What Anxiety Over Brexit Tells Us About the Markets

Populism is a difficult thing to track. It’s emotional and nebulous, a free floating anxiety that rises and falls with public mood. That may be why markets have been so unsure about what to make of Brexit, the possibility that the U.K. will, on June 23rd, vote to leave the E.U. The political implications alone are huge—the European Union, created after World War II, has been the most benevolent experiment in globalization ever conducted in history.