At the behest of the OU Honors Student Association and the OU Informed Citizens Discussions Groups Dr.Mitchell Smith gave a talk over the process of Brexit. In the talk, he covered the beginnings of Brexit, why the establishment doubted it as a viable possibility, and what he expects the consequences to be.
Many would point the blame for Brexit exclusively at racism. While this certainly explains a portion of what happened, it does not and cannot explain everything. Brits outside of London and its suburbs see migrants as a swell of change that they cannot control and are not part of. A change that takes power away from them and puts it into the hands of the “capitalist, globalist elites.” David Cameron and the establishment countered Nigel Farage and his movement with significant funds and almost all expert opinion. However, they did not seem to understand that this was the very thing that Brits were revolting against. So, by an incredibly slim Margin, the British population voted to leave the European Union. Over seventy percent of eligible British voters participated, so this was indeed representative of public opinion.
Immediately following the vote, David Cameron stuck by his promise to resign if the referendum passed and Theresa May took over his position. Then, the pound sank to a thirty year low and Britain lost its triple AAA credit union. Many major financial firms expect that soon another global city, Frankfurt or Paris, will take over as the Europe’s financial capital. However, the real economy seems to have weathered the shock. So far, Britain remains within the EU and the long term impacts of the referendum are far from clear.