This is an essay about the failure of an idea in the face of private power. It begins with a brief history of the idea of a financial transactions tax. It then explains how the modern concept came to be a rallying call for activists and several politicians during the ongoing financial crisis. It examines the economic merit of the European Commission’s conception of the tax, but finds little agreement among scholars and institutions. Despite this lack of agreement, it finds a highly disparaging narrative of the tax in the popular press and in political discourse, particularly in the United Kingdom, which, when coupled with the unrealised nature of the tax, despite the idea’s decades-long existence, suggests that the discourse of the tax has been shaped to reflect its more negative aspects.
To explain this, the essay examines the political situation at the global, regional and national levels, using the Group of Twenty (G20), the European Commission (EC) and the UK as case studies. Here the essay makes a case that there is a significant danger of regulatory capture of these political institutions by the banking lobby. It uses Doris Fuchs’ tripartite definition of power to show how financial institutions exercise control, then uses Walter Mattli and Ngaire Woods’ model of regulatory capture to compare the G20, EC and UK. In this case, it finds that the EC is the institution least susceptible to capture. The essay concludes by considering the case of the financial transactions tax as symbolic of the lack of political action in the face of the power of global private interest, which presents grave problems for global governance.
Money Deficits and Inflation Evidence and Policy Issues of Euro Zone during D...paperpublications3
Abstract: An important lesson from the euro area sovereign debt crisis is that the need for sound economic policies does not end once a country has adopted the euro. There are no automatic mechanisms to ensure that the process of nominal convergence which occurs before adoption of the euro produces sustainable real convergence there after. The global financial crisis that started in 2008 has showed that some countries participating in Economic and Monetary Union (EMU) had severe weaknesses in their structural and institutional set-up. This has resulted in a large and protracted fall in real per capita income levels in these countries since 2008. While there has been real convergence in the European Union (EU) as a whole since 1999 owing to the catching up of central and eastern European (CEE) economies, there has been no process of real convergence among the 12 countries that adopted the euro in 1999 and 2001. This lack of convergence is related to several factors, notably weak institutions, structural rigidities, weak productivity growth and in sufficient policies to address asset price booms. Against this background, several factors appear crucial for ensuring real convergence in EMU: macroeconomic stability, and sound fiscal policy in particular; a high degree of flexibility in product and labor markets; favorable conditions for an efficient use of capital and labor in the economy, supporting total factor productivity (TFP) growth; economic integration within the euro area; and a more active use of national policy tools to prevent asset price and credit boom-bust cycles.
Keywords: Money Deficits, Inflation, Policy, Euro Zone,Sustainability, Monetary Policy, Investments.
Jel codes: H62, H68, H6, E41, E42
Title: Money Deficits and Inflation Evidence and Policy Issues of Euro Zone during Debt Crisis
Author: Dr. Stamatis Kontsas
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The euro crisis has been extensively discussed in terms of economics, finance, political intrigues, and European Institutions, but a key aspect—the political economy of the crisis—has received little attention. Politicians and social scientists from emerging economies, especially Eastern Europe, look with amazement at this oversight.
Authored by: Anders Aslund
Published in 2011
Introduction to Global Economic & political Systems: Meaning of Global Economy and its History Structure and
Components of Global Economy, Theory of Hegemonic Stability, Differences among National Economies, Market
Oriented Capitalism, Developmental Capitalism, Social Market Capitalism, Comparative Analysis, Effects of
Globalization on Indian Economy.
Economic Growth and Inequality: The New Post-Washington Consensus, September ...Africa Cheetah Run
Economic growth is an increase in the amount of goods and services produced per head of the population over a period of time. The impact of government investment on growth and inequality are shown to contrast sharply in the two approaches, thus illustrating the complexity of the growth-inequality relationship.
Money Deficits and Inflation Evidence and Policy Issues of Euro Zone during D...paperpublications3
Abstract: An important lesson from the euro area sovereign debt crisis is that the need for sound economic policies does not end once a country has adopted the euro. There are no automatic mechanisms to ensure that the process of nominal convergence which occurs before adoption of the euro produces sustainable real convergence there after. The global financial crisis that started in 2008 has showed that some countries participating in Economic and Monetary Union (EMU) had severe weaknesses in their structural and institutional set-up. This has resulted in a large and protracted fall in real per capita income levels in these countries since 2008. While there has been real convergence in the European Union (EU) as a whole since 1999 owing to the catching up of central and eastern European (CEE) economies, there has been no process of real convergence among the 12 countries that adopted the euro in 1999 and 2001. This lack of convergence is related to several factors, notably weak institutions, structural rigidities, weak productivity growth and in sufficient policies to address asset price booms. Against this background, several factors appear crucial for ensuring real convergence in EMU: macroeconomic stability, and sound fiscal policy in particular; a high degree of flexibility in product and labor markets; favorable conditions for an efficient use of capital and labor in the economy, supporting total factor productivity (TFP) growth; economic integration within the euro area; and a more active use of national policy tools to prevent asset price and credit boom-bust cycles.
Keywords: Money Deficits, Inflation, Policy, Euro Zone,Sustainability, Monetary Policy, Investments.
