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Archived Articles on Currency Transaction Taxes


Currency Transaction Taxes

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Belgium Clears Path to Developing World Prosperity (July 5, 2004)

Belgium passed legislation to enact a currency transaction tax. Revenues will fund the UN Millennium Pledge to halve world poverty by 2015. The policy will combine a tax on all currency trading, with an "anti-speculative mechanism" that would deter investment-caused currency crashes. (Guardian)

France, Brazil Relaunch "Lula Fund" to Tax Arms Sales and Fight Poverty (January 30, 2004)

The French and Brazilian presidents have relaunched the idea of global taxes to overcome the global shortage of developmental aid funding. These global taxes would include an imposition on international financial transactions and arms sales. A special fund, dubbed the "Lula Fund," will use the taxes collected to fight hunger and poverty. (Agence France Presse)


Tobin Tax Network Position Paper on the International Finance Facility (Fall 2003)

In 2002, the UK Treasury proposed to establish an International Finance Facility (IFF) to secure financing for the Millennium Development Goals. Once set up, the IFF will help raising $ 50 billion yearly. While welcoming the proposal, the Tobin Tax Network argues that the possible exclusion of the poorest countries from IFF funding makes a compelling case for the Tobin Tax as an alternative complementary source of substantial financing for development

Non-Aligned Nations Must Lead Financial Reform – India (February 23, 2003)

Indian Prime Minister Atal Bihari Vajpayee has called for a Tobin tax to protect the world's developing economies. Vajpayee pointed out that a tax on currency transactions would be easier to implement than the measures to monitor terrorist financial channels introduced in two Security Council resolutions after 9/11. (Inter Press Service)


Tobin Tax, the Movement and the Identity crisis of the Left (October 23, 2002)

This article argues that the Porto Alegre movement has focused too much on the revenue aspect of the Tobin tax and too little on the original purposes of the tax: to stablize markets and give states more control over economic policy. (ATTAC)

Banking Trade Unions Call for the Tobin Tax (September 11, 2002)

The World Conference of Banking and Insurance Unions adopted this resolution as a first step in a campaign to promote global currency transaction taxes. (ATTAC)

FX Settlement Bank Launches, Aims to Curb Payment Shocks (September 9, 2002)

The establishment of the Continuous Linked Settlement (CLS) Bank makes global currency transaction taxes possible. The CLS Bank reduces exchange risk and the chance of gridlock, charging a fee for each transaction. (Reuters)

Making a Workable Tobin Tax: Interview with Joseph Stiglitz (May 13, 2002)

In an interview with the German television Monitor, Joseph Stiglitz argues that the Tobin Tax is a good way to raise the revenues needed to fund the major development projects of the Millennium.

Making a Workable Tobin Tax: A Response to Helmut Reisen. (May 2002)

Dean Baker argues for a more optimistic view of the tax, claiming "it does not appear that the issues raised by Mr. Reisen seriously undermine the case for the Tobin tax". (Center for Economic and Policy Research)

Tobin Tax : Could it Work ? (May 2002)

In this piece, the author questions the feasibility of the Tobin Tax actually working. He argues that, while this specific tax may not "deliver the results that everyone would like," this "debate has added new urgency to the search for tools to improve our development funding in efficient and meaningful ways." (OECD Observer)

An Economist From a Different Era (April 10, 2002)

An analysis of James Tobin's political and philosophical principles puts his currency tax initiative into context. (ATTAC)

US Scuttles Tobin Tax - and Hope for the World's Poor (March 29, 2002)

Tobin tax opponents often argue that it would be impossible to arrange the international financial cooperation needed to implement a tax. Nobody raised any similar concerns however when it came to Washington's initiative to eliminate money laundering as a source of terrorist financing. (National Post)

Great Britain: "Tobin Tax" Motion at the House of Commons (March 27, 2002)

The text of the motion, tabled by Labour Parliamentarian Harry Barnes, urges the Chancellor to follow the French Parliament's lead in authorizing the currency tax. The motion is already gaining support from six different political groups. (ATTAC)

Tobin Tax - a Tool for Global Justice (March 12, 2002)

In a Fabian Society policy paper, British Parliamentarian Tony Colman argues that the Tobin Tax, in addition to stabilizing international currency markets, could also help finance development and alleviate global poverty.

