In game theory, when both sides know that the hands and the payouts are not symmetrical, one party is bound to lose.
Both the EU and Britain’s Prime Minister know that a “no Deal” Brexit would be disastrous for the country. The EU is determined not to undermined its unity, its attractiveness and the strength of its market. It will deter any future leaver by an asymmetrical leaver. The likely outcome is that the UK cannot win a fair contract.
Britain has been living on its Victorian and its WWII glories, supported by the economic powers of its Empire and its American allies. This optimism is delusional in today’s time. The EU is of the size of the US and China. The UK…
Credits to Gideon Rachman at the Financial Times.