The Business of Economics:
Today my classmates and I had the first of our ‘Law and Business’ workshops. This forms part of our “MsC in Law, Business and Management” and is entirely commercially focussed.
It was refreshing to have an opportunity to discuss pervasive economic and political issues; and relief from the practical requirements of the LPC. Our discussions largely focussed on fiscal and monetary policy, globalisation, Trump and Brexit – start the week as you mean to go on!
During my undergraduate degree, I wrote an essay on Neoliberalism in the UK and therefore naturally the miners strikes of the 1980's. This period marked the advent of globalisation and privatisation at the expense of the industrial parts of the economy. Consequently, in 2016, the services industry accounts for (roughly) 80% of the UK’s GDP.
It can be argued that whilst globalisation brings innumerable benefits to an economy, it can also lead to greater inequality and social discontent by outsourcing jobs previously carried out domestically to other (emerging) nations, who are able to perform these jobs at a fraction of the cost. This inevitably leads to unemployment and discontent in the outsourcing country. Trump has promised to ‘make American great again’ by stimulating the domestic economy and rejecting globalisation – an example of which is by pledging to bring the production of cars back to Detroit.
Given Brexit and Trump, and akin to economic policies of nations in post 1930's depression era, my question to you is; whether the UK can retreat from globalisation and, if so, how? Would that insulate against domestic instability? How would that affect the UK’s position as a centre of commerce?