Jel codes: H62, H68, H6, E41, E42
Title: Money Deficits and Inflation Evidence and Policy Issues of Euro Zone during Debt Crisis
Author: Dr. Stamatis Kontsas
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The euro crisis has been extensively discussed in terms of economics, finance, political intrigues, and European Institutions, but a key aspect—the political economy of the crisis—has received little attention. Politicians and social scientists from emerging economies, especially Eastern Europe, look with amazement at this oversight.
Authored by: Anders Aslund
Published in 2011
Introduction to Global Economic & political Systems: Meaning of Global Economy and its History Structure and
Components of Global Economy, Theory of Hegemonic Stability, Differences among National Economies, Market
Oriented Capitalism, Developmental Capitalism, Social Market Capitalism, Comparative Analysis, Effects of
Globalization on Indian Economy.
Economic Growth and Inequality: The New Post-Washington Consensus, September ...Africa Cheetah Run
Economic growth is an increase in the amount of goods and services produced per head of the population over a period of time. The impact of government investment on growth and inequality are shown to contrast sharply in the two approaches, thus illustrating the complexity of the growth-inequality relationship.
How can we slow (1) increasing income inequality & (2) US debt.Paul H. Carr
How can we slow (1) increasing income inequality & (2) National Debt?
Possible solutions might include Keynsian and trickle-up economics. Might the Moral Equivalent of War increase social capital and wealth taxes?
How to balance the tension between the state and the market. Develop three strategies which developing countries can adopt to balance state/market relations in the context of globalisation. draw on three contending theoretical perspectives of international
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
How can we slow (1) increasing income inequality & (2) US debt.Paul H. Carr
How can we slow (1) increasing income inequality & (2) National Debt?
Possible solutions might include Keynsian and trickle-up economics. Might the Moral Equivalent of War increase social capital and wealth taxes?
How to balance the tension between the state and the market. Develop three strategies which developing countries can adopt to balance state/market relations in the context of globalisation. draw on three contending theoretical perspectives of international
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
Despite all the artifices to neutralize the trend of decline of profit rates in the world capitalist system as predicted by Karl Marx in his great work The Capital, will not prevent its collapse over time because the political and social cost would be immense for humanity with its maintenance. Before the collapse, the world capitalist system will be ruined by the economic depression for many years resulting in his climbing the bankruptcy of many companies, the economic unfeasibility of the highly indebted nation states and mass unemployment on a global scale. Given the existence of the chaos that already dominates the world economy that is getting worse, it is time for each country and humanity provide themselves as urgently as possible tools necessary to take control of their destiny. To take control of his destiny humanity must take to end the world capitalist system to exercise governance of the world economy. This is the only means of survival of the human species.
FINANCE AND LABOR PERSPECTIVES ONRISK, INEQUALITY, AND DEMO.docxericn8
FINANCE AND LABOR: PERSPECTIVES ON
RISK, INEQUALITY, AND DEMOCRACY
Sanford M. Jacobyt
We live in an era of financial development. Since 1980, capital
markets have expanded around the world; capital shuttles the globe
instantaneously. Shareholder concerns drive executive decision
making and compensation, while the fluctuations of stock markets are
a source of public anxiety. So are the financial scandals that have
regularly occurred since 1980: junk bonds in the late 1980s;
accounting and stock options in the early 2000s; and debt
securitization today.
We also live in an era of rising income inequality and
employment risk. The gaps between top and bottom incomes and
between top and middle incomes have widened since 1980. Greater
risk takes various forms, such as wage and employment volatility and
the shift from employers to employees of responsibility for
occupational pensions.
There is an enormous literature on financial development as
there is on inequality and risk. But relatively few studies consider the
intersection of these phenomena. Standard explanations for rising
inequality--skill-biased technological change and trade--explain only
30% of the variation in aggregate inequality. What else matters? We
argue here that an omitted factor is financial development.1 This
study explores the relationship between financial markets and labor
markets along three dimensions: contemporary, historical, and
comparative. For the world's industrialized nations, we find that
financial development waxes and wanes in line with top income
t Howard Noble Professor of Management, Public Policy, & History, UCLA. Thanks to
J.R. DeShazo, Stanley Engerman, Steve Foresti, Dana Frank, Mark Garmaise, Teresa
Ghilarducci, John Logan, James Livingston, Adair Morse, David Montgomery, Paul Osterman,
Grace Palladino, Peter Rappoport, Hugh Rockoff, Dani Rodrik, Emmanuel Saez, Richard
Sylla, Ryan Utsumi, Fred Whittlesey, Robert Zieger, and various interviewees. The usual
disclaimer applies. I am grateful for support from the Price Center at the UCLA Anderson
School and from the Institute for Technology, Enterprise, and Competitiveness at Doshisha
University. This paper is dedicated to Lloyd Ulman: scholar, teacher, mensch.
1. IMF, WORLD ECONOMIC OUTLOOK: GLOBALIZATION AND INEQUALITY 48
(Washington, D.C. 2007).
17
COMP. LABOR LAW & POL'Y JOURNAL
shares. Since 1980, however, there have been national divergences
between financial development--defined here as the economic
prominence of equity and credit markets-and inequality. In the
United States and United Kingdom, there remains a strong positive
correlation but in other parts of Europe and in Japan the relationship
is weaker.
