While it is of some academic interest to know that the first independence referendum “does not appear to have been a major driver of [economic] volatility“, and while it is always gratifying to see yet another piece of British nationalist propaganda demolished, we have to ask whether any of it actually matters.
Referendums are part of the democratic process. As are elections. The Fraser of Allander Institute report suggests that both have at least the potential to disrupt the economy. So what? Are we to abandon democracy so as to protect an economic system which is so inherently unstable and insecure that the exercise of basic democratic rights threatens to bring it crashing down?
If the people going to the polls is a threat to economic stability then surely it is the economic system that is the problem and not democracy itself. Are we to have government of the people, by the people and for the people? Or are we to have government dictated by some economic imperative?
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