Question

Britain’s youth are more liberal than their parents ever were, but what does that mean for the UK business environment? After reviewing the Economist video Sex, Drugs, and Adam Smith, consider:

1. Why is classical liberalism back in the United Kingdom?
2. What are some of the formal and informal institutional and cultural effects of this discussion?
3. What effect might it have on the IBS of the UK firms?

Answer 1

Ans 1= The principles of classical liberalism are-personal freedom, free trade, democratic representation, ,progress — brought about by small business/ enterprise. Currently, SMEs are becoming a dynamic part of UK’s economy, & the workforce is drastically reshaping itself. Brexiteers are reinforcing 'classical liberalism' as a political proposition.

Ans 2=Britain Youth’s broad liberalism, their apprehension of governmental interventions of different kinds , is in contrast with the viewpoints of their parents. It also gives them an unusually international approach. They more relaxed about alcohol/ tobacco consumption than are youth in the European Union as a whole. Britain’s’ youth more likely to have established their own enterprises than their counterparts in any other part of Europe.

Ans 3= Brexiteers deem that the European Union’s Single Market is a free trading region in just name . In fact it is a huge, legal build compelled onto commerce / employment relationships which specifies not only what can be sold, but how articles must be produced. Basically, the Single Market concept is contradictory to a free trade region, as it limits the freedom to develop / sell new articles. Brexiteers desire the United Kingdom to be free to outline its own foreign policy.