Cross-party Support for Tobin Tax (February 25, 2002)

UK MPs urge the government to pass a law implementing a Currency Transaction Tax to reduce speculation in currency markets and raise revenue to fight poverty. The move comes after a similar French law and only weeks before the UN Financing for Development summit. (Harry Barnes MP - News Release)

Funding a Global War on Poverty (February 24, 2002)

According to this Observer article, the Tobin tax can be the best way to finance the "Target 2015" goals of halving world poverty, promoting universal primary education and reducing child mortality.

Aid: How Much Is Enough? (February 18, 2002)

NGOs criticize the meek official pledges to raise aid levels. EU governments want a reticent US on board first. Both also reject the Currency Transaction Tax so dear to NGOs. But unsubstantial commitments will make the Financing for Development Conference just a run of the mill. (OneWorld)

Sweden Supports Tightening Currency Transaction Regulation (February 11, 2002)

Swedish central banker speaks out in favor of financial regulation, considering the Tobin tax one policy option to avoid fixed exchange rate currency crises like those witnessed since the 1990s. (Reuters)

Tobin or not Tobin? (February 5, 2002)

At the second World Social Forum in Porto Alegre, currency transaction tax supporters emphasized that the tax must not be seen as a "panacea," but an important first step in combating the problems created by neo-liberal economic policies. (Asia Times)

Draft Treaty on Global Currency Transaction Tax (CTT) (January 24, 2002)

Heikki Patomäki and Lieven A. Denys have prepared a detailed and comprehensive draft treaty on a global CTT. The draft includes the setting up of a CTT organization to govern the tax that will be much more democratic than any existing organization of global governance. (Attac Finland)

Critics Slam Proposed UN Tax Authority (January 8, 2002)

The debate over the creation of an International Tax Organization will heat the Financing for Development Conference in Monterrey. Opponents, who overstate the purpose of such an organization, do not want to realize the benefits of international cooperation and fairer economic globalization. (Fox News)

Making a Workable Tobin Tax: Don't Believe in the Economic Orthodoxy! (2002)

This article criticizes an OECD report on the Tobin Tax claiming that "its arguments presuppose false theoretical constructions (and that the report) conceptualizes the currency transactions tax as an issue of economic efficiency only." (Network Institute for Global Democratization)

Could a Tobin Tax Be Implemented? (2002)

Slightly pessimistic, the author states that the final incidence of the Tobin Tax "is not very clear but it cannot be excluded that some of those paying the tax would be the same developing countries that it was meant to help." (OECD)

French Professor Slams Tobin Tax Opponents (2002)

Listing seven common mistakes, Jean-Marie Harribey explains how the tax would not lead to the loss of real sector goods value, exchange rate volatility or bias against short-term investment. He dismisses objections to its political and technical enforceability and resolves the tax's revenue and distribution paradox. (ATTAC)



Tobin Tax Would Snarl International Trade and Investment (December 20, 2001)

The International Chamber of Commerce has unsurprisingly misunderstood the aim of the Tobin Tax as "harmful to international trade and economic growth". Why then do governments, international institutions, economists and associations worldwide support it?

The "Tobin tax" - A Business Viewpoint (December 14, 2001)

The International Chamber of Commerce (ICC) criticizes proposals for a tax on currency transactions (Tobin tax). Reducing liquidity through a tax could harm small currencies and would not contribute to national autonomy for setting interest rates. Moreover, the ICC argues, it would fail to end speculation while enforcing this tax globally would be impracticable.

French Parliament Adopts Tobin Tax Amendment (December 2001)

The French Parliament adopted a Tobin Tax on international speculative financial transactions, a victory that could serve as a reference point for future debates in the other European Parliaments. (Attac)

Can the Financing Gap Be Closed? (December 2001)

This article discusses the findings of the "Zedillo Report". The report stresses the need for a global system of taxation, based on the consumption of fossil fuels and on international currency transactions. It also suggest the creation of a new international tax organization and a global council. (Africa Recovery)

Is It Possible to Implement the Tobin tax in Europe Alone? (December 2001)

Attac refutes the argument that an international currency transaction tax without the participation of all major financial centers is inefficient.