What accounts for swings in financial development and inequality
and the relationship between them? Economic growth is one factor.
Another is the politics of finance. The model presented here is simple
but consistent with the evidence: Upswings in financial development
are related to politi.
As the global financial crisis entered its most dramatic phase, in the second half of 2008, the International Monetary Fund (IMF), many governments and several distinguished scholars advocated expansionary fiscal olicy as the second most effective tool (after monetary stimulus) to fight deep recession and deflation. Now, more than a year later, the previous excitement surrounding the supposed power of fiscal stimulus largely disappeared and instead has been replaced by ising concerns over the sustainability of public finances in many countries. Unfortunately, the previous enthusiasts of the active counter‐cyclical fiscal policy have not always realized the causality between the two.
Authored by: Marek Dąbrowski
Published in 2009
Reimagining global democracy from world parliament to global digital delibe...Democracy Club
Globalisation presents the latest challenge to democracy, as rules made at the global level lack the consent of the world’s people. As a solution to this, several scholars propose a world parliament, but such an institution would struggle to be effective and legitimate. Instead, global democracy should be reimagined as a decentralised and networked form of governance, as can be seen in digital deliberation and participation. While digital democracy will grow over several decades, there are aspects that can be applied in the shorter term to democratise existing global governance institutions, particularly through non-electoral accountability. Potential criticisms of this model include fears over the relationship between capitalism and democracy, and the representative nature and capability of digital users, but responses can be made to each of these criticisms. Further research should aim to build a more robust evidence base for the development of global digital democracy and suggest actions to pursue it.
How global goals for sustainable development workDemocracy Club
This paper asks whether a set of global goals would be an effective tool for changing global behaviour towards meeting the requirements of sustainable development.
With the next round of planning for what follows the MDGs under way, this paper considers both sides of the argument. It concludes that the discursive, realm-of-possibility setting nature of global goals should not be underestimated.
The magic of king bill: the global power of the bill and melinda gates found...Democracy Club
This essay examines the power of the Bill and Melinda Gates Foundation, hereafter ‘the foundation’. Following this introduction, the foundation is briefly described. Section three then outlines Doris Fuchs’ typology of power and provides evidence for the foundation’s projection of power in each of Fuchs’ power types. The foundation’s discursive power is particularly strong, and relies upon legitimacy among the public and in the field. Section four raises some of the ways that this legitimacy might be weakened. The essay concludes by reiterating the need for close scrutiny of the foundation, and a call for further research.
Unrealised ideals the other side of global governance from 1942 to 1950Democracy Club
This is an essay about a narrative not told. About great moments in history that never were. In all the revolutionary idealism of creating a new post-war order, three institutions were proposed that never came into existence.
Featuring a cast of beloved characters including John Maynard Keynes, Harry Dexter White, Cordell Hull, Franklin D. Roosevelt, and introducing a Great Scot, Sir John Boyd Orr, who was way ahead of his time.
Unrealised global governance innovations from 1942 to 1950Democracy Club
A (very) short introduction to an essay on unrealised institutions in global governance in the post-war era. The World Food Board, International Clearing Union and International Trade Organization each went unrealised - the presentation introduces the how, why and what went wrong, before hinting at the lessons we can learn from these failures.
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Welocme to ViralQR, your best QR code generator.ViralQR
Welcome to ViralQR, your best QR code generator available on the market!
At ViralQR, we design static and dynamic QR codes. Our mission is to make business operations easier and customer engagement more powerful through the use of QR technology. Be it a small-scale business or a huge enterprise, our easy-to-use platform provides multiple choices that can be tailored according to your company's branding and marketing strategies.
Our Vision
We are here to make the process of creating QR codes easy and smooth, thus enhancing customer interaction and making business more fluid. We very strongly believe in the ability of QR codes to change the world for businesses in their interaction with customers and are set on making that technology accessible and usable far and wide.
Our Achievements
Ever since its inception, we have successfully served many clients by offering QR codes in their marketing, service delivery, and collection of feedback across various industries. Our platform has been recognized for its ease of use and amazing features, which helped a business to make QR codes.
Our Services
At ViralQR, here is a comprehensive suite of services that caters to your very needs:
Static QR Codes: Create free static QR codes. These QR codes are able to store significant information such as URLs, vCards, plain text, emails and SMS, Wi-Fi credentials, and Bitcoin addresses.
Dynamic QR codes: These also have all the advanced features but are subscription-based. They can directly link to PDF files, images, micro-landing pages, social accounts, review forms, business pages, and applications. In addition, they can be branded with CTAs, frames, patterns, colors, and logos to enhance your branding.
Pricing and Packages
Additionally, there is a 14-day free offer to ViralQR, which is an exceptional opportunity for new users to take a feel of this platform. One can easily subscribe from there and experience the full dynamic of using QR codes. The subscription plans are not only meant for business; they are priced very flexibly so that literally every business could afford to benefit from our service.
Why choose us?
ViralQR will provide services for marketing, advertising, catering, retail, and the like. The QR codes can be posted on fliers, packaging, merchandise, and banners, as well as to substitute for cash and cards in a restaurant or coffee shop. With QR codes integrated into your business, improve customer engagement and streamline operations.
