[lbo-talk] The economics of Scottish independence

[Marv Gandall]

Below a link to a detailed analysis by the British Marxist economist Michael Roberts of the economic challenges which would face an independent Scotland if it votes to secede from the UK on September 18th.  Roberts concludes that "at best, the majority of the Scottish people will find little difference under Holyrood than under Westminster and it could be worse if a global crisis erupts again. Scotland as a small economy, dependent on multinationals for investment, still dominated by British banks and the City of London and without control of its own currency or interest rates, could face a much bigger hit than elsewhere in terms of incomes and unemployment." 

But as Roberts also notes, “the decision on independence is not just a question of the economy and living standards".  The political consequences of such a dramatic rupture with the status quo in Scotland could be far reaching - not only on independence struggles in Catalonia and elsewhere, but as encouragement to a wide range of other social movements everywhere. 

http://thenextrecession.wordpress.com/2014/09/04/scotland-yes-or-no/