Brown Urges New Deal for Poor (November 16, 2001)

Emphasizing the need for the West to increase finance for development, Chancellor Gordon Brown argues in favor of an international tax on foreign exchange transactions during his speech at the New York Federal Reserve. (Guardian)

Taxing Currency Speculators (November 13, 2001)

The Tobin Tax serves the interests of a more egalitarian world. The concept is well defined and definitely feasible as Glyn Ford and Harlem Desir from the European parliament report. (Japan Times)

Tobin Tax on EU Agenda (November 2001)

Despite many skeptics, France and Germany encourage the European Union to include the Tobin Tax issue on the agenda. (Bretton Woods Project)

Tobin Tax in Germany: A Huge Stone Comes into Movement (September 18, 2001)

The introduction of a Tobin Tax, a major objective of the anti-globalization movement, is increasingly being considered by German and French leaders despite earlier claims that the tax would be difficult and costly to implement. (WEED)

Tobin Sees No Chance of Tax Being Adopted (September 4, 2001)

According to James Tobin who first suggested the tax proposal in the 1970s, the Tobin tax has "no chance … the decisive people on the international financial scene are against it." The tax scheme was designed to curb speculators and raise funds for developing countries. (World Bank Development News)

Financing Development through Redistribution (September 2001)

This paper argues that only a global redistribution of wealth and power can create the conditions for poverty reduction, and proposes ways of financing development. More specifically, the authors call for debt cancellation, the introduction of a currency transaction tax and increasing official development assistance to 0.7 % of GNP. (CIDSE and Caritas Internationalis)

Belgian Presidency: Tobin Tax on the ECOFIN Council Agenda for Liege (June 27, 2001)

Belgium announced that the Tobin tax is being placed on the agenda of the ECOFIN Council to be held on 22 and 23 September at Liege. (ATTAC)

Tobin Tax - Steps Forward (May 15, 2001)

The Belgian Cabinet Secretary said that the discussion of a tax on currency transactions "within the European frame is a waste of time, since the Tobin tax is not the appropriate answer for avoiding financial crises". (ATTAC)

Remarks Presented to the Session on "Strategies for Success", Workshop on Global Taxes for Global Priorities (May 5, 2001)

Fernando Carvalho argues that a Tobin tax can be an effective instrument to raise revenue, while capital controls and a change of IMF policies would probably be more effective in promoting financial stabilization.

Destabilizing Speculation and the case for an International Currency Transaction Tax (May 2001)

In this article, Thomas Palley examines the case for a Tobin tax and argues that it is both desirable and feasible. (Challenge)

Squaring The Circle (March 16, 2001)

In this article Peter Sain ley Berry suggests that if the developed countries cannot raise taxes to achieve their Millennium pledges to the developing world they might be pressured to adopt a Tobin tax . (EuropaWorld)

Soros: Tax My Speculation Profits (March 11, 2001)

George Soros, who is blamed for triggering the financial crisis in East Asia, says that he is "in favor of the Tobin tax" and that "it could be a very good source of funds for providing global (public) goods". (The Guardian)

Sign-On Letter for the UN High Level Panel on Financing for Development (March 2001)

Letter to the UN High Level Panel on Financing for Development, signed by 64 NGOs from 26 countries, urging thorough analysis of currency transactions taxes as part of their mandate to evaluate new ways to mobilize funds for development. (Halifax Initiative)

Indian Prime Minister in Favor of a Tobin Like Tax (February 14, 2001)

Indian Prime Minister Atal Behari Vajpayee has suggested the imposition of a currency transaction tax where the money would be credited to a Global Poverty Alleviation Fund. (ATTAC)

Taking a Piece of the Pie (February 1, 2001)

This CFO Magazine article outlines the arguments against a Tobin tax. The author concludes that in general proposals for economic, political and social change begin with NGOs and scholars while politicians are usually the last to learn and the most reluctant to change.

The Tobin Tax: How to Make It Real (February 2001)

The major problem with the Tobin tax is the lack of political will. Hence this paper suggests that the tax should be implemented in two steps. (The Finnish Institute of International Affairs).

