Global Impact of Brexit | Assignment

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Running head: GLOBAL IMPACT OF BREXITGLOBAL IMPACT OF BREXITName of Student:Name of University:Author Note:
2GLOBAL IMPACT OF BREXITTABLE OF CONTENTINTRODUCTION:..........................................................................................................................3DISCUSSION:.................................................................................................................................4HISTORICAL BACKGROUND OF EUROPEAN UNION:.....................................................4UK’S ROLE & IMPORTANCE IN PRE-BREXIT:...................................................................6IMPACT OF BREXIT ON UK NATIONAL ECONOMY:.......................................................7JUSTIFICATION OF THE DECISION:.....................................................................................8POST-BREXIT FUTURE OF EU:..............................................................................................9CONCLUSION:............................................................................................................................10REFERENCE:...............................................................................................................................11
3GLOBAL IMPACT OF BREXITINTRODUCTION:In recent globalized world, the nations are compactly connected through business tradeand market participation. Any event in any corner of the world infiltrates the consequencesthrough all over the world that is where the analysis receives sits utmost importance.One of the very recent global event has been BREXIT that is Britain taking an exit fromthe European Union after almost 44 years of its joining in 1973. This definitely affects theeconomic and political conditions of the UK as well as other EU member countries that havebeen strongly linked to UK through trade and finance (Schiereck, Kiesel and Kolaric 2016). Themajor concern of the discussion in the paper is how the decision of Brexit would affect theeconomy of UK as well as other EU countries. The decision of Brexit would now allow UK toconnect to many of the countries lying outside of the European Union through the channel ofinternational trade and business This would certainly call for new dimension in the growth ofBritish economy.It has been found that major impact of the decision on international trade has beenreduction in EU trade with UK whereas increase of UK trade with other non-EU nations (ft.com,2016) There has been less immigrants post-Brexit situation that allows unemployment to bemanaged properly(Ebell and Warren 2016). Another striking and instant impact has beendeclining value of the pound as compared to dollar and euro. The impact of the decision has notonly affected the economy of UK but also the entire EU members nations as well as the countrieslying outside EU through the linkage of international trade.
4GLOBAL IMPACT OF BREXITHISTORICAL BACKGROUND OF EUROPEAN UNION:Based on Maastricht Treaty, the European Union was formed in 1993 unifying 28countries of Europe economically politically. Almost over 510 million populations are includedin this union that sets its own rules and policies (Nunez-Ferrer and Rinaldi 2016). The economiccondition, political situation and society as whole of all the member nations are consider dinorder to make laws that takes into the of the national law and security of the member states. Thepower of the individual sovereign states is comprised in it. Through standardization of law andorder applicable to all of the EU countries there exist one single market that allows freemovement of goods and services, people and capital within all of the member states.ORIGIN & HISTORY:The history of origin of EU traces a long term gradual integrating processstarting since 1945. The formation of EU is backed by the demand of its membercountries. Post second world war Europe remained divided between largely democraticwestern nations, Communists and soviet dominated eastern bloc. War devastatedGermany’s future direction of the rebuild spread fear among the nations that gavebirth to the idea of federal European union that would bind the nation into thedemocratic institutions created in pan-European set up. The main idea was to stopGermany from starting war with any other allied nations as well as put a resistance inthe expansion of communist in the east.1945-1959Themotive behind forming EU was to end the seed of frequent wars between European nationsand its neighbors. In 1950, the effort of European Coal and Steel Community started unitingthese countries in terms of economics and politics to secure peace. Based on the Treaty of Rome,Common Market or European Economic Community built up.
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