Consider the Discussion as equivalent to being in a class, thus maintain profess

Consider the Discussion as equivalent to being in a class, thus maintain professional communication standards at all times (no “IM” shorthand or informal jargon, please). A minimum of 3 recent articles (as described above), in current APA format, must be included and must contain persistent links so others may have instant access. In the event that formatting is lost or corrupted when submitting the thread
TEXTBOOK:Satterlee, B. (2019). International business with biblical worldview. McGraw-Hill. ISBN 13: 978-1-260-77143-5
PLEASE RESPOND TO THIS:
Yara Chamma
Jun 6, 2022 at 11:31 PM
Key Term and Why You Are Interested in It
I chose the key term “Brexit” from chapter 6 because I have always heard of this major event and movement, but I am not familiar with the details on what exactly happened. This subject fascinated me when I first heard about it in the news, and I wanted to know more about the history of the United Kingdom. I also want to learn more about what caused Brexit to happen and how it affected Europe and other nations. I have never been to Europe, and I am not too familiar with European politics. I hope to learn more about what this means in terms of international business.
Explanation of the Key Term
The term Brexit refers to when the United Kingdom withdrew from the European Union. This event took place on June 23, 2016 and was a decision that was supported by 52% of the voting population. In May of 2017, the British Government enforced Article 50 of the European Union treaty and they anticipated the cessation of European Union membership by March of 2019. Under article 50 the member country has to notify the European council and are given a negotiation period of up to two years. After this period, treaties do not apply. The UK leaving the European Union stems back to 1974, but they did not get a majority vote back then. The 2016 referendum was when they got a majority vote of 52%. This decision resulted in the prime minister of the UK resigning and an opposing candidate replacing him. Scotland’s leadership promised to attempt to stay part of the union, and other European countries expressed their negative concerns (Satterlee, 2019).
Major Article Summary
The “Global Competition and Brexit” article by Colantone and Stanig discusses the Brexit movement and some of the driving factors that lead to this major event in Europe. Data shows that support for the United Kingdom (UK) leaving the European Union mostly came from the regions that were more negatively affected by globalization efforts. These were areas that were suffering from poor economic conditions, higher unemployment rates, and increases in inequality and poverty. These areas were experiencing these financial declines because there was a decline in employment in major industries such as manufacturing, construction and mining, and the services sector. Areas that had higher rates of citizens who were born in a foreign country were more in favor of the UK remaining part of the European Union. It is important to note China’s role in this major European event. China went from being a closed, agriculture based economy to an open economy that had taken over the manufacturing industry across the world, including in the UK. China’s success falls negatively on UK employees who work in the manufacturing industry. Thus, in June of 2016, UK’s citizens were able to vote on whether they wanted the UK to remain part of the European Union. The option to leave won by 4% (Colantone & Stanig, 2018).
Discussion
4a. The article discussed above relates to my explanation and this week’s module because it discusses Brexit but in deeper details. It elaborates on the regions of the United Kingdom that voted in favor of the UK leaving the European Union and what led them to make a decision as big as this one. It also discusses how China affected financial stability in the UK and how that pushed many UK citizens to vote in favor of the UK leaving the Union. This is an important aspect to understand in an international business course because it shows the interconnectedness of countries when globalization takes place.
4b. The cited work above relates to the other four articles I found because they all discuss what Brexit is and they provide additional details on the event. The article “Who Got the Brexit Blues” discusses a study that evaluated the economic conditions around 2016, before the United Kingdom citizens got to vote on whether they wanted the UK to leave the European Union. This study found that people who had a lower life satisfaction were more likely to vote for the UK leaving the Union. This relates to the article cited above because it explains why people may have had lower life satisfaction (Powdthavee et al., 2019). The “Racism, Crisis, and Brexit” article discusses how only 24% of the vote came from poorer regions while the Elite and middle classes were also significant contributors to the decision to leave the European Union. This article added on to my research as it discussed more political aspects such as political parties in the UK (Virdee & McGeever, 2018). The “Did Austerity Cause Brexit” article discussed a research study that proved that the decision to leave the Union was due to the withdrawal from the welfare state since the year 2010. This article gave a different perspective of how the UK got to the point of the referendum for the UK to leave the European Union (Fetzer, 2019). The “Everyday Brexits” article discussed the effects of Brexit in terms of negative and positive outcomes. It focuses on both perspectives to provide a broad overview of what the event resulted in (Anderson & Wilson, 2018).
References
Anderson, B., & Wilson, H. F. (2018). Everyday brexits. Area (London 1969), 50(2), 291-295. https://doi.org/10.1111/area.12385
Colantone, I., & Stanig, P. (2018). Global Competition and Brexit. The American Political Science Review, 112(2), 201-218. https://doi-org.ezproxy.liberty.edu/10.1017/S0003055417000685
Fetzer, T. (2019). Did austerity cause brexit? The American Economic Review, 109(11), 3849-3886. https://doi.org/10.1257/aer.20181164
Powdthavee, N., Plagnol, A. C., Frijters, P., & Clark, A. E. (2019). Who got the brexit blues? the effect of brexit on subjective wellbeing in the UK. Economica (London), 86(343), 471-494. https://doi.org/10.1111/ecca.12304
Satterlee, B. (2019). International business with biblical worldview. McGraw-Hill. ISBN 13: 978-1-260-77143-5
Virdee, S., & McGeever, B. (2018). Racism, crisis, brexit. Ethnic and Racial Studies, 41(10), 1802-1819. https://doi.org/10.1080/01419870.2017.1361544

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