What next after Brexit?

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A cliché—“Expect the Unexpected”—has happened. As I noted in “The Divisive Brexit Vote”, though I favoured Brexit, I took the opinion polls at face value, and expected that Britain as a whole would vote to remain in the EU. Instead, in the largest electoral turnout in twenty years, the UK voted 52:48 in favour of leaving the EU.

I’ll leave a post-mortem of the vote itself for later; the main interest now is what will happen because of it. Many pundits from the Center, Left and Right opposed Brexit in the belief that economic Armageddon for Britain and the globe would flow from it; we’ll now see how realistic their fears were. I regard them as seriously overblown, for a number of reasons.


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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.
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7 Responses to What next after Brexit?

  1. Tim Ward says:


    Schultz: “gli inglesi hanno violato le regole. Non è la filosofia UE che la folla possa decidere del suo destino”

    Schulz: “The British have violated the rules. It is not the #EU philosophy that the crowd can decide its fate”.


    Brindependence! Enough with the Euro-Martinets.

  2. twowithinthreethatisone says:

    Yes, austerity must die, and Grace as in:



    monetary interpenetration via a universal dividend,

    economic policy encompassment, bracketing and recognition of the full stop point of the economic process via the implementation of a deflationary discount to consumers at retail prices that in turn is rebated back to merchants,

    a sovereign, ethical and benevolent Banking and monetary authority hierarchy with policies that logically align with and perfectly reflect policies that will effect both individual freedom and systemic free flowingness,

    integration as in the inclusion and combination of only truths, workabilities and relevancies….not idiotic mere conglomerations of power agendas and/or poison pill compromises that will result in no actual progress and continual conflict,

    ….must be implemented.

    The natural philosophical concept of Grace in all of its aspects…is the new paradigm for economics and money systems.

  3. Bhaskara II says:

    ‘Two million British people emigrated to EU, figures show’

    “British figures indicate that just as many UK citizens live in the EU as vice-versa, despite popular perceptions.

    The numbers, covering 2010, were put forward last week in a government response to a parliamentary question by Matthew Oakeshott, a Liberal member of the House of Lords.

    Compared to the 2.3 million EU citizens in the UK, which includes people who came after Poland and nine other states joined the Union in 2004, British consular authorities estimate that 2.2 million Britons live in the other 26 EU countries, excluding Croatia, which joined in 2013.

    A previous response to an Oakeshott question in January said another 900 Britons live in Croatia, putting the net immigration-emigration ratio even closer to par, however.

    The country breakdown says just over 1 million British people live in Spain.

    Other popular destinations are: France (330,000); Ireland (329,000); Germany (107,000); Cyprus (65,000); the Netherlands (48,000); Greece (45,000); Portugal (39,000); and Italy (37,000).

    The government reply indicates the real numbers could be higher, due to “a high evidence of non-registration” in France, Portugal and Spain.

    Of the total, some 400,000 are British pensioners.”*

    *’Two million British people emigrated to EU, figures show’

  4. Bhaskara II says:

    I attempted to bold the paragraph after the last bold paragraph. The softeare does not bold across paragraphs.

    Other popular destinations are: France (330,000); Ireland (329,000); Germany (107,000); Cyprus (65,000); the Netherlands (48,000); Greece (45,000); Portugal (39,000); and Italy (37,000).

  5. Bhaskara II says:

    “After the shock result German Chancellor Angela Merkel and French President Francois Hollande led calls for the EU to reform in order to survive a traumatic divorce with Britain”

    “German Chancellor Angela Merkel, who called the result a “blow” to Europe, said she would would host the leaders of France and Italy along with EU President Donald Tusk in Berlin on Monday to try to chart a reform plan.

    ““We take note of the British people’s decision with regret. There is no doubt that this is a blow to Europe and to the European unification process,” Merkel told reporters in Berlin.”

    *’Take a bow, Britain’

  6. Bhaskara II says:

    Clark and Daw, on the economy.


  7. twowithinthreethatisone says:

    Austerity Is Such An Obvious False Doctrine and Financial Fraud
    The proof of this is the fact that if the US or Britain or any other major nation were forced into war any thought of not financing it would be derided as idiotic if not unpatriotic.

    We are actually setting ourselves up for a major war with the lingering economic stagnation we see everywhere. What we need to do is not only recognize this, but also recognize that war is not the answer to our economic woes, especially in an era of smart and devastatingly destructive weaponry. In fact the way to not only prevent war but also to prevent its tendency is to realize that actually free and prosperous people are not nearly as inclined to be manipulated by powers that benefit from war…and so imminent individual economic freedom and continuing systemic economic free flowingness are the real goals economists must advocate, and a universal dividend sufficient to enable an adult individual a near middle class level of lifestyle coupled with a proactively price deflationary discount at retail sale by merchants that is in turn rebated back to participating merchants by a monetary authority….are the specific policies immediately necessary.

    Economists need to brush past such considerations as gradualism, worries about idleness and terminally habitual, obsessive and short sighted “solutions” like employment.

    Gradualism is the disguise that enslaving forces use to live another day. As Martin Luther King, Jr. said, “This is no time to engage in the luxury of cooling off or to take the tranquilizing drug of gradualism.” The world evermore surely hurtles toward increasing conflict and war. The rhyming of long term economic down turn and/or stagnation with humanity’s history of conflict is too obvious and too unimaginably destructive today to fall for the idea of half measures or lengthy step by step by backward step reform. The time to act is now, and the actions to be taken are the specific policies that will effect individual freedom and systemic free flowingness!

    Man is a purpose driven animal, and leisure is not idleness, but rather self determined and attentive activity. Today, even in an increasingly onerous economic system better than 90% of us manage to find sufficient positive and constructive purpose to avoid incarceration. Instead of people being required to do something the great majority of which they donn’t actually want to do, and that because of innovation and artificial intelligence was in the very near future disruptively even less and less available to them, if individuals were themselves able to determine what they wanted to do as work for pay or simply as several of the myriad other worthwhile purposes other than employment…..how much more free and joyous and creative could such a society be! Employment is not the only purpose of economics and economic theory, let alone of Life. Economists and the other leaders within nations must work together to help acculturate individuals to their true freedom of choice of life’s purposes which will broaden their energy of hope, compassion and creativity instead of squashing same into a failed experiment like homo economicus.

    c copyright


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