Impact of Brexit on globalization

Introduction/overview

• This presentation focusses on the effects of the Brexit referendum on globalization.

• The role of the EU in globalization was establishment of free trade and movement of people and resources within the EU without restrictions or tariffs (Reenen 2017, p. 2).

• This is the main intention of globalization where the world is connected.

• The role was to increase trade between countries by removing any legal barriers that may hinder trade.

How leaving the EU will impact

• Leaving the EU means that the UK is separated from the rest of the EU countries and will have to operate on different terms unlike in the past(Reenen 2017, p. 4).

•The benefits that the country and its citizens were enjoying will no longer be available.

•Free movement of goods and people will be restricted thus making it difficult for the UK to operate independently (Reenen 2017, p. 7).

• The country will have to set tariffs for all goods that enter while at the same time this will be done by other countries too.

One potential opportunity it could create?

• One potential opportunity that UK will get from Brexit is the ability to set its own terms of trade.

• In the EU the terms of trade are set by the regional block thus forcing all countries to comply even if they are not comfortable.

• Secondly, the open system of trade means that goods and services are done on the EU platform and not allowing the UK to enjoy the benefits of setting its own tariffs and terms of trade (Pettifor 2016, p. 129).

• Brexit may thus be an opportunity for addressing these political and economic barriers.

One possible problem

•Despite the benefits of Brexit to the UK, trade relationships and benefits received from the EU will end thus experiencing harsh terms of trade from other EU countries.

•When the UK establishes its own tariffs, the EU will impose similar tariffs in other countries thus making it difficult for the UK to trade within the region (Pettifor 2016, p. 130).

•Tariffs and other restrictions will affect both trade and movement of human resources.

Conclusion

• The decision of the UK to leave the EU offers mixed reactions on both the benefits and shortcomings that the country will receive.

• However, the UK can establish other trade allies in regions like Asia, America and Africa without necessarily relying on the EU.

• If the political and economic elites of the country strategize well, Brexit can be beneficial to the UK.

• However, if a proper plan is not executed, then the benefits of the EU that the country was receiving and currently missing will tear the country apart.

References

Pettifor, A., 2016. Brexit and its Consequences. Journal of Globalization, 14(1), pp. 127-132.

Reenen, J. V., 2017. Brexit and the future of globalization?, s.l.: Special Paper No. 3.

Your groups’ comment about your presentation

Content

(How clear, complete and informative was the presentation?)

Audience Engagement

(How enjoyable / interesting did the audience find it?)

Organisation

(How well-structured was it? How well did the visuals support it?)

Professionalism

(How slick and professional was it?)

Your reflection on your presentation

Content

(How clear, complete and informative was the presentation?)

Audience Engagement

(How enjoyable / interesting did the audience find it?)

Organisation

(How well-structured was it? How well did the visuals support it?)

Professionalism

(How slick and professional was it?)

Action Points

(What could you do better in future presentations?)

SECTION B: WRITING TASKS

Writing Task 1: REPORT (all students except law) or ESSAY (Law students)

(Word count: 900 words)

Guidelines for reports:

You do NOT need to include a table of contents in this report. Your report must include the following:

1. A title

2. A clear subject related focus

3. Clear sections, including an introduction, discussion of one or two points and a conclusion

4. A clear, well written and academic writing style

5. Features of report writing such as headings

6. Correct Harvard style in-text citation

7. A correct Harvard style reference list

Guidelines for essays:

Your essay must include the following:

1. A title

2. A clear subject related focus

3. Clear sections, including an introduction, discussion of one or two points and a conclusion

4. A clear, well written and academic writing style

5. Features of essay writing such as well-developed paragraphs

6. Correct OSCOLA style footnotes

7. A correct OSCOLA style bibliography (optional: please note that a bibliography is part of the OSCOLA referencing system, but at this level, we focus on footnotes)

All students are reminded that Plagiarism, Collusion and Ghost writing are forms of cheating which will be investigated in accordance with GSM’s Academic Misconduct Regulations.

Law students with a proven academic offence (as outlined above) are reported to the Solicitors Regulation Authority and The Bar Council, which can prevent a student from being admitted into the legal profession.

Title: the possible impact of the result of the referendum that took place on 23rd June 2016 in the UK on globalisation

According to Reenen (2017, p. 1), globalization is the interconnectedness of the world into what is called a global village. When EU countries came together to work together as a regional block, the intended benefits were not only trade but the extended benefits of a globalized world that allowed people and goods to move freely from one country to the other (Pettifor 2016, p. 129. However, Felbermayr, et al. (2017, p. 4) add that the Brexit referendum was termed as the beginning of an end to these dream since it will polarize the EU and create barriers within countries thus killing the dream. This essay highlights the effects of Brexit on globalization.

