It seems to me rather simplistic to say that the only motivation behind
calls for the development of a tax on foreign exchange transactions is
greed.
It's easy to redescribe anything in terms of self-interest, but that
doesn't make it the only, still less the best, explanation.
OK, so some groups might support the Tobin Tax because it might benefit
them (for instance as an alternative to paying their UN contributions),
but others support it because it seems - perhaps, and this is where more
interesting questions of feasibility come in - that it might be useful,
firstly in discouraging speculative financial flows and restoring some
degree of economic autonomy for states, and secondly in raising revenue
for the financial support of poorer nations, sustainability, or, to use a
term which I'm sure will irritate some, global governance.
Even if some of the support for a Tobin Tax is due to self-interest, if it
could have beneficial results, then perhaps that is what we should focus
on.
I'd be interested to hear some discussion of the Tobin Tax. I've tended to
take the view that it's a matter of political will rather than technical
feasibility - the fact that complex international negotiations and
treaties such as the OECD's multilateral agreement on investment can be
worked out if the expected benefits flow to groups with the power to push
through negotiations kind of provides support for this I think. Current
events might change the expected distribution of benfits in such a way as
to make the development of such a tax more likely.
Whad'ya reckon?
cheers,
alan
*****************************************************************************
Dr. Alan C. Hudson
University Assistant Lecturer
and
Part II Director of Studies at Fitzwilliam College
Department of Geography, and Fitzwilliam College,
University of Cambridge, Cambridge,
CB2 3EN, CB3 0DG,
United Kingdom. United Kingdom.
Tel: + 44 (0) 1223 333364 (Department - Direct line)
Tel: + 44 (0) 1223 333399 (Department - General Office)
Tel: + 44 (0) 1223 358354 (Home + Answerphone)
Fax: + 44 (0) 1223 333392 (Department)
E-Mail: [log in to unmask]
Website: http://www.geog.cam.ac.uk/achhome.htm
(Currently, a dull (lack of time), slow (not my fault!), but functional
(mainly luck), website!)
*****************************************************************************
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
|