Comprehensive Analytics
Subscribers of ViralQR receive detailed analytics and tracking tools in light of having a view of the core values of QR code performance. Our analytics dashboard shows aggregate views and unique views, as well as detailed information about each impression, including time, device, browser, and estimated location by city and country.
So, thank you for choosing ViralQR; we have an offer of nothing but the best in terms of QR code services to meet business diversity!
A tale of scale & speed: How the US Navy is enabling software delivery from l...sonjaschweigert1
Rapid and secure feature delivery is a goal across every application team and every branch of the DoD. The Navy’s DevSecOps platform, Party Barge, has achieved:
- Reduction in onboarding time from 5 weeks to 1 day
- Improved developer experience and productivity through actionable findings and reduction of false positives
- Maintenance of superior security standards and inherent policy enforcement with Authorization to Operate (ATO)
Development teams can ship efficiently and ensure applications are cyber ready for Navy Authorizing Officials (AOs). In this webinar, Sigma Defense and Anchore will give attendees a look behind the scenes and demo secure pipeline automation and security artifacts that speed up application ATO and time to production.
We will cover:
- How to remove silos in DevSecOps
- How to build efficient development pipeline roles and component templates
- How to deliver security artifacts that matter for ATO’s (SBOMs, vulnerability reports, and policy evidence)
- How to streamline operations with automated policy checks on container images
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
The Art of the Pitch: WordPress Relationships and Sales
Financial transactions tax private power in global policy making
1. Joseph Mitchell Global Economic Governance paper @j0e_m
Is the financial transactions tax an idea whose time has come and gone?
Discourse, power and politics in global economic governance.
1. Introduction
“You never want a serious crisis to go to waste.”
Rahm Emanuel, speaking to President-elect Obama, 2008
(Kay, 2011)
This is an essay about the failure of an idea in the face of private power. It begins with a brief
history of the idea of a financial transactions tax. It then explains how the modern concept
came to be a rallying call for activists and several politicians during the ongoing financial
crisis. It examines the economic merit of the European Commission‘s conception of the tax,
but finds little agreement among scholars and institutions. Despite this lack of agreement, it
finds a highly disparaging narrative of the tax in the popular press and in political discourse,
particularly in the United Kingdom, which, when coupled with the unrealised nature of the
tax, despite the idea‘s decades-long existence, suggests that the discourse of the tax has been
shaped to reflect its more negative aspects.
To explain this, the essay examines the political situation at the global, regional and national
levels, using the Group of Twenty (G20), the European Commission (EC) and the UK as case
studies. Here the essay makes a case that there is a significant danger of regulatory capture of
these political institutions by the banking lobby. It uses Doris Fuchs‘ tripartite definition of
power to show how financial institutions exercise control, then uses Walter Mattli and Ngaire
Woods‘ model of regulatory capture to compare the G20, EC and UK. In this case, it finds
that the EC is the institution least susceptible to capture. The essay concludes by considering
the case of the financial transactions tax as symbolic of the lack of political action in the face
of the power of global private interest, which presents grave problems for global governance.
2. A brief history of the financial transactions tax
John Maynard Keynes first suggested a transactions tax to help prevent the wilder aspects of
finance, in his General Theory:
“The introduction of a substantial Government transfer tax on all transactions
might prove the most serviceable reform available, with a view to mitigating
the predominance of speculation over enterprise in the United States.”
(Keynes, 1936:143)
It is not clear that Keynes‘ suggestion directly led to the imposition of any such taxes, suffice
that his work generally would influence the generations of economists who followed, and that
several jurisdictions do enforce specific and local transactions taxes. Matheson (2011)
explains that they are most commonly found in equities trading, though there is a growing
1
2. Joseph Mitchell Global Economic Governance paper @j0e_m
number of countries who are abandoning them. The transactions taxes that generate the
largest revenues are found in Hong Kong and Taiwan, where between one and two per cent
of GDP is raised from equity transactions taxes.
At the global level, James Tobin‘s currency tax is most widely recognised as the precursor of
the modern financial transactions tax. Tobin‘s target, like Keynes, was speculation: in this
case, currency speculation. In his paper entitled ‗A Proposal for International Monetary
Reform‘, he suggests that the excessive mobility of private capital is such that national
governments are sometimes rendered unable to cope without ‗real hardship and without
significant sacrifice of the objectives of national economic policy‘ (Tobin, 1978:154). He
suggests that ‗throwing some sand in the wheels‘ into ‗excessively efficient‘ markets would
help to protect the interests of national governments (ibid.). The ‗sand‘ he proposes is a tax
levied equally across the world on spot conversions of currency. He suggests that the cost of
macroeconomic instability is such that the effect of a small levy is justifiable, and that
coordinated international action is more efficient than autarkic and protectionist national
responses (ibid:159). The tax he proposed became known as the Tobin Tax. Over the decades
since its proposal it has been promoted by various parties and causes, but no realistic efforts
have ever been taken to implement it.
