Because of the “Tobin Tax”, Professor James Tobin has involuntary become the spearhead of numerous anti-mondialist organizations. A tax synonymous of “compulsory charity” from “rich” (countries) (executing several billions of financial transactions) to “poor” (countries) (victims of the “law of the strongest”). The principle is a systematical taxation of all financial transactions. A simple and ethical principle? It is not that obvious… Numerous scientifical voices clearly explain why this kind of project is not applicable. First of all, such a principle implies an unanimous understanding between countries all over the world; if not, some new “Fiscal Eden” can appears. Next, who can prevent a government to increase the tax rate as high as it wants, even if this destabilizes all exchanges? James Tobin himself explains that some organizations have highjacked his name and his scientifical production to try to defend their ideals.
Definition / Biography
James Tobin – Autobiography on nobelprize.org
James Tobin Biography by OECD Observer, June 2002
Major Works of James Tobin by cepa.newschool.edu
Fiscal Analyse
“Economic guru shuns anti-global movement” – The Independent
“Time for a Tobin Tax?” by the Federal Reserve Bank of San Francisco
“Why a Two-Tier Tobin Tax Won’t Work” by Janet G. Stotsky, IMF’s Fiscal Affairs Department
“The Tobin Tax is no substitute for a world currency” by Guido Montani, Federal Union
“The “Tobin Tax” – A Business Viewpoint”, Corporate Economists Advisory Group
“Embarrased proponent of an international tax” by Godfrey Hodgson, Guardian
“Nobody Believes In The Tobin Tax, Not Even Prof. Tobin” by Jeremy Hetherington-Gore, tax-news.com
Debates
“Workable Tobin Tax” by Matti Kohonen, OECD Observer, n°233, August 2002 versus “Tobin tax: could it work?” by Helmut Reisen, OECD Observer
Proposals
“The Tobin Tax and Exchange Rate Stability” by Paul Bernd Spahn (Professor & Consultant to the IMF’s Fiscal Affairs)
“The Feasibility of an International “Tobin Tax””, by Ben Patterson & Mickal Galliano, European Parliament
“Policy Proposals for Tobin Tax Implementation” by Ruthanne Cecil, Tobin Tax Initiative
References
“Debating The Tobin Tax, New Rules for Global Finance”, by James Weaver, Randall Dodd, & Jamie Baker (eds.), New Rules for Global Finance Coalition, (pdf – whole book here, but Copyright of Papers Belong to the Authors)
“Some Evidence that a Tobin Tax on Foreign Exchange Transactions May Increase Volatility” by Robert Z. Aliber, Bhagwan Chowdhry, & Shu Yan, European Finance Review
Websites
Tobin Tax Initiative: questions, bibliography and campaigns about Tobin Tax
Canadian Social Research Links: The Tobin Tax Links Page
