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Brexit: A rational choice for the wrong reasons? – Financial News & Project Syndicate

Summary:
The motives and thinking behind Brexit were even less worthy than those behind US President Richard Nixon’s move in 1971 to ditch the Bretton Woods system. But, as with the “Nixon shock,” there is a singular underlying historical factor that explains Brexit. ATHENS – At pivotal historical moments, rational political ruptures often are brought about for all the wrong reasons. UK Prime Minister Boris Johnson’s Brexit may prove to be a case in point, When US President Richard Nixon ditched the Bretton Woods system in August 1971, his reasons were shortsighted. Overwhelmed by domestic pressures to impose ineffective price controls and placate his blue-collar supporters, Nixon took his eye off the larger

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Yanis Varoufakis
An accidental economist Let me begin with a confession: I am a Professor of Economics who has never really trained as an economist. But let’s take things one at a time.

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