New Zealand’s 1973 experience suggests Brexit will be economically harmful for the foreseeable future, and the losses will not be easily made up

To investigate historical antecedents for the likely effects of Brexit, Kevin B. Grier and Michael C. Munger consider the impact of Britain’s decision to join the EU on New Zealand’s economy. They find that the loss of preferential trade status in 1973 created a lost decade for New Zealand.