On 23 June 2016, the United Kingdom has a unique opportunity to chart a new course as more free and prosperous countries by voting to leave the European Union.
Setting the political background, MEP Nigel Farage informs us that the European Parliament has no power to propose new law or repeal an existing law. The power to legislate is undertaken by the unelected European Commission! This undermines a fundamental principle of English Law, that taxation requires the consent of Parliament (see the Bill of Rights Act 1689), or what in the American colonies later became known as ‘no taxation without representation’.
The economic highlight of the movie is the contrast between the historically unregulated Britain, and the regulated Britain that emerged after World War 1. Whereas a free Britain led the world into the industrial revolution, a post-war Britain shackled itself with price controls, rationing and central direction. Thanks to Ludwig Erhardt, a free market West Germany emerged from the remnants of World War 2 as the dynamic economic powerhouse of Europe. Meanwhile, shortages and high prices continued in Britain.
Attracted to Europe because of its prosperity, the United Kingdom voted to join the European Common Market through a referendum held on 5 June 1975. Over time, the lobbying efforts of large companies, farmers and steel producers led to trade restrictions, regulations, higher costs and lower production. Now the United Kingdom finds itself drowning in regulations related to every aspect of life, shackled to a struggling European economy, tied to a continent straining with social change and cultural conflict.
This film is a superb illustration of economic theory in action with real-life examples and an historical narrative.
The call to exit the European Union is a call to self-government, free trade and economic prosperity, a return to the roots of British culture.