Though not enacted, Tobin‘s idea remains seductive. It was developed further by economists
such as Paul Bernd Spahn, who devised a two-tier model that would trigger a tax when
currency movements became high enough to create economic risk, but would leave lower
movement levels alone to enable efficient markets (Simms, 2001:5). The Asian financial
crisis of 1997 added to the calls for restrictions on ‗hot money‘ flows, which could destabilise
currencies. At the same time, the Tobin Tax was adopted by the anti-globalisation
movements, despite the economist himself rejecting their views (Von Reiermann and Schießl,
2001). James Tobin was also concerned that transnational advocacy networks supported the
tax not to reduce speculation, but in order to raise funds for their political goals.
In contemporary terms, it was the financial crisis that began in 2007 that was the spur to the
development of the concept of a globally-applied financial transactions tax. Following the
collapse of large financial institutions and the subsequent recessions, the liberal theory of
rational and efficient free markets found itself considerably weakened. It seemed as though
financial markets had been led by ‗animal spirits‘: experiencing herding behaviour and the
loss of rational control, with detrimental effects on stability and the real economy. Keynesian
theory began to be rediscovered, exemplified by Lord Skidelsky‘s republishing of an
abridged version of his Keynes biography entitled ‗Keynes: Return of the Master‘ (Skidelsky,
2009). At the G20 meeting in London, governments agreed on a Keynesian approach to the
crisis, producing a one trillion dollar spending package to boost global aggregate demand.
The idea of a transaction tax to slow these panicked, herding effects and stabilise the markets
quickly gained support among politicians and activists. France, supported by Germany, led
the G20 to consider the tax at the 2009 Pittsburgh Summit. There the leaders agreed to ask
the International Monetary Fund (IMF) to report on how the financial sector could make a
‗fair and substantive contribution towards paying for any burdens associated with
2
3. Joseph Mitchell Global Economic Governance paper @j0e_m
government interventions to repair the banking system‘ (G20, 2009). France and Germany
were supported by public advocacy campaigns by charitable groups, who now recognised
that the political space was opening in which to promote their ideas of a tax to raise funds for
international development. The ‗Robin Hood Tax‘ coalition was established in 2010, led by
charities whose Make Poverty History campaign in 2005 had been successful in promoting
debt cancellation. The new coalition again includes large globally active charities, such as
Oxfam, African activist networks, and faith leaders such as the Vatican.
Despite these efforts, the tax has subsequently slipped down the global agenda. In 2010, the
IMF reported that the tax was not the most effective means of getting the financial system to
contribute for the crisis. Their report favoured a ‗backward-looking tax‘ as the least
distortionary solution (IMF, 2010:8). While President Sarkozy‘s constant efforts before the
2011 Cannes Summit were perceived as drawing in more supporters, including South Africa
and Brazil, the summit was partly distracted from its agenda by political events in Greece
(Wroughton, 2011; Cooper, 2011). Although it had been thought, not least by President
Sarkozy, that Cannes might present a moment at which the idea of the tax would take hold,
the final communiqué states only that the G20 ‗acknowledge the initiatives in some of our
countries to tax the financial sector for various purposes, including a financial transactions
tax, inter alia to support development‘ (G20, 2011). This weak and confused wording
suggests that France was not able to coalesce supporters around a fixed proposal, and that
agreement on the tax at the G-level is unlikely to be realised. President Sarkozy immediately
announced that France would continue to pursue the tax, particularly with the European
Commission (Wroughton, 2011), and subsequently, that France will apply a financial
transactions tax, regardless of the EC‘s efforts, from August 2012 (Neate, 2012).
The work of the European Commission has developed the transaction tax most closely
towards realisation at a transnational level. The European Parliament voted overwhelmingly
in favour of introducing the tax in the European Union in March 2011. As a result, the
European Commission carried out the required public consultation on the tax, and in
September 2011 presented a legislative proposal, which awaits approval or dismissal by the
Council of Ministers. It is this model of the tax that this essay goes on to consider.
3. The European Commission’s financial transactions tax
This section will examine the European Commission‘s proposal in more detail, examining
each of the proposed reasons for applying the tax. It will then examine other economic
debates surrounding the tax, finding a lack of academic and institutional agreement.
The commission produced its legislative proposal on a financial transactions tax in September
2011. It proposes a tax of 0.1% on transactions of shares and bonds on 0.01% on derivative
contracts. It estimates that the tax will raise approximately €50bn. It suggests that a tax is
necessary for three reasons: to ‗avoid fragmentation in the internal market for financial
services‘, to ‗ensure that financial institutions make a fair contribution to covering the costs
of the recent crisis‘ and to ‗create appropriate disincentives for transactions that do not
3
4. Joseph Mitchell Global Economic Governance paper @j0e_m
enhance the efficiency of financial markets‘ (European Commission, 2011b: 2). There is
considerable debate on each of these reasons, which are considered below.
Firstly, there is debate over the avoidance of fragmentation of taxation measures. The
commission does not have taxation powers: the issue of tax is left to member states, so action
to avoid fragmentation is limited to coordination. Never before has a pan-European tax been
created. This issue may therefore stretch the commission‘s legal remit. In addition, there are
already ten countries in the union that apply a form of transaction tax and this has not
previously been seen as a fragmentation problem.
