Introduction opting to keep their own money.

Introduction – What is Brexit

Brexit consists of the two words
“Britain” and “exit” making it Brexit following the vote to
leave the EU. The term has been widely used ever since the idea of a referendum
was put forward. More than 30million people voted in the June 2016 referendum
with a turnout of 71.8 per cent. Leave won by 52 per cent to 48 per cent.

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Brexit is a monumental event
that will face serious consequences, raising challenges while creating
international business and entrepreneurship opportunities for companies around
the globe. This effect is likely to be felt acutely by North America which has
historically has maintained strong political, cultural and economic
relationships with the UK (Baldwin and Lopez Gonzalez, 2015). The 23 June 2016 UK vote to
exit the EU gives rise to the question of how Brexit affected these long
standing relationships between North American and UK organizations.

 

The European Union is an economic and
political partnership. There are currently 28 member’s states including the
United Kingdom. It all started after the Second World War and has been evolving
and growing since then to include a “single market” allowing goods and people
to move around. It has its own parliament, central bank and the euro currency
used by 19 countries, with some members including Britain opting to keep their
own money. Eurocrats have been pushing for ever closer political and financial
union, which could include a European Army separate from the Nato alliance.

 

The Legality of Brexit

 

Instead of
being controverted by Brexit, the laws of globalization the law of semi
globalization, which deals with the depth of globalization, and the law of
distance, which deals with the breadth of globalization help clarify some
of Brexit’s implications

 

A co authored paper by
Richard Gordon QC and Alastair Sutton ‘Negotiating Brexit’The Legal Landscape was launched
in the House of Lords. It covers the Brexit negotiations to date including
detailed sections on the EU’s Mandate and Position Papers, the EU Withdrawal
Bill and the impact of the Brussels negotiations on the devolved governments.
The event was chaired and hosted by Lord Tyler.

 

The law of semiglobalization

 The law of semiglobalization posseses that international interactions,
while non negligible, are signi?cantly less intense than domestic inter actions.
The UK is an illustration that ?ows across its borders were large enough to
provoke a backlash, yet still fall far short of what one would expect if borders
had ceased to matter. Thus, the UK’s (gross) exports account for
about one third of its GDP, about the same as the world as a whole and far
below a zero border e?ect benchmark of 96% (100% minus the UK’s share of
world GDP). And ?rst generation immigrants comprise 13% of the UK’s population,
although Britons think as reported across three di?erent surveys that 24 –31%
of the country’s population was born abroad. In this and other respects, the UK
illustrates not only the law of semi globalization but also what I refer
to as globaloney—a strong tendency to exaggerate actual levels of
globalization.

 

 

The Law of Distance

 Leaning towards the two
laws, the law of distance asserts that international interactions are
dampened by distance along cultural, administrative, and geographic dimensions
and are often a?ected by economic distance as well. On this score, the book
assembles evidence that the same handful of variables related to distance
versus proximity a common o?cial language, a colony colonizer link trade
agreement or common membership in a regional bloc, physical distance, a common
land border, and per capita income disparity do a good job of explaining
variations in intensity of interactions along slew of dimensions not just trade
and FDI but also other kinds of capital ?ows, information ?ows and people ?ows.