Democratising Globalisation

The Leverage of the Tobin Tax

Heikki Patomäki

Democratising Globalisation

Heikki Patomäki

Distributed for Zed Books

288 pages | 5.4375 x 8.5 | © 2001  
Paper $40.95 ISBN: 9781856498715 Published August 2001 For sale in North and South America only
In the 1970s Professor James Tobin proposed a very modest tax on currency transactions. This would make much speculative movement of funds unprofitable and the world financial system less volatile. The Tobin tax, if implemented with other regulatory measures, would be emancipatory. Global finance would be subjected to a process of deliberate control. It would bolster the autonomy of states. And it might transform the politics of globalization in the direction of more democratic control, social responsibility and justice.

But, the major problem has aways been the lack of political will. Tobin and his supporters have always assumed that the only feasible way to implement the new tax would be for all major financial centres to agree to it simultaneously. Dr Patomäki demonstrates that it is possible to proceed without universal consensus, and develops the idea of a Tobin tax organization (TTO) that would implement and supervise the process. The potentially huge annual revenues - eventually as much as $1 trillion - could be used for economic and social purposes determined globally, reviving the prospects of humanity moving towards a more just world order.
Contents
Preface: Erkki Tuomioja, Finnish Minister of Foreign Affairs
Introduction
1. Economics of Financial Instability
2. Power Analysis of the Global Financial Markets
3. The Case for the Tobin Tax and Global Re-Regulation
4. Is It Realistic? Overcoming the Technical Problems
5. Is It Politically Possible? Emancipation by Means of the Two Phases-Model
6. Towards Democratic Politics of Global Governance
Conclusion
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