UN Seeks to Tax International Currency Trades, Idea Offered to Help Poor Nations (January 31, 2001)

A UN proposal to tax international currency transactions provokes strong reactions from the International Monetary Fund and the World Bank. (Washington Times)



Regulating International Financial Markets (December 14, 2000)

Christophe Aguiton argues that the Tobin tax must serve to change the international balance of power and improve the material situation of the poorest nations. (ATTAC)

The Implementation of a Currency Transaction Tax (November 6 - 7, 2000)

A statement by Mani Tese, an Italian NGO, to the Commission on Social Development on Financing for Development on the implementation of a currency transaction tax.

Currency Transaction Tax: A Domestic Resource for Social and Sustainable Development (November 6, 2000)

A paper by Bart Bode supporting the Spahn proposal of a currency transaction tax. Such a tax would provide protection against major currency crises and generate constant revenue. (CISDE)

Tobin Tax, Speculation and Poverty (December 2000)

This paper highlights the link between poverty and speculation and so maintains that the primary aim of the Tobin tax must be to collect funds for development. (ATTAC)

Tobin Tax: The Discussion Is Not Closed (September 13, 2000)

The French government has closed the book on the Tobin Tax, saying it would only drive business into the hands of the tax havens. But it seriously misstated the facts while doing so, contends ATTAC.

France Backs Off Tobin Tax to Curb Speculators (August 22, 2000)

Laurent Fabius, the French Finance Minister wants to curb currency speculation, yet he rejects the Tobin Tax as impractical. (AFX Europe)

Enlist Currency Speculators in Poverty War (July 30, 2000)

Glyn Ford, Member of the European Parliament, makes the case for the Tobin tax. He takes a special look at the situation in East Asia and why the people there should have an interest in his proposal. (Japan Times)

The Feasibility of a Unilateral Speculation Tax in the United States (July 26, 2000)

The domestic financial markets would not suffer greatly if the US were to introduce taxation on the trading of stocks and bonds, Dean Baker says. With reference to laws against money laundering, he concludes that a domestic speculation tax (at least in the case of the US) can indeed work. (CEPR)

Currency Transaction Tax in Brussels (July 5, 2000)

Discussions open about Tobin-type taxes in the Belgium Parliament! Members from the European Parliament as well as several NGO representatives attended the first Inter-Parliamentary meeting on currency speculation taxes. (ATTAC)

Early Day Motion 920: UN Social Summit Plus 5 and Tobin Tax (July 3, 2000)

The Tobin Tax has been subject to some debate in the British Parliament. Look at the text of the most recent House of Commons
motion, plus some links to earlier documents.

Idea of Transnational Tax on Currency Speculators Taking Off (June 24, 2000)

This article from the Irish Times looks at how support for Tobin-style taxes is on the rise internationally.

Financing Social Development: Progressive Taxation and Globalization (July 2000)

This article summarizes the arguments made at the workshop on "Financing Social Development: Progressive Taxation and Globalization, held in Geneva in June 2000. (ATTAC)

World Economists Call (June 6, 2000)

The Center for Economic and Policy Research calls for economists to sign a pledge in favor of anti-speculation taxes. More than 200 people, mostly academics, have already signed it - among them Nobel Prize Laureate James Tobin.

Destabilizing Speculation (June 2000)

Arguing his case within the framework of neoclassical economics, Thomas Palley shows why a currency exchange tax would be an act of good public policy. He takes on the most common criticisms and disarms them one by one. (AFL-CIO Policy Paper)

Costing the Casino (June 2000)

Helen Hayward provides an exhaustive analysis of the Asian financial crisis of 1997/98. She concludes that excessive speculation brought about this situation and proposes a currency exchange tax to prevent similar disasters from happening. (War on Want)

Soros: Euro May 'Disintegrate', Currency Markets Are Not Always Rational (May 8, 2000)

George Soros, who runs the US$12 billion Quantum Fund, was scathing in his criticism of those who believed that markets can solve all problems without intervention by governments. (BBC News Online)

World Parlamentarians Call for Tobin Tax (May 2000)

The French NGO ATTAC has launched a global campaign in support of the Tobin tax and asks members of parliaments worldwide to add their signature. As of July this year, more than 400 people had pledged their support.

U.S. Congress Resolution on Taxing Cross-Border Currency Transactions (April 11, 2000)

This resolution calls for currency exchange fees. It was introduced in the US House of Representatives and the Senate, and is being deliberated in a number of congressional (sub-)committees (as of July, 2000).

