3 pages/≈825 words
Mathematics & Economics
The implications of Brexit on Great Britain (Term Paper Sample)
This term paper is a sophisticated, academic paper about The implications of Brexit on Great Britain, with the theories behind it being based on the topic and person that the teacher had given us. It manages to cover how theories that were developed hundreds of years ago are still relevant today and therefore manages to draw a strong conclusion source..
The implications of Brexit on Great Britain Great Britain and the rest of the European Union had the privilege of partaking in free trade with one another for a lengthened period of time, hence allowing various commodities to be exported and imported at low costs, and for healthy levels of competition to excel both the quality and quantity of production for the countries involved. However, on the 31st of January 2020, Great Britain officially left the trading bloc, and brought upon itself tariffs, quotas and other repercussions that have and will continue to disrupt its trade with other nations (BBC News, 2020). Smith argued that the natural interest and willing cooperation of people between one another when interacting in free trade leads to greater dexterity and a larger production surplus than when trading in a restricted market with little division of labour (Smith, 1776). Possibly the most severe effect of Brexit on Great Britain was the number of specialised workers that decided to relocate to other countries as a result of working conditions worsening in the entire country, but especially in popular hotspots such as London. As a result, it meant that in many industries the country was no longer experiencing a production surplus, but was beginning to struggle from a deficit. For example, in a survey completed in late 2017, 74% of EU doctors and pharmacists working in the UK stated that they were either considering leaving the UK or were unsure whether they will leave. Of those 74% of doctors and pharmacists, 39% had stated that they had definite plans to relocate, with this being reflected in the number of EU registered pharmacists that dropped from 102 to 20 in just the second quarter of 2017 alone (Oxtoby, 2021). Hitherto, the surplus in the healthcare provided not only resulted in increased levels of technology and wages, but it also allowed the general population to remain healthy and fit. Therefore, the labour force would remain at stable, optimum employment levels and the economy would thrive. However, with the specialised employees relocating and being replaced by more inexperienced ones, there would be lesser levels of productivity, smaller levels of dexterity, and ultimately less efficiency (Smith, 1776). This would not only lessen the production surplus, but would also result in less people being treated for illnesses, and the level of employment not being as high as it should. Another negative implication that arose from Brexit was that a plethora of trading barriers were implemented by the EU in order to prevent Great Britain from making mutually beneficial trade deals, and giving the EU the political highground. These trading barriers range from simply burdensome customs paperwork that is delaying the shipping of produce, to various tariffs and quotas that have for example led to increased consumer prices in the automotive industry due to companies wishing to keep profit margins similar to before Brexit. Since, the levels of prosperity have continued to decrease, hence demonstrating that the ‘invisible hand’ that is the market force that relies on free trade with limited political intervention, is the key to beneficial bartering and a greater production surplus, just like Smith had suggested (Smith, 1776). Despite all of the negative consequences of Brexit, there are also some positive aspects for the UK that have appeared since the referendum occurred, and the deal was signed. Perhaps, the most notable aspect was just how much the fishing industry in the UK would benefit and how much more money it would bring in every single year. This would be due to the fact that the UK would be able to increase the catches from its water by an estimated 66%, leading to an approximate 140 million pounds being bought in by the industry per year by 2026 (Stewart, 2021). Overall, the workers ...
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