The odd lure of the Tobin tax

The odd lure of the Tobin tax

Headline: The odd lure of the Tobin tax Source: EuromoneyDate: October 2001Author: Stefan Stern Globalization James Tobin “For every complicated problem,” the American journalist HL Mencken wrote, “there is a solution that is short, simple – and wrong.” The foreign exchange market’s view of the much-mocked, formerly dismissed but now resurrected […]

Headline: The odd lure of the Tobin tax
Source: Euromoney
Date: October 2001
Author: Stefan Stern

Globalization







James Tobin

“For every complicated problem,” the American journalist HL Mencken wrote, “there is a solution that is short, simple – and wrong.” The foreign exchange market’s view of the much-mocked, formerly dismissed but now resurrected Tobin tax follows the Mencken line. The idea of a tax on foreign exchange transactions is misconceived, most commentators and market participants agree.

Such a tax cannot work in practice, critics argue.

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The odd lure of the Tobin tax

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