Useful Diagnosis - Wrong Therapy (April 10, 2000)

A comment by WEED on the final reports of the Financial Stability Forum (FSF) dealing with, inter alia, hedge funds and offshore centers. WEED says that the FSF was far too cautious in its prescriptions, only echoing the liberal mainstream view about the global financial architecture.

One Year Later - Where's the Leadership? (March 23, 2000)

One year after the historic M-239 Tobin Tax motion passed the Canadian parliament, the government is doing little to act on it. NGOs like the Halifax Initiative call for a day of protest, asking Minister Martin to "walk the talk."

A Handful of Sand in the Wheels of Financial Speculation (March 2000)

Alex C. Michalos reviews some of the financial crises of the 1990s and discusses the arguments for and against a currency transaction tax. (Mani Tese)

Retarding Short-Term Capital Inflows Through Withholding Tax (March 2000)

Speculative capital flows are indeed very harmful to economic stability, says Howell Zee in this IMF Working Paper. While shying away from a Tobin tax, he proposes a Cross-Border Capital Tax that shares fundamentally the same objective – to put some sand in the wheels of the global financial markets.

Tobin Tax Update (March 2000)

Excerpts from the newsletter of the Tobin Tax Initiative-USA provide the most current information on the state of the transnational movement for the Tobin Tax. This month's newsletter also includes links to reports and relevant websites.

A Tax on Foreign Exchange Transactions (February 2000)

In this report by CIDSE it is suggested that a currency transaction tax be imposed independently by national governments but in an internationally coordinated way.

Taxing Financial Speculation: Shifting the Tax Burden From Wages to Wagers (February 2000)

In this paper, Dean Baker from the Centre of Economic and Policy Research likens currency speculation to gambling and proposes that it ought to be taxed accordingly. On a national level, this would generate resources for enormous tax cuts.

New Economic Realities (January 27- February 2, 2000)

Vice-president of the World Bank, Ismail Serageldin meets the criticism of the Tobin tax: "…almost all societies in the world have adopted income tax and though it is true that some people cheat by and large it works reasonably well." (Al-Ahram Weekly)

Mass Attac (January-February 2000)

The nostrums of economic orthodoxy have been swallowed by most of the world's major media. But not all. Sputnik Kilambi looks at how one French newspaper launched a leading citizens' movement against globalization. (New Internationalist)

Time for Tobin!!! (January-February 2000)

Fast-moving, unregulated investment has turned the global economy into a casino where big-money speculators search for instant profits regardless of the consequences. A speculation tax that would put people ahead of profits is urgently needed. Robin Round explains how a tax on financial speculation could help stabilize global markets and capture much-needed funds for global development. (New Internationalist)

The Tobin Tax: A New Phase in the Politics of Globalization? (2000)

Heikki Patomäki shows how a global currency transaction tax, contrary to intuition, would actually serve to strengthen and maintain state sovereignty rather than weaken it. More importantly, the tax would ensure that the process of globalization is made accountable to humanity.

The Tobin Tax and the Regulation of Capital Movements (2000)

Suzanne de Brunhoff and Bruno Jetin sustain that "the Tobin tax is an attack on the current political consensus, with its neo-liberal characteristics". (ATTAC)



Seattle Opens Way for Tobin Tax (December 22, 1999)

ATTAC newsletter suggests that the rationale for the Tobin tax has only strengthened since it was first conceived in 1972 and that popular support for it is growing.

The Tobin Tax: Discussion in the French and British Parliaments (December 15, 1999)

ATTAC newsletter provides updates on motions of the Tobin Tax on currency exchange fees in both the French and British Parliaments.

The Tobin Tax: A Good Idea Whose Time Has Not Passed (October 1999)

Alex C. Michalos maintains that for most industrialized countries (not including Canada and the US), which do have some form of financial transaction tax, the idea of a Tobin tax is not at all fantastic. (Institute for Research on Public Policy)

What's All This About a Tobin Tax? (September 1, 1999)

Introductory article from the newsletter of ATTAC (Association for a Tobin Tax in Aid of Citizens). Discusses James Tobin's initiative and the current Tobin Tax movement.