Secondly, the ‗fair contribution‘ suggestion is generally accepted, but it is not clear that
institutions will not simply pass this cost on to customers. The broad term of ‗fairness‘ itself
tends not to be disputed by many commentators, including even the private sector
respondents to the commission‘s public consultation. The political will to punish banks
remains, and the banking institutions are not willing to challenge this seriously yet. In
responses to the commission‘s consultation, some non-banking institutions, such as Aviva,
one of the world‘s largest insurers, suggested that it should not be made to pay for others‘
errors; and several other institutions noted that they did not receive any state bailout
(European Commission, 2011a). Beyond the issue of fairness, the critical question is whether
the tax will affect the profits of the financial institutions or their customers. In a competitive
market, transaction costs should be partly borne by the institution and the customer,
depending on the elasticity of demand. Yet several commentators, including the banks
themselves in their responses to public consultations, point out that many pensioners and
older people would be affected by a tax. Charitable groups with large investment funds have
also put forward their concerns (see e.g. Wellcome Trust, 2011). Supporters of the tax in turn
argue that long term growth investment, which pension funds are assumed to pursue, is not
greatly affected by the nature of a tax on transactions.
The third reason given by the commission, that the tax will disincentivise transactions that
‗do not enhance the efficiency of financial markets‘, is perhaps the most controversial
(European Commission, 2011b). This is an ongoing debate not only relating to the tax. It
again reflects the rational markets hypothesis, which suggests that all transactions simply
form part of the invisible hand, more smoothly distributing resources, signalling appropriate
prices, or arbitraging difference. Many reject the hypothesis, including Adair Turner,
Chairman of the UK‘s Financial Services Authority, who has argued that there are ‗socially
useless‘ transactions, which should be limited by a transactions tax (Prospect, 2009). An oft-
cited example of these socially useless transactions is the practice of high frequency trading,
which is driven by algorithms engineered to arbitrage difference or act on market trends.
Some estimates suggest that algorithm trading makes up perhaps two thirds of all equities
transactions and a smaller, but still significant, proportion of foreign exchange and futures
trading (Rogow, 2009). Critics argue that high frequency trading compounds errors, typified
in the ‗flash crash‘ on the New York Stock Exchange in May 2010. They also argue that it
increases the effects of herding (Matheson, 2011). Other analysts suggest that the evidence of
these effects is inconclusive (House of Lords, 2011b: 14).
4
5. Joseph Mitchell Global Economic Governance paper @j0e_m
Two further economic debates regarding the tax are briefly considered here. The first is that
the banks receive an implicit state guarantee against their collapse, which improves their
credit ratings and allows them to borrow far more cheaply than a perfectly competitive
market would suggest. This guarantee was valued by the Bank of England at around £100bn
at the height of the financial crisis (Peston, 2010). Supporters of the tax argue that it is a
reasonable way for the banks to pay back this subsidy. The second debate concerns the
amount of money that the tax would actually raise. Matheson (2011) reviews the academic
literature, which suggests that a tax could raise anywhere between 50bn to 300bn at the
global level. Detractors state that this must be weighed against the cost of revenue lost
elsewhere and that relocation will be bigger than the academics allow for in their models.
Modelling of the effects of the tax as it would be applied across the EU was performed by the
commission, but this has been attacked by commentators who claim the models are too
imperfect to judge the effects properly (European Commission, 2011c; House of Lords,
2011b: 18).
In sum, while the effects of the tax are widely and vociferously debated, there is no
conclusive evidence as to whether the proposed tax will have its intended consequences. With
this in mind, it does not seem unreasonable to suggest that the tax could be piloted, although
nowhere in the literature is this mentioned. Given the UK‘s success with the one-year
application of a bankers‘ bonus tax, officially the ‗bank levy‘, a similar short trial of the tax at
a low rate would provide better evidence as to its effects than any amount of economic
modelling and academic debate.
In the absence of compelling evidence against the tax, one might assume that given the idea‘s
long history and record of political and public support, it would have at least been trialled.
The fact that the tax still appears to be some way off realisation suggests that it is not
economic arguments upon which implementation is to be decided. As a result, the next
section of this essay looks at the political arguments around the tax, before section five
examines the idea that the political debate on the tax has been captured by private interest.
4. Political debates on the financial transaction tax
This section will examine three elements of the political nature of the European
Commission‘s suggested tax: the fear regarding specific local effects, particularly in the City
of London; the reasons for which France and Germany support the tax; and recent examples
of open political disagreement on the issue. It will show, similarly to the economic debate,
that political arguments are inconclusive.
The debate on the tax has been caricatured as a battle between the City of London and the
governments of France and Germany. In this caricature, the City of London is seen as
fighting to maintain the status quo by using the UK Treasury as a lobbyist (Jones, 2011). It is
true that the financial sector is important to the UK. It generates eight per cent of GDP, a high
proportion of tax revenues and in London provides direct employment to tens of thousands
5
6. Joseph Mitchell Global Economic Governance paper @j0e_m
and affects many more in the arts, luxury goods and hospitality sectors. Perhaps as a result,
UK politicians have been quick to dismiss the financial transactions tax. Chancellor George
Osborne has said that he would support such a tax, but only if it was applied globally (PWC,
2011). London‘s mayor, Boris Johnson, tipped by some as a future leader of the Conservative
Party, is also ‗strongly opposed to the tax‘ (House of Lords, 2011a: 157). His ‗donut‘ election
strategy, practised in 2008, won him votes from the wealthier suburbs of London, which
ensures that protecting the banks does not cost him politically. In sum, the UK will attempt to
prevent the tax due to self-interest.
