June 27, 2016

Brexit and Why All Bets are Off on Globalisation

In this article for the New Indian Express, Visiting Fellow at IDFC Institute, Shankkar Aiyar writes on Brexit and why all bets are off on globalisation. Excerpts below:


"In 1992, Bill Clinton famously said 'It is the economy, stupid.' The clever coinage of James Carville came to stay as one of politics’ much-abused aphorisms. On Friday, British voters signalled to politicians that the economy is about politics. The referendum was verily a coup in waiting against the political establishment. Seriously, how often does one see the leaders of opposing national parties on the same side of ignominious defeat— David Cameron is on his way out and Jeremy Corbyn must follow. The government asked the people whether Britain must remain or leave the European Union. The voters directed the political class to take control of the fate and destiny of the country... The rise of opposition to globalisation represents the failure of economic and political markets. Strikingly, Britain, which has survived all the major isms —fascism, communism and republicanism (by loyally retaining royalty)—has flagged the progress and questioned the process of globalism. The unstated question is whether the world is really flat.  The debate about rising inequality across the world suggests that it has been flat for a few and not so flat for the many."

x Close Window

Please verify your email address to access this content