Repairing the Global Financial Architecture (September 1999)

"Painting over Cracks vs. Strengthening the Foundations." David Felix, Professor Emeritus at Washington University in St. Louis, discusses capital controls in this Foreign Policy in Focus special report from the Interhemispheric Resource Center and the Institute for Policy Studies.

The Crisis of Globalization (Summer 1999)

James K. Galbraith analyzes the failures of the neoliberal economic system and offers alternatives, including recommendation of a Tobin Tax. (Dissent)

Finish Metalworkers Support Tobin Tax (August 25, 1999)

Finland's Metalworkers Union President Per-Erik Lundh supports Tobin Tax for international capital transfers.

The Asian Crisis and the Search for a New Global Financial Architecture (August 1999)

Essay written by Charles Tanzer, Columbia University graduate student (SIPA), analyzes the Asian Financial Crisis in the context of "Market Discipline/Fundamentalism Meets Developmental/Crony Capitalism."

Taxing the Global (July 1999)

Editorial by Charlotte Denny in The Guardian, using the financial crisis in Thailand as an example of how the Tobin Tax could be used to stabilize the global economy and create useful revenues.

G8 Industrial Powers to Approve Temporary Capital Controls (June 6, 1999)

Associated Press article on the agreement by the G-8 that developing countries need to adopt currency controls as an "exceptional measure" while continuing to support the principle of free capital movement.

World Energy Modernization Plan (June 4, 1999)

Paper prepared for World Energy Modernization Conference in Bonn, Germany. Includes discussion of the use of a Tobin Tax to fund energy modernization and clean development.

UN Calls for Reform of Global Financial System (June 3, 1999)

Reuters article on the global financial system with reference to the Asian Financial Crisis.

What Does the Tobin Tax Mean? (June 1999)

Janet Matthews Information Services article on the merits and drawbacks of a Tobin Tax, questioning the market efficiency of the tax for countries who already rely on high interest rates to attract foreign capital.

Les Partisans de la « Taxe Tobin » Veulent Elargir leur Combat Contre « La Mondialisation Neo-Liberale » (June 25, 1999)

Le Monde article on the l'université de Paris-VIII Saint-Denis conference on the Tobin Tax, and the growing popularity in the French government to push for a currency transaction tax in the EU to regulate the neo-liberalization of the economy.

Would Taxation Stabilize World Financial Markets? (May, 1999)

Cooperation for Development and Solidarity/Caritas Internationalis report on the implementation of a tax on international currency transactions to prevent social crises and finance global challenges.

Taming Currency Speculators (May 1999)

Lorne Nystrom, a New Democratic Party Member of the Canadian Parliament who introduced the motion on the Tobin Tax that was eventually passed, explains why such a tax would be desirable.

Time for a Tobin Tax? (May 1999)

Link an Oxfam paper on the Attac site, with information on the currency aspect of international financial instability, and the arguments around a global currency transaction tax, concluding with prospects for advocacy.

Planetary Tobin Tax Ring

Link to a site of NGOs who are promoting the implementation of a Tobin Tax.

Make Global System Work for the Poor (April 23, 1999)

Nation/Worldsources article on the global development challenge caused by the global financial crisis, criticizing multilateral lending institutions and concluding with a call for the Tobin Tax.

War on Want Calls for One More Tax (April 16, 1999)

M2 Presswire article on War on Want's call for a currency exchange tax to counteract financial crises and fund long-term development projects to end poverty.

Tobin Tax Movements Internationally (April 15, 1999)

A report from Canadian NGO, Halifax Initiative on the inaugural meeting of the International Tobin Tax Network.

Time for a Tobin Tax? (April 9, 1999)

Link to the Federal Reserve Bank of San Francisco site with a letter about the Tobin Tax, explaining its benefits, but attacking the tax because its enforcement would require "global cooperation".

Factors to Consider in Effecting Global Financial System Reforms (April 6, 1999)

Lecture by Dr. Jonathan Michie published on the Star web site addressing the need for a global response to currency speculation, including implementation of the Tobin Tax.

Canadian MPs From All Parties Support Tax on Speculation (April 1999)

Canadian Press article on the Tobin Tax Motion M-239 Passed by Canadian Parliament March 23, 1999.

