Summary of Did Austerity Cause Brexit?

Looking for the report?
We have the summary! Get the key insights in just 5 minutes.

Did Austerity Cause Brexit? summary
Start getting smarter:
or see our plans

Rating

9 Overall

10 Importance

9 Innovation

7 Style


Recommendation

Policy decisions have consequences. This is the essential lesson of Brexit, economist Thiemo Fetzer concludes in this original and broad-based research. He finds that populism in the United Kingdom, fomented by austerity cuts to social programs, boiled over into dissent significant enough to inflict long-lasting political and economic disruption. getAbstract recommends this noteworthy report on the reverberating effects of fiscal decisions to policy experts, regulators and business leaders, all of whom must now reckon with the long-term impacts of Brexit.

In this summary, you will learn

  • How globalization challenges governments to provide social safety nets,
  • How austerity can lead to political and economic upheaval, and
  • Why political consequences need to inform fiscal policies. 
 

About the Author

Thiemo Fetzer is an assistant professor of economics at the University of Warwick.

 

Summary

Many people have benefited from the technology and trade that have linked economies across the globe. But not everyone has shared in the bounty. In the United Kingdom, government programs provided assistance to those who, with less education and limited skill sets, had suffered the ill effects of a globalizing economy. But those expenditures came at a cost to fiscal stability. From 2010, the UK began to make steep cutbacks in social safety nets and to impose pay freezes on government employees, creating a opportune moment for the UK Independence Party (UKIP), whose principal political goal was the UK’s exit from the European Union. 


More on this topic

Customers who read this summary also read

Brexit
Brexit
8
Where Are We Now?
Where Are We Now?
7
An Assessment of the Economic Impact of Brexit on the EU27
An Assessment of the Economic Impact of Brexit on the EU27
8
Brexit could be the best thing that happened to the European Union
Brexit could be the best thing that happened to the European Union
9
This is What No-Deal Brexit Actually Looks Like
This is What No-Deal Brexit Actually Looks Like
9
Why Brexit Happened – and What to Do Next
Why Brexit Happened – and What to Do Next
9

Related Channels

Comment on this summary