Fotopoulos (2016, p. 30) suggests that Brexit proponents see the EU as a zero sum game where the country locals lose while foreign exporters and immigrants benefits more. It is a regarded as an abuse to nationalism where foreign elites take advantage to exploit other countries and locals (Brakman, et al. 2017, 60). The fact that Brexit has led to revolts in other countries like, Hungary, France, Germany and even the US with Trump it means that the fundamentalist dream of a globalized economy in the EU is farfetched and this is the end of globalization. According to Wincott, et al. (2017, p. 431) states that the populist wrath is gaining momentum while at the same time pointing out the challenges that globalized economies have led to such revolting countries. In the UK, the lower class are the ones who voted for exit against elites who have been benefiting from globalization benefits (Sampson 2017, p. 167). This attributed to lack of a better system for redistributing the benefits realized from globalization thus leading to discontent among the poor locals.

In addition to that Bachtler & Ian (2017) states that those who supported the Brexit decision argue that globalization is a utopian dream of economists, politicians and policy makers who were market fundamentalists of the benefits that globalization will bring. Globalization is seen in the inflows to and from the city of London which have been declining recently (Zollen 2016, p. 6). This decline will become more when the effects of Brexit are felt across the EU. Since the city of London is at the centre of everything, then what happens when the UK leaves without proper trade agreements. This is interpreted as a blow to the world trade that has slowed recently due to reregulation of the global economy to favour title-holders of money. From this O’Reilly, et al. (2016, p. 809) add that this indicates that the single market phenomena is not an option to globalization since the restrictions that were introduced have made it difficult for none title-holders to benefit. Since protectionists and nationalist movement are increasing in other EU countries, it means that globalization is under attack and new terms will have to be put in place to determine how a globalized economy will operate (Ford & Goodwin 2014, p. 8). When nationalist and protectionist states like the US and others rise to join the UK, then there will be a major challenge in managing globalization since nation states are focusing ln ensuring that there people benefit adequately from the resources within their country.

Despite the benefits that the EU and other regions have reaped from a globalized world. Management of the benefits from globalization has been a problem thus leading to increased dissatisfaction across the globe. Ebell & Riley (2017) add that nationalist fundamentalists from the UK took advantage of this and pushed for the need to manage resources from within. If the UK manages to survive any challenge that it faces due to Brexit and then manages the available local resources well, then it means that this will be the end to globalization. However, Arnold & Binham (2016, pp. 2)add that if the UK fails to manage the redistribution process and then people feel like leaving the EU was a mistake then the globalization journey will still be on. Therefore, the real effects of Brexit to globalization are yet to be felt and will depend entirely on how the UK and other remaining EU countries manage the process to address the challenges that exist.

SECTION B: WRITING TASKS

Writing Task 2: Reflective summary

(Word count: 300 words)

Your summary should include 2 paragraphs on:

· Your experience of working with a (study) group in an academic context. You should include something you learned from the post-presentation reflection here (150 words).

· One key academic skill you have developed as a result of taking this module (150 words)

The task entailed working in a group where we were to assign tasks to each other and ensure that the whole task is done accordingly and everyone is given a chance to participate. At first I thought that the work may not go down well since we had never worked together and each member was strange to another thus requiring time to build rapport between us. In my opinion, the task was done well since the group was coordinated by one member whom we had chosen as the leader. This was achieved through proper coordination and teamwork process that allowed every member to participate and raise any issues that we felt required the support of other members. However, some members had the problem of communication since they were interjecting others even when it was nit their time to speak. This calls the need for proper communication skills development to improve their listening skills and at the same time ways of working with others. This can be achieved through a short course on group work and how to handle the dynamics that relate to the group.

One key academic skill that I developed is the use of team work to carry out tasks. With this group, I realised that team members had different abilities and areas of interest that they can really do well. By understanding the potential of each member and allocating the group members based on their abilities, the team can come up with excellent results can benefit all the members. Further, this allows members to learn from others and address gaps in the areas and fields that they have lesser knowledge and have little understanding. Group work can only work well if the members form a team that is clearly coordinated and has shared responsibilities among members by focussing on exploiting the abilities of each member for the greater good of the group. For example, the Brexit debate elicits mixed reactions from people, thus gathering the views of those who support and those for against can be used to draw a conclusion on whether Brexit works well for globalization or not.