Political support for the tax in Europe is led by France and Germany. Right-leaning press in
the UK has helped promote the idea that the French see the crisis as an ‗Anglo-Saxon
creation‘ and that France‘s ‗strategic objective...is to destroy the city‘ (Bagehot, 2011). This
is unlikely, since the tax applies across nations equally, albeit that Paris and Frankfurt are less
vital to their respective national economies. Both France and Germany do hold London‘s
financial sector partly responsible for the ongoing crisis in the Eurozone, but the issue is more
complex than this. Chancellor Merkel‘s support for the tax can be seen as politically and
morally driven, since her support contradicted the advice of the German finance ministry
(Dettmer, Reiermann and Reuter, 2009). Likewise, President Sarkozy has spoken many times
of the moral case for the tax (e.g. France24, 2011). This may not simply be political
posturing, as France has acted alone on innovative financing before. The French air ticket
levy, for example, has raised over $800m for the Global Fund to Fight Aids, TB and Malaria
(WHO, 2010). When President Chirac first introduced the airline levy, French private sector
interests made the same relocation and diversion arguments to the French government as do
the large banks in London today. Yet there is no evidence that it has had the feared effect;
today thirteen countries apply the airline levy.
The differences between the UK and France and Germany have resulted in open political
disagreement, particularly on the issue of relocation of financial transactions, but all parties
still lack conclusive evidence to support their arguments. In November, Chancellor George
Osborne called the financial transaction tax a ‗bullet aimed at the heart of London‘ (Osborne,
2011). In return, the German Finance Minister Wolfgang Scheuble gave a speech in London
describing the UK‘s position as ‗short-sighted parochialism‘ (Reuters, 2011). In the same
speech he argued that if Europe led, the rest of the world would follow. The debate is a good
example of political rhetoric that lacks economic evidence. Liberal theory would suggest that
transactions will move to where they are not taxed, e.g. from London to New York. In this
debate, liberals regularly refer to an example from Sweden, which introduced a financial
transaction tax in 1984, but abandoned it in 1991 after trading fell dramatically and the tax
reduced overall revenue (Wrobel, 1996). In fact, Sweden provides a weak example: it was a
small national market and London was a simple move for the traders. The unilateral
application of transaction taxes has worked elsewhere, including in the UK, which for
decades has applied its own stamp duty of 0.5% on equity ownership, raising around £3bn
yearly. Despite this stamp duty being far higher than its New York equivalent, the London
Stock Exchange still registers a higher turnover than the New York Stock Exchange.
6
7. Joseph Mitchell Global Economic Governance paper @j0e_m
Thus far, this essay has explained that the economic effects of a financial transactions tax are
disputed and that the political debate is combative, in turn relying upon arguments not
strongly supported by econometric or empirical evidence. Despite the divergence of its
political leaders, the European public is united on this matter. The Eurobarometer (2011) poll
showed that 61% of the European population were supportive of the principle of a tax on
financial institutions. This support was 65% in the UK, and in Germany and France support
was even higher, at 71% and 69% respectively. The next section questions both the reasons
for the political obstinacy in London, given that public support is so high, and for the
increased weight given to arguments against the tax versus those in favour.
5. Regulatory capture
―Will HSBC relocate if the Government implements [bail-in bonds]?‖
Andrew Tyrie MP, UK Treasury Select Committee
―That would be a very significant item to weigh up in consideration as to where
one would choose as the optimal place for headquarters. It is a hypothetical
notion at the moment, but it would be a very huge cost.‖
Douglas Flint, Chief Executive, HSBC
―That is a bit of a gun to the head of the regulators, isn‘t it?‖
Andrew Tyrie MP
―It is not intended to be a gun to the head. It is a very large expense.‖
Douglas Flint
(Hansard, 2011)
This section suggests that the ongoing failure of the realisation of a financial transactions tax
is related to the dangers of regulatory capture in the political environments considered in this
essay. It suggests that while financial institutions cannot be said to have purely captured the
political sector, they have done enough to ensure that politicians and policymakers fear
change. This argument will be made with the support of two theoretical analyses. The first,
building on Doris Fuchs‘ work, describes three types of power financial institutions can use,
the second, which allows for the different levels of capture between jurisdictions, is
constructed upon the work of Walter Mattli and Ngaire Woods.
In her 2005 article, The Commanding Heights: The Strength and Fragility of Business Power
in World Politics, Fuchs describes three types of power the private sector can hold:
instrumental, structural and discursive. The first relates to the sheer size of resources
controlled by these institutions. This enables them to hire lobbyists or to staff their public
policy teams with experts, and for them to maintain offices in all the economic and political
centres of the world. Similarly, donations to political parties, as prevalent, but not as
powerful, in Europe as in the US, also demonstrates instrumental power. A review of the
private sector responses to the European Commission‘s consultation on the tax shows high
quality work, carefully drafted by the ‗Policy Lead‘ or similarly-titled staff. The financial
institutions‘ efforts are faced by impressive work by NGOs, but even collectively these
organisations are unable to match the resources of individual banks or hedge funds.
