What a wonderful day! I have to say that, privately, I was pessimistic and thought “remain” would win, but then this stunning result happened. This is the best political news in years and a savage blow to neoliberalism.
52% of those who voted chose Brexit, compared with 48% for remain.
See the news here and here.
More news as it comes in!
It seems that Scotland largely voted to remain in the EU. But it would be madness – sheer madness! – for Scotland to leave Britain now, what with the low oil prices and the failing, vicious pro-austerity EU. Scotland would destroy itself by attaching itself to the EU. Better for Scotland to remain and work for social democratic policies within Britain.
An intelligent, badly needed piece of advice for the Left in Britain from Neil Wilson here. MMT and Post Keynesian economics will lead the way in an economic alternative for Europe.
It may well be that the next victim of the Brexit victory after Cameron will be... Jeremy Corbyn!, as a rogues’ gallery of (what to me look like) pro-EU Labour hacks or New Labour scumbags blame him for not having persuaded enough of the working class to support an EU whose policies are class war against ordinary people.
More serious analysis of possible economic consequences of Brexit here, namely, that currency depreciation might cause inflation of import goods prices and inflation generally leading to a fall in living standards, especially if combined with capital flight causing a balance of payments constraint. This is bound up with the problem that the UK seems to have a lack of trade price elasticities caused by large-scale importation of so many factor inputs, given the deindustrialisaton of the economy since the time of the Thatcher. Thatcher buggered up Britain’s economy by gutting manufacturing and financialising the economy, and its weakness now is a consequence of this. See more here. It will be vital to look at sterling depreciation and UK inflation in the coming years.