| Points for ambition, but after opening the article by saying you disagree with the consensus economic analysis, you pretty much disqualify yourself from having an opinion on the economic analysis... Britain could and should declare free trade unilaterally with every other nation, whether they reciprocate or not. They would become an incredibly dynamic and prosperous trading hub. First, not sure if you understand how trading hubs work.* Second, not sure you are listening to why people think Brexit is bad for the UK economy if you think this is the solution. The biggest economic risk to the UK from Brexit doesn't come from the fact they now have to renegotiate access to the EU internal market, it comes from the fact that Scotland might decide to go independent. In turn, that has unleashed a ton of uncertainty for banks like Royal Bank of Scotland that, you know, take deposits and make loans denominated in British pounds to Scottish people. Even if you could manage the transition across independence, redenomination and recapitalization, the potential shock to credit/liquidity is sufficient that a LOT of babies are likely to get thrown out with that bathwater. ~~~~ * It's not really tarrifs that are the big constraints to trade these days, it's stuff like regulations (please no plastic in our baby formula, thx China), IP, 'dumping' etc. That and the fact that giving nonreciprocal market access would mean you end up spending even more on imports than you receive in income from exports (they already do this...a lot). Meaning you have to borrow money to finance consumption...until you borrow so much that the rest of the world stops lending you money... this is (partially) why trading hubs tend to form in places that export a lot vs import a lot. ~~~ World Bank tarrif data: http://bit.ly/293JtWZ
Melanin in baby formula: http://bit.ly/29nVRQH |
"With or without tariff issues being resolved — which are actually irrelevant to the access issue — the claim is false. Tariffs do not prevent access to a market. They simply impose a tax on entry. The actual barrier is regulatory conformity — what is known generally as a non-tariff barrier (NTB) or, sometimes, as technical barrier to trade (TBT)."
https://medium.com/@WhiteWednesday/what-s-wrong-with-the-wto...