Karl Marx, Emile Durkheim, Max Weber, and Georg Simmel are four theorists who are almost always taught in Introductory Sociology classes. But these four theorists do not represent the sum total of possible thought about Social life and its operations. When thinking about the theoretical ideas these four theorists advanced, what topics seem to be missing? What Sociological perspectives seem to be missing from their theories? What are their blindspots?
Brexit, the abbreviation of the two words Britain and Exit, is the result of the June 23rd referendum in 2016 which decided the fate of Britain and its position to leave the Economic and political union – the European union. The unexpected result led to the sudden turmoil and uncertainty of the future of Britain and let to the resignation of the then current Prime Minister David Cameron, and the subsequent ‘fall in the value of the Pound to its lowest level in 30 Years’ (Connington, 2018). In this essay, I will help ascertain and breakdown the impacts that ‘Brexit’ will have for Britain, mainly focusing on trade and how this will affect not only consumers and businesses, but the economy as a whole. From there, alternative trade models will be analysed to help decide a viable future that has Britain’s best interests at heart, before coming to a conclusion. The EU and Trade Theory Trade is the action of how economic partners interact with each other while exchanging commodities. (Economies of Trade 1970-1979). The European union is based on the proposition of ‘Free Trade’ an argument proposed by David Ricardo a 19th century Economist who first developed the thought of comparative advantage whereby each country produces what it specialises regardless of its absolute advantage, thus as a result world output is increased, and each country benefits the most it can out of the situation. Free trade encourages economies of scale and reduces the formation of oligopolies due to market liberalisation and the ability to sell to a wider market outside of their domestic space. Current EU implications The process to leave the EU, is a long and arduous one, taking many years and possibly even as long as a decade before the process is complete, during that time the UK can still take advantage of its benefits until new terms and conditions are met. The EU, taken as a whole is the UK’s largest trading partner. In 2016, UK exports to the EU were £236 billion (43% of all UK exports). UK imports from the EU were £318 billion (54% of all UK imports) (Ward and Webb, 2018). Evidently this is hugely significant as the UK relies on its trading strengths with the EU to be able to generate and sustain its economy. The EU has over 500 million people living in it, and accounts for 23% of the global GDP. Over a decade (1993-2003) the free market agreement has expanded the EU’s GDP by over £588 billion, this equates to £3,819 extra income per household (Webarchive.nationalarchives.gov.uk, 20>GET ANSWER