31.4.163
Additional Information:	© 2017 The Author
Divisions:	Centre for Economic Performance
Subjects:	J Political Science > JN Political institutions (Europe) J Political Science > JN Political institutions (Europe) > JN101 Great Britain
Date Deposited:	08 Sep 2017 14:58
Last Modified:	12 Dec 2024 01:33
Projects:	ES/M010341/1
Funders:	Economic and Social Research Council
URI:	http://eprints.lse.ac.uk/id/eprint/84192

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