Beyond the 'Brexit' hype: The EU is NOT a failed experiment

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But connecting all evils to the EU is inaccurate and unfair; and makes us run the risk of throwing the baby out with the bathwater.
By Luis Cabral
There's a scene in "Monty Python" where Reg, a first-century Israeli activist (John Cleese), plots to overthrow the Roman empire. "We've given them everything; what have they given us in return?" In an embarrassing moment of honesty, one of Reg's companions mentions "the aqueduct." Another one brings up "sanitation." The list goes on and on. Eventually, Reg sums it all up in one memorable outburst: "All right... all right... but apart from better sanitation and medicine and education and irrigation and public health and roads and a freshwater system and baths and public order... what have the Romans done for us?" Timidly, one of Reg's companions suggests: "Brought peace!"

Reg snaps back: "What!? Oh... Peace, yes... shut up!"

I can't help going back to Cleese's old skit as I read commentary on "Brexit" and the European Union. The consensus seems to be that the European experiment has failed. I beg to disagree; and would argue that, on the whole, the European Union will go down in history as one of the continent's greatest moments.

Read the full article as published by CNBC.

Luis Cabral is the Paganelli-Bull Professor of Economics and International Business and Chair of the Department of Economics.