The Sogang Herald

Brexit: The Fall of Britain or The Start of a New Age?

김민영l승인2016.11.04l수정2016.11.04 14:38l0호

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The European Union (below EU) has been the pinnacle of globalization. There has never been an organization preceding that was established with such integrity; both politically and economically. However, it seems that its glory days are over. One of its most influential member countries, The United Kingdom (below UK) decided affirmative on the dubbed ‘”Brexit”, a term coined as a combination of Britain and Exit. The fate of the European Union now lies in the hands of the people of Britain.
 The story of the UK leaving the EU wasn’t entirely new. There has always been controversy from within and without, Britain saying that it enjoyed too little fruit for its labor while others said too much. It is just that most people never got to really expect Britain to leave the EU. As it was unexpected, it can also be inferred how deadly the result was. Both politically and economically, Brexit has altered the course of history.
 The EU has lost a significant portion of its budget. Britain, following Germany was the second biggest contributor to the EU’s budget. The followers of Brexit has stated this as a factor that stalled the development of the domestic economy and that the EU was violating the right in a way that is legal but unfair. This was true as the amount of money that was used to support the EU wasn’t small. However, there has been compromises from the EU, such as allowing Britain to keep their currency unlike other countries that has to give up their own in favor of the Euro.
 The impact on the international and domestic economy was instantaneous and disastrous. Countries from halfway across the globe was affected, and the currency value of numerous countries fluctuated with a near record-setting speed. The value of ‘stable’ currency such as the dollar and yen skyrocketed, and in the case of Japan, where the government tried everything to lower the currency value in the last 4 years, was a blow to the head. This also led to ‘unstable’ currency such as the English Pound, the Euro, and other currencies from 3rd world countries to become depreciated. Investments were withdrawn from developing countries as investors were afraid they would lose value once their profit was exchanged to the dollar. Korea was also heavily affected, with the stock market activating the Sidecar protocol to keep the market from crashing to the irreversible chasm of depression.
 The exit of the UK has also brought about complete disaster for international politics. While the economic reaction of the world to the Brexit crisis was rather unified in a negative sense, there are more sides to look for in the political aspect of these events. The direction of politics within the UK has shifted dynamically after the events of Brexit. The United Kingdom is composed of four countries: England, Wales, Northern Ireland, and Scotland. The first two countries have voted yes, while the latter two has voted for Bremain, a coin termed that was the combination of Britain and remain. This has given a break for Scotland that has been doing everything for its independence from The United Kingdom. Showcasing the most unbalanced results with a staggering 62% of the votes for Bremain, Scotland has established the reputation as fervent supporter of the EU. The Brexit vote has become a matter that decides not only the fate of the EU but also the United Kingdom.
 Brexit has also had immense influence on the international community in terms of politics. EU was a collective of Europe countries that was bonded tightly which means that the budget of the EU consists of finances that would have otherwise be kept in the national treasuries. Germany makes the most of the EU budget and Britain comes in second. There has been numerous controversies from member countries and nearly all conservative political parties that using national treasury for another country is blasphemy. Brexit is expected to initiate a domino syndrome where countries that have had reservations for how the EU has been running so far. Words such as Frexit, Nexit, Chequexit are being coined to term any future disruption within the EU. There has been especially concentrated amount of conflict regarding which country gets to accept how much of the refugees from conflict areas. This overlapping with the reduction of budgets due to Britain’s exit consequently mean the reduction of financial support EU can give to their member countries in return for accepting immigrants. Countries such as Germany, which has many times been at odds with Britain in the EU, strongly emphasized the importance of the existence of EU and that its purpose is that of a noble one. Besides the EU, they also seem to be affecting politics of other countries, the prime example being The United States, where the Republican Presidential Candidate Donald Trump seems to be listing Brexit as an excellent move by which the Britons have ‘taken back’ their country from outside forces taking their fate into their own hands.
 Brexit is the beginning of many trials global society is going to face from now on. Whether the people of this world, the governments of this world, and the nations of this world will follow this new ‘trend’ is a mystery that one individual doesn’t have control over. It is just time there should be reconsiderations as to rethinking the line between the sovereignty of a country and nationalistic hypocrisy.
 

김민영  hateco2@sogang.ac.kr
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