Libertarian Perspectives On the Brexit

Assessing Britain’s most contentious debate

On the morning of Great Britain’s referendum on whether to remain a part of the European Union, referred to by many as the Brexit, questions still linger about the wisdom of a departure. CNN reports that Brits are still closely divided on a potential exit, and the EU may have to start preparing for the possibility that one of their most economically stable members might be leaving.

From a libertarian perspective, coherent views can be found on both sides. If the libertarians of Great Britain do take to the polls, their decision on the Brexit may not be as clear-cut as you’d think.

Possibly the biggest argument for a departure from the EU is the idea of state sovereignty. International governance directly clashes with the vision for a free society, and Brits should not be held to bureaucratic mandates from Brussels. As the British publication Spectator wrote:

Steve Hilton, David Cameron’s chief strategist for many years, gave an example of this institutional decay. A few months into his job in No. 10, he was dismayed to find his colleagues making slow progress because they were all bogged down by paperwork that he didn’t recognise [sic]. He asked for an audit, and was shocked by the results: only a third of what the government was doing was related to its agenda. Just over half was processing orders from Brussels. To him, this was more than just a headache: it was an insidious and accelerating bureaucratic takeover.

It doesn’t even take a libertarian to be skeptical of these edicts handed down from unelected public officials. Not only are the people they’re taking orders from miles away, but they’re in a whole separate country.

Perhaps an even larger issue for many Brits, within the realm of state sovereignty, it their ability to control their borders. While many libertarians make the case for open borders, an argument can be made within that context that a country should have some control over the activities that transpire on those borders.

While in the EU, Britain sacrifices control over an integral part of its national identity in this respect. Especially in a time of increased terrorist activities in Europe, there’s a libertarian case to be made that the Brexit is a matter of self defense and preservation.

This all being said, one could argue that through EU membership, the sacrifices of sovereignty are a small price to pay for all of the benefits reaped. While Britain never made the switch to the EU’s common currency, the Euro, there would still be looming economic ramifications for a Brexit outside of the common currency.

By leaving, Britain would lose access to the common market of the EU in many respects. The ease with which Britain trades with EU member states would undeniably be diminished, as the EU has laid out a structure to facilitate trade among its members.

Since Britain would be wading into unknown waters, having connected itself to the EU for so long, a Brexit could bring mass instability to their financial markets. Per The Economist, “the Bank of England calls Brexit the biggest risk to domestic financial stability.”

Libertarianism is embodied by the spirit of free trade, and it’s hard to argue that the Brexit is anything but a shift towards protectionism. While the end result might be a reduction in international influence in British politics, it could be paid for by slower growth and higher prices for average citizens.

As much as it’s important to secure the border, as aforementioned, it seems likely that a Brexit would lead to measures much harsher than simply security. With anti-Islamic sentiments rising in Europe, it’s not inconceivable that we could see a much tightened border for Britain.

While Brits have a right to their security, it should not come at the expense of the free movement across borders that spurs economic activity. While the Brexit would lead to more British control over their own territory, the political environment in Britain would likely lead to a more restricted country. On these grounds, the Brexit would be unacceptable.

Ultimately, there is no way of predicting exactly what the consequences will be should Britain leave. If the Brexit occurs, however, one can imagine more scenarios where freedom contracts opposed to expand. While libertarians can take principled stances for a Brexit, the alternatives must be kept in mind. As the great economist Thomas Sowell once said, “there are no solutions, only tradeoffs.”

 

 

 

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