Understanding Brexit and the need for EU reform

The turmoil in the wake of the United Kingdom referendum result in favour of leaving the European Union offers some important lessons with respect to the importance of institutions and how they are managed over time, as well as the information available about costs and benefits of economic policies.It seems counterintuitive for a majority of U.K. citizens to vote to leave the EU given that on paper it offers a much larger common market and economic space for individuals and firms in the U.K., which should boost economic activity and performance.Much has been made of the so-called four freedoms that

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