Political Economy of International Relations

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Brexit

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Political Economy of International Relations

Definition

Brexit refers to the United Kingdom's decision to leave the European Union, following a referendum held on June 23, 2016. This momentous event highlights the complexities of regional economic integration and the implications for state sovereignty and global governance, as it raises questions about the balance of power between national interests and supranational entities.

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5 Must Know Facts For Your Next Test

  1. The Brexit referendum resulted in 52% voting to leave the EU and 48% voting to remain, showcasing a divided public opinion.
  2. Following Brexit, the UK faced significant economic adjustments, including changes in trade relationships with EU countries and other global partners.
  3. Brexit has raised concerns regarding the future of the United Kingdom itself, with discussions about potential independence movements in Scotland and Northern Ireland.
  4. The process of negotiating Brexit involved complex discussions about issues such as citizens' rights, border control, and financial settlements.
  5. As of January 31, 2020, the UK officially left the EU, but a transition period lasted until December 31, 2020, during which negotiations for future relations continued.

Review Questions

  • How did Brexit affect the relationship between the UK and the European Union in terms of economic cooperation?
    • Brexit significantly altered the economic relationship between the UK and the EU by removing the UK's access to the single market. This change meant that British businesses faced new tariffs and regulatory barriers when trading with EU countries, disrupting established supply chains. As a result, both parties had to navigate new trade agreements to define their future economic cooperation.
  • Discuss how Brexit has influenced state sovereignty in relation to global governance frameworks.
    • Brexit is a pivotal example of state sovereignty asserting itself against supranational governance. The UK's decision reflects a desire to regain control over laws, borders, and trade policies previously influenced by EU regulations. This shift raises critical questions about how states negotiate their autonomy within global governance frameworks that often require compromise and collaboration among nations.
  • Evaluate the broader implications of Brexit on international relations and economic cooperation among countries post-2020.
    • Brexit poses significant implications for international relations by challenging existing frameworks for economic cooperation. The UK's departure from the EU has prompted other nations to reconsider their own relationships with regional blocs and has sparked discussions on trade policies worldwide. As countries navigate their alliances and establish new trade agreements, they must balance national interests with global economic stability, which will shape international relations in the years to come.
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