The Case for a Global Financial-Transaction Tax
Despite all economic pain caused by their recklessness, financial-market participants gained significant benefits from government bailouts. It is time for them to pay their fair share of the costs, and the most just and efficient way to ensure this is for the G-20 to implement a global financial-transaction tax.
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BERLIN – What went wrong with global financial markets? In a nutshell: the implosion of the brave new world of modern finance, and the economic crisis that followed, was rooted in the idea that free and unregulated capital markets always work for the public good, and are all that is needed for economic prosperity. The prologue to the crisis was a combination of cheap money, deregulation, and a race for returns by executives undeterred by the associated risks.