New Tax on Financial Dealings Backed by All Political Stripes (March 25, 1999)

Vancouver Sun article on Ottawa's support for a Tobin Tax, recognizing it as an important national fund-raising mechanism, while questioning international support for the tax and its use to regulate currency speculation.

Ad Hoc National Advisory Committee for the Tobin Tax (March 25, 1999)

Report on the first meeting of the Ad Hoc National Advisory Committee for the Tobin Tax which was held at Friends of the Earth in Washington DC.

It's the Development Model, Stupid! (March 24, 1999)

Worldsources/World Times paper by Walden Bello suggesting that currency exchange fees be implemented to de-globalize national economies and regulated the current global economic disorder.

Tobin Tax Motion M-239 Passed by Canadian Parliament (March 24, 1999)

Canada shows world leadership in adopting a motion calling for an international tax on financial transactions. Final statements of Members of Parliament included in this text.

Currency Transaction Intervention to Help the Poor (March 22, 1999)

Toronto Star article on former member of the finance department of Canada, Rodney Schmidt, and his research into the Tobin Tax, noting that current currency transaction regulations favor the rich.

Maybe It's Time for a New Tax to Be Introduced (March 4, 1999)

Toronto Star editorial lobbying for the Canadian Government to pass the Tobin Tax to prevent the next financial crisis, with references to the possible uses of tax revenues.

A Feasible Foreign Exchange Transactions Tax (March 1999)

In this research paper, former Canadian government official Rodney Schmidt shows how a Tobin tax could be collected through the interbank mechanism handling all currency exchange transactions. Evasion of such a tax would be next to impossible. (North-South Institute)

The Feasibility of an International "Tobin Tax" (March 1999)

In this study published by the European Parliament, it is argued that the Tobin Tax is a "second best" solution to the creation of a single international medium of exchange.

Time to Reconsider the Tobin Tax Proposal? (March 1999)

A technical paper explaining the potential impact that a Tobin Tax will have on financial flows. Although the authors' suggestions for the use to which revenue raised should be put ("to augment the resources of the IMF") are unlikely to be viewed sympathetically by those concerned with UN financing, this is a must-read for all those interested in the Tobin Tax.

War on Want Campaign for The Tobin Tax (February 1999)

Interview with James Tobin: Reigning in the Markets (February 1999)

UNESCO (France) Courier interview with James Tobin about his history and perspective on the feasibility of the Tobin Tax. Includes two related articles on Tobin, with biographical information.

People vs. Markets as Another Bailout Flounders (February 1999)

Additional article in Third World Resurgence feature "Brazil: The Real and Global Crisis." Articulates the view that the problem lies with the international financial system.

IMF and World Bank Come in for Criticism at G-15 Meeting (February 9, 1999)

Mexico proposing that the UN assist with global financial crisis.

Taxing Excessive Currency Speculation to Prevent Social Crisis and Finance Global Challenges (January, 1999)

In this paper, Dr Danny Cassimon endorses a currency transaction tax, discussing the Tobin as well as the Spahn proposal. (CIDSE)

Solution to the Global Financial Crisis: A Marsh for Creditors and Speculators (1999)

Paper by Michael Chossudovsky including analysis of how currency speculation creates financial crises. See the section titled "Freezing Speculative Transactions".



Globalization of the World Economy: Financial Globalization (November 14, 1998)

James Tobin's speech on the global economy at the Autumn Meeting of the American Philosophical Society.

The Tobin Tax (November 1998)

A discussion of the Tobin Tax by the Sierra Club of Canada.

Control of International Capital: A Survey of Policy Options (November 1998)

Friends of the Earth paper recommending currency exchange taxes as a means to control the flow of international capital.

Trois Taxes Globales Pour Maítriser la Spéculation (October 1998)

Le Monde Diplomatique article on the use of three global taxes, including the Tobin Tax, to regulate the globalization of the economy making it more equitable and just.

The Gathering World Slump and the Battle Over Capital Controls (September/October 1998)

Essay from the New Left Review on the failure of neoliberal orthodoxy to deal with the Asian slump, and the need for "prudential capital regulations".)

Canadian Finance Minister to Call for New Rules to Check Global Money Flight (September 29, 1998)

The Vanouver Sun reports Finance Minister Paul Martin urges the closer supervision of international banks to bring more stability to developing economies.

