The Tobin Tax Lives Again
In late August, Adair Turner, the head of the UK’s Financial Services Authority, shocked the Anglo-American empire of finance by coming out in support of a Tobin tax – a global tax on financial transactions. Predictably, Adair's proposal was met with a storm of criticism by bankers, which suggests why implementing such a tax would be a very good idea.
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CAMBRIDGE – 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.