The United Kingdom has finally exited from the European Union, after 47 years in association. It was interesting to observe how Britain, who were the main colonisers of the world during the Industrial Revolution and its aftermath exited. The country was desperate to separate form the European Union, even though the opinion of the British people has been divided on this decision.
There are many issues on the functioning of the European Union. Like people of the region claim, this is one more institution for an elite cosy club to rule over.
Any country can choose according to their own choice or convenience, but I can see immediate causes and some patterns, in continuation of the post-2008 recession, which was the real storm that destabilised capitalism and the financial economy. But instead of searching for fault lines of the current economical system, everyone has been beating around the bush.
In the modern economic system, there are false promises being made, aspirations and dreams being created for the outcome of the economic results, through various ways and methods. But, there are limitations of growth, which we have seen consequences of all over the world by now.
For example, during the election campaign in the United States of America, remember how Donald Trump used all the failures of the market economy, and used that to polarise people?
The step of the UK to step away from the EU is just to avoid the cause of problems, instead of focusing on the symptom of the problems. And, taking the conservative party ahead. History will tell the effects of this step, but I believe it will be difficult for the people of the UK to build a new system to replace the existing one.
As of now, an eleven-month transition period has kicked in. This ends on December 31, 2020.