Financial Crises Could Stall Capitalism's Global March (September 4, 1998)

Article about the question if the financial crises will affect the capitalist system.

In Defense of Capital Controls (Fall 1998)

An excerpt from a new book by Kavaljit Singh, discussing global capital controls in the face of international financial breakdown.

Breaking the Taboo on Capital Controls (August 30, 1998)

Another article from Martin Khor on limiting capital flows to control the Asian financial crisis.

Krugman Calls on Asian Countries to Impose Foreign Exchange Controls (August 30, 1998)

Martin Khor on a new proposal for Asian countries to escape the economic crisis.

The Tobin Tax: Regulatory Tool for the World's Capital Markets? (Summer 1998)

Two Bread for All Workshop papers from experts on the Tobin Tax, one from a proponent of the Tobin Tax, the other from an opposing point of view, including analysis of the tax's implementation and revenue allocation.

What Sank Asia? Money Sloshing Around The World (July 21, 1998)

Robert Kuttner on the negative effects of free commerce in money.

Blame for Asian Flu Shifts Westward: Economists Warn Deregulation Now Out of Hand (July 13, 1998)

Article by Thomas Walkom on the possible causes of the Asian financial crisis.

Les mirages de la Tobin Tax (June 29, 1998)

French Summary and Comments of Luc Douillard on the Article "Les mirages de la Tobin Tax" by Daniel Cohen (Libération).

The World Tax Organization is Officially on the Table at the IMF (May 13, 1998)

The proposal to create a World Tax Organization was presented by Vito Tanzi, Director of the IMF and a specialist in taxation, during the 32nd General Assembly of The Interamerican Center for Tax Administration.

IMF Bailouts and Global Financial Flows (April 1998)

Foreign Policy article by David Felix on the role of the IMF in preventing currency crises in debtor countries, calling for the G-7 to tax foreign exchange transactions with a Tobin Tax.

Nixing the Tobin Tax: a Canadian Tale (March 22, 1998)

An excerpt from a new book by Linda McQuaig that appeared in The Toronto Star.

Global Financial Flows and Their Impact on the Developing Countries (January 14, 1998)

Fifty-second Session Agenda Item 95 (a), Resolution Adopted by the General Assembly.


1997 - 1994

Why We Need Sand in the Market's Gears (December 21, 1997)

Washington Post editorial by Tobin discussing the Asian financial crisis and the Tobin Tax.

The View from Taft: The Tobin Tax (December 4, 1997)

Businessworld, Manila, the Philippines.

Disarming the Markets (December 1997)

This Le Monde Diplomatique editorial launched the idea to set up a new worldwide non-governmental organization –ATTAC – to exert pressure on governments to introduce a Tobin tax.

International Taxes: New Sources of Finance for Development (May - June, 1997)

A detailed overview by the Overseas Development Institute of the most commonly discussed mechanisms for levying international taxes. Obstacles that each of these mechanisms are likely to face are also discussed.

Saving the United Nations: A Global Tax on International Financial Transactions? (February 1997)

An overview of the issue by Steven Dale of Canada's International Development Research Centre.

Tobin Tax as a Mechanism to Finance De-Mining (October 3, 1996)

This paper, published by Mines Action Canada, examines the feasibility of using the Tobin tax to generate revenue to finance de-mining projects. The author enters into the details of implementation, exploring the issues of what should be taxed, to what extent and whether a global consensus will ever be possible on these questions.

Appeal by Swedish Trade Unionists (July 1996)

Le Monde Diplomatique published appeal calling for a Tobin Tax.

The Tobin Tax: An Idea whose Time has Come? (1996)

Gareth Evans, an Australian Labour Party Member of Parliament, expresses support for the Tobin Tax. The author does, however, acknowledge the tremendous practical difficulties that exist in arriving at international agreements on the issue.

Feasibility of the Tobin Tax (January 19, 1995)

Report by Rodney Schmidt deal with taxing international capital flows for the Canadian Department of Finance. Linda McQuaig refers to this report in her article above.

Taxing International Short Term Capital Flows (August 17, 1994)

Report by Rodney Schmidt, evaluating in particular the possibilities of the Tobin Tax. Written for the Canadian Department of Finance.



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