On June 23, citizens of Britain will vote on whether their country should stay in the European Union. Depending on whom you ask, there are pros to each side of the vote, according to recent coverage by The Economist.
While there are pros to leaving, the European connection has big implications. Trade with far-off countries is costly, in terms of money and time. A paper published in 2012 by David Hummels of Purdue University and Georg Schaur, an economics professor in the Haslam College of Business, finds that every day goods are in transit adds a cost equivalent to a tariff of between 0.6 percent and 2.1 percent.