The Tobin Tax Lives Again

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The Tobin Tax Lives Again

Powerful message to the casino

Tobin tax-like proposals are back on the agenda. Latest example: France and Germany managed to get the financial transaction tax (FTT) proposal de facto into the Pittsburgh Declaration of the G20. The IMF is tasked to prepare a report on instruments to make the financial industry "a fair and substantial contribution toward paying for any burdens associated with government interventions to repair the banking system". Dani Rodrik comments the new momentum.

G20 in Pittsburgh

Something happened in late August that I never thought I would see in my lifetime. A leading policymaker in the Anglo-American empire of finance actually came out in support of a Tobin tax – a global tax on financial transactions. The official in question was Adair Turner, the head of the United Kingdom Financial Services Authority (FSA), the country’s chief financial regulator. Turner, voicing his concerns about the size of the financial sector and its frequently obscene levels of compensation, said he thought a global tax on financial transactions might help curb both ...

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