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Contemporary Issues with Multidisciplinary Perspectives on Social Science

Edited By Engin ÇAKIR and Yusuf KADERLİ

Social sciences are made up of science disciplines that research humanity, society, and the world with a human dimension, and therefore its domain of influence is also serious and wide. Naturally, the social scientist has the power to influence society with his/her research and writing. This book aims to add the contributions of academicians from different disciplines to the social sciences fields they specialize in the academic literature and to give an idea about new researches. The book contains scientific articles on business, economics, public finance, tourism, and international relations.

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Is Brexit a Transaction Cost Problem?: Yildirim Beyazit Cicen

Yildirim Beyazit Cicen


Abstract This study analyzes the Brexit transaction cost concept. After the introduction, the transaction cost economics is explained in the first section. This section explains transaction cost progress with the contribution of Coase and Williamson. In the same section, the importance of transaction costs is also explained. This explains from which channels the transaction costs affect the economy. Williamson’s Transaction Cost Economy is another subtitle in the same section. The relationship between governance and transaction costs is explained in section two. The third section explains the definition of political transaction costs, their importance and economic impacts. Brexit and political transaction costs are discussed in the last section. With Brexit, Britain is moving toward a new governance structure. The political transaction costs are expected to rise due to Britain’s necessity to re-contract with the EU and other countries after Brexit. This rise in costs would impact the growth of Britain and the efficiency of the Brexit preference.

Keywords: Brexit, Transaction Cost Economics, Political Transaction Cost, Governance

The purpose of this analysis is to analyze the Brexit through transaction costs. The choice of government structure by the United Kingdom (UK) depends on the political transaction cost. In order to minimize transaction costs, the EU states use a single contract. The problem is that there are many decision-makers on the EU Council, and the UK complains about several discrepancies. An additional alternative is to conclude individual contracts with more than 30 countries when the UK leaves the EU and...

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