Should Britain Leave the EU?
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Should Britain Leave the EU?

An Economic Analysis of a Troubled Relationship, Second Edition

Patrick Minford, Sakshi Gupta, Vo P.M. Le, Vidya Mahambare and Yongdeng Xu

This second edition brings up to date a thorough review of all economic aspects of the UK's relationship with the EU, which also puts it in the political context of the upcoming referendum. It notes the intention of the EU to move to 'ever closer union' and the nature of the regulatory and general economic philosophy of the dominant countries of the EU whose writ is enforced by qualified majority voting. The book highlights the UK dilemma that, while extending free markets to its local region is attractive, this philosophy and intended union are substantially at odds with the UK's traditions of free markets and freedom under the common law. BOOK LAUNCH:
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Chapter 6: Manufacturing

Patrick Minford, Sakshi Gupta, Vo P.M. Le, Vidya Mahambare and Yongdeng Xu


The importance of the manufacturing industry across the world has increased since the financial crisis of 2008. Manufacturing is seen as a prime job-creating sector and for this reason one might expect that the protection of manufactured goods in the EU and the rest of the world will begin to gain importance as countries make an effort to boost the domestic manufacturing sector. Certain labour-intensive sectors such as textiles already continue to be relatively highly protected by both tariff and nontariff barriers globally. This chapter analyses the issues surrounding the impact of the EU’s trade barriers in industrial products and overall trends in the manufacturing sector. The first section considers the structural shift within the manufacturing sector in developed countries and the growing importance of technology-driven industries. It discusses the significance of manufacturing for output and employment in the EU and other industrial nations. The second section reviews the data on trade in manufacturing goods. Section 3 describes the level and evolution of barriers to trade in goods in the EU and the US in recent years. Section 4 presents estimates of trade barriers which take into account both tariff and non-tariff barriers. Section 5 outlines the main empirical findings on the welfare effects of trade liberalization.

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