Noah Smith, Columnist

Freedom Is Receding Around the World

By itself, Brexit isn't a big deal. But it symbolizes the decade-long weakening of the U.S.-led bloc that advanced liberal values.

July 8, 2016 at 12:00 PM UTC

By Noah Smith

Noah Smith is a former Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.

Often a bad sign.
Photographer: Andrey smirnov/afp/getty images

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The economic dangers of Britain’s exit from the European Union are probably exaggerated. The U.K. is in a bit of trouble, since falling real estate prices might spark a recession there. But it seems unlikely that the spillover to the global economy will be severe. British trade policy probably won't change much, and extremists in the U.K. Independence Party, which spearheaded the "leave" campaign, are unlikely to take power. The EU itself is on shaky ground, but that was just as true before Brexit.

Brexit’s real importance probably comes not from its direct effects, but from its symbolism. It’s a sign of a much bigger, broader trend -- a global political regime change. The shift was happening before Brexit, and it will continue after. It’s something we should be worried about.