Brexit and Globalization

British flag waving in the breezeThe term Brexit is a shortened version of the words ‘British exit’ and is the name used to describe the process of Britain leaving the European Union.

It may seem like it wasn’t that long ago that the EU formed, but the UK joined the EU, then known as the European Economic Community (EEC), on January 1, 1973.

Britain left the European Union because of a combination of political, economic, and cultural factors.

One of the main reasons for Brexit was a growing sense among some members of the British public and political class that Britain was losing control over key policy areas, such as immigration and trade, to the EU and its institutions.

This sentiment was a result of concerns related to globalization and immigration, as well as a general mistrust of the EU’s institutions and bureaucracy.

There was also a perception among some in Britain that the EU was undemocratic and that its rules and regulations were hindering the country’s ability to compete in the global economy.

Some Brexit supporters also felt that the EU was imposing too many regulations on businesses and stifling innovation and growth.

In 2016, by a narrow majority, the British public voted in favor of leaving the EU. The withdrawal was followed by several years of negotiations between Britain and the EU, which resulted in a Withdrawal Agreement and a Trade and Cooperation Agreement being reached.

On January 31st, 2020, Britain officially left the EU and entered into a transition period, which ended on December 31st, 2020. Since then, Britain and the EU have been negotiating a new relationship, covering areas such as trade, security, and migration.

Considering the very long history of the British Empire, it is no surprise that the country decided to leave the EU. The British have historically been very powerful and in charge of the world at times, so it’s no surprise that they would leave the EU when it no longer served them.

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