Scottish independence is another financial crisis waiting to happen

Alex Salmond's plan for Scottish independence could usher in an economic disaster

Scotland independence
(Image credit: (Jeff J Mitchell/Getty Images))

Scottish independence officially ended in 1707 when the cash-strapped country accepted a full union with England after a disastrous scheme tried to colonize the Gulf of Darién in central America. Scotland had long been sliding towards incorporation with its larger neighbor to the south, having fought fierce independence wars with England in the Middle Ages, but this was the final nail.

Today, lots of Scots wants out. And just as Scotland ended up in union with England for economic reasons, economic incentives are important factors for why many Scots will vote "yes" to independence in a referendum on September 18. The "yes" campaign wants Scotland to keep all the (dwindling) oil wealth of the North Sea. And it wants to maintain full state control and funding of its public services, especially its National Health Service, the funds for which are being cut by the Conservative-led coalition government in London.

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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.