A Brexit Fantasy Rarely do nationalist politics not end in statist economic prescriptions. Bret Stephens

Posted By on June 21st, 2016

http://www.wsj.com/articles/a-brexit-fantasy-1466465550

…….This is the fraying world in which Britain is making its Brexit choice. It may be that a “leave” vote will not have such dire consequences as the “remain” campaign predict, and that the U.K. will join the happy ranks of Switzerland and Norway as a rich, European, non-EU state. In normal eras, the benefits of disruption often outweigh the costs.

But this is not a normal era. If the U.K. leaves the EU, why shouldn’t Scotland secede from the former to rejoin the latter? If Britain jilts Brussels, why shouldn’t Brussels return the favor when Britain returns to Europe seeking new terms of trade? If the world is taking a protectionist turn, why would an island country dependent on trade abandon the economic security of the one immense free-trade bloc to which it already has access?

And if Britain leaves the Union, what guarantees that future governments will have a Thatcherite bent? It was Thatcher who in 1975 spearheaded the Conservative Party’s campaign to remain in Europe the last time the membership question was put to British voters. Rarely do nationalist politics not end in statist economic prescriptions.

Like every country, Britain has its share of cultural anxieties and economic problems, some of which are connected to Europe. But not all of them. Britain’s housing bubble is not Europe’s fault, nor is the poor quality of its health services, or its high taxes and cost of living. It’s always easier to blame a marriage’s difficulties on your spouse than on yourself. And as in many marriages, the temptations of a single life can sometimes seem irresistible. They’re worth resisting.

It may be that one day Britain will have another Thatcher, and the U.S. another Reagan, and another Brexit referendum could be a flight to safety and not a leap in the dark. Till then, Brexit would be that most un-British of acts: Imprudent.

 

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