Brexit and the World- What this means for Globalization

Brexit goes beyond Britain leaving the EU and symbolises the possible decline of globalization. It paves the way for a nationalist approach that constitutes racism, xenophobia while holding minorities and migrants accountable for all vices. It indicates that rejecting the rest of the world will help you reclaim past glory.

Political Impact

Politicians have been unable to fulfill the need for higher standards of living and are not considered trustworthy among voters in the West. The vacuum of leadership has been filled by unexpectedly brash individuals such as US presidential candidate Donald Trump, who continue to present shocking ideologies.

Brexit has resulted in currencies and stocks crushing, which has been witnessed in India, one of the emerging markets. Large amounts of money are expected to flow from India and find their way to the safer US dollar. More significant is the political impact of Brexit.

Scottish voters wanted to stay in the EU and their Nationalist Party is considering a referendum that will enable them to cut ties with the UK. Donald Trump’s notorious campaign has received a boost from the alarmingly racist and bigoted sentiments that were linked to Brexit. A Trump presidency would have an even more tumultuous effect on the markets than Brexit.

There are concerns about France, which has long been regarded as the embodiment of a unified Europe, exiting the EU. A poll recently revealed that a significant percentage of French voters did not view the EU positively.

Xenophobic movements in Italy may be inspired by Brexit while Austria and Hungary both have a sense of nationalism within their core. The German chancellor who encouraged Germans to welcome refugees from Syria now faces a bleak political future. Click here for debt relief.

Is there a Future for Globalization?

The troubled Middle East will continue to justify right-wing nationalism’s belief that the flow of immigrants and goods from other countries should be stopped. Import barriers have previously been raised in an attempt to stem imprints while increasing exports. However, countries rely on each other for imports and exports. This means that that the end results were a shutdown on international trade.

Unfortunately, voters in the West continue to shun any advice given to them pertaining to protectionism. They perceive such expert advice and politicians who campaigned for globalization for fifty years as enemies of progress. They blame them for employment and wage challenges. Any advice or guidance that they offer should be ignored because localization attempts have been shut down by protectionist politics.

India is not exempt from the problem of xenophobia, which has been exhibited through actual physical attacks and online attacks of liberal views. Business owners are concerned about the influence of Brexit on the economy. Even more worrying is whether or not the decision that Britain has made represents the demise of economic integration and market access. Brexit is a reflection of distrustful attitude towards a global economy among the voters. The political and economic future appears to be bleak.

Charlie Brown is a freelance content writer. He has written many articles on different categories like Technology, fashion, finance, travel, health, etc. To know more about him, please his blog.