Julian Morris is vice president of research at Reason Foundation, a non-profit think tank advancing free minds and free markets. Email: [email protected]
How the U.K. can escape E.U. regulations and protectionism. The United Kingdom's decision to leave the European Union marks a historic shift in the nation's relationship not only with Europe but with the world.
The uncertainty of what happens next has spooked investors. That is perhaps understandable: In the short term, there will be costs, not least being the considerable time and effort that must now be spent redefining the rules governing trade between individuals and businesses in the U.K. and their counterparts in other nations.
In the longer term, however, Brexit presents a great opportunity for the U.K. to re-establish itself as a cosmopolitan, classical liberal democracy governed by the rule of law and open to trade. If it takes that path, then its prospects are far brighter than they would have been in an over-regulated, protectionist E.U..