Brexit’s Blow To Globalization
Less than a decade after the 2008 financial crisis dealt a major blow to globalization, Brexit has just delivered another. With the world already facing anemic growth and low investment, any adequate damage-control plan must include prompt resolution of the new rules of the game for Britain and its relationship with the EU.
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CAMBRIDGE – The United Kingdom’s Brexit referendum has shaken equity and financial markets around the world. As in prior episodes of contagious financial turmoil, the victory of the “Leave” vote sent skittish global investors toward the usual safe havens. US Treasury bonds rose, and the dollar, Swiss franc, and yen appreciated, most markedly against sterling.