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Drawbridge economics: the Brexit reality check is coming

What will happen to Britain's economy when the insular turn of Brexit meets the reality of global trade?

By Adam Posen   December 2017

A leading neo-conservative, Irving Kristol once defined neocons as “liberals who have been mugged by reality.” Similarly, I fear that those today who speak of the United Kingdom’s exit from the European Union as a chance for Britain to become a global trader again will be mugged by economic reality. Given the recent performance of the British economy, where prices are rising and wages are stagnating, that mugging may already be under way.

Globalisation has mugged far larger countries when they mistook economic integration for shackles, and tried to make it…

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