ADAM POSEN
A leading neo-conservative, Irving Kristol once defined neocons as “liberals who have been mugged by reality.” Similarly, I fear that those today who speak of the United Kingdom’s exit from the European Union as a chance for Britain to become a global trader again will be mugged by economic reality. Given the recent performance of the British economy, where prices are rising and wages are stagnating, that mugging may already be under way.