Dirk Ehnts — People’s Republic of Britain?

Summing up: the UK – and other European nations – have returned to the doctrine of mercantilism. This is a major defeat for progressive economists and economics as a discipline. It will also endanger the European project as it is unlikely to bring either peace or prosperity to the European people. Instead, it will bring more social and economic insecurity as governments prepare to pull back from the provision of essential service like health and education. A race to the bottom regarding regulation, wages and protection of workers is something which Europe cannot win.

I see this kind of reasoning by politicians like Cameron as a smoke screen behind which the society is dismantled. Lower taxes for the rich, fewer opportunities for the poor. Shift the blame to foreign countries if people protest. Economics is politics. Bad politics equal bad economics and vice versa....

What we see in Europe now is a political crisis that has brought about policies that repel the social progress made since the Age of Enlightenment. Political reforms have nothing to do with international trade. They are about redistributing wealth from poor to rich.