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Brexit - Populist Reaction to the 2008 Speculative Bubble Bursting?

Author

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  • Ejan Mackaay

Abstract

As evidence accumulates about the harmful effects Brexit is likely to cause to the British economy, one may wonder what made a majority of Brits vote to leave the EU. Rather than treat it as a fit of ill temper or an unfortunate accident, this paper explores the idea that it should be seen as a populist reaction triggered by the burst of the speculative bubble in 2008-2009 and the subsequent economic mayhem. To make the case, the paper looks at (1) what populism is, (2) how it can arise as part of long-term economic waves and (3) what precisely happened in Britain before and after 2009.

Suggested Citation

  • Ejan Mackaay, 2020. "Brexit - Populist Reaction to the 2008 Speculative Bubble Bursting?," CIRANO Working Papers 2020s-14, CIRANO.
    • Handle: RePEc:cir:cirwor:2020s-14
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    File URL: https://cirano.qc.ca/files/publications/2020s-14.pdf
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    More about this item

    Keywords

    Law and Economics; Public Choice; Populism; Technological Revolutions and Bubble Collapses; Brexit;
    All these keywords.

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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