Behind The Support For Brexit And Trump: Economic Resentment

The United Kingdom’s stunning vote to leave the European Union was driven by much of the same sentiment that fueled Donald Trump’s insurgent march toward the Republican presidential nod: a rejection of economic globalization and the elites who favor it by those who feel left behind.

Many economists warn that the British vote to leave the EU, dubbed “Brexit,” could cripple that nation’s economy — just as many say Trump’s ideas would stifle U.S. growth or even trigger another recession.

Millions of voters have defied those concerns. The Brexit vote and Trump’s widespread support reflect a sweeping rejection of expert opinion in advanced countries. Yet that rejection itself could raise the likelihood of further economic harm, some economists warn.

“At some level it is a cry of frustration but one that could end up hurting an already economically harmed part of the population,” says Eswar Prasad, an economics professor at Cornell University and former official at the International Monetary Fund. “That is the remarkable irony here.”

Via the Associated Press