7
8. Joseph Mitchell Global Economic Governance paper @j0e_m
Fuchs‘ definition of a second power - structural power - is persuasive in this context. This
states that due to their size and importance to a national economy, the implicit threat of
movement, carrying with it the loss of jobs, tax income and other benefits associated with
hosting a financial services industry, is enough to encourage politicians to protect these
institutions. This occurs even if the institutions do not exercise instrumental power. This
power seems to drive the UK political agents mentioned above – even if the threat to move is
an empty one.
The third power that Fuchs describes - discursive power - is the norm-setting ability of
financial institutions. This might be assumed to have weakened in the light of the financial
crisis and the bank bail-outs. Indeed, the ‗occupy‘ movements are an excellent example of
public discursive power, but this was limited by being ignored or criticised for a significant
time in the mainstream media. Furthermore, widely read and influential newspapers such as
The Economist and Financial Times have been vociferous opponents of a transactions tax.
The evidence suggests, therefore, that financial institutions can still exercise considerable
discursive power in policy making, political and media circles. This may reflect the long term
nature with which discursive power changes. Since the 1980s of Thatcher and ‗Reaganomics‘
the political economy discourse in the UK and US, and to some extent in continental Europe,
has been that the private sector knows best. This has only been doubted in the past half-
decade, but frames, values and norms are deeply-rooted, and will take longer to change.
These three definitions help explain the power of financial institutions, which is exercised in
order to protect the status quo and prevent the introduction of a transactions tax. Mattli and
Woods‘ concept of regulatory capture helps detail these effects in different political
environments, and to more precisely delineate the relation of private sector power to
regulatory bodies.
In their 2009 book, The Politics of Global Regulation, Mattli and Woods analyse the
likelihood of regulation for the common benefit as opposed to regulation being captured by
private interests and directed for private benefit. They see regulation as a product of demand
and supply. Demand arises from the diffusion of public information, public and private
‗regulatory entrepreneurs‘ and, simply, regulatory ideas. Supply of regulatory opportunity is
derived from transparency, due process and accountability in all elements of governance.
From these two aspects they establish the matrix reprinted below, which shows that together,
strong supply and strong demand result in common interest regulation (Table 1).
Alternatively, where there is weakness in either demand or supply, capture occurs.
8
9. Joseph Mitchell Global Economic Governance paper @j0e_m
Table 1: Matrix of supply and demand
Supply
Limited Extensive
(closed and exclusive forums, (proper due process, multiple access
minimal transparency) points)
Narrow /
Pure capture (A) De facto capture (B)
Demand
Limited
Broad / Capture, but with concessions and
Common interest regulation (D)
Sustained compromises (C)
(Mattli and Woods, 2009:16)
This model can be applied to the issue of the transactions tax by analysing the institutional
supply and demand in the political institutions this essay has considered: the G20, the
European Commission and the UK. Below, the extent of each institution‘s demand and
supply is discussed and is plotted on the range given by the authors. It is then shown in
graphical form for ease of comparison (Diagram 1).
(a) The G20 is probably the most closed of the groups to both activists and
representatives of financial institutions, which means that institutional supply is
limited. However, financial institutions have an advantage in the way that they are
likely to meet leaders in similar social and functional circles, such as at the World
Economic Forum, and by virtue of the ‗revolving door‘, many finance ministers will
work closely with former bankers or may indeed be former bankers. Consider, for
example, Mark Carney, the Governor of the Bank of Canada and recently appointed,
by the G20, to Chairman of the Financial Stability Board, who spent thirteen years at
Goldman Sachs. Thus, while it varies upon the actor involved, the G20 has limited
supply. On the demand side, the G20 faces considerable public calls for action to
punish banks and for innovative development financing, as well as from political
leaders in the G20. Thus, given low supply but some level of demand, the G20 risks
either pure capture (A), or capture with compromise (C).
(b) The European Commission process is considerably more open, as it has a legal
requirement for public participation, and must work to gain the approval of 27
member states. However, thousands of lobbyists are based in Brussels and the EC has
long had a ‗democratic deficit‘ with the public. Nonetheless, the commission can be
categorised as having a more extensive supply of regulatory possibilities. In demand
terms, the commission is probably strongest on the tax: there are pro-tax coalitions
across Europe, demand exists from several strong national political leaders, and, as
shown in the Eurobarometer 2011 survey, the European public is relatively well-
informed about the tax. Whether this demand for regulation outweighs the strength of
the banking lobby‘s demands is unclear: organisations like the Robin Hood Tax
9
10. Joseph Mitchell Global Economic Governance paper @j0e_m
coalition did not make representations to the commission‘s public consultation. The
political strength of Germany and France compensates for this, and thus the
commission can be categorised as having the greatest likelihood of producing the
ideal of common interest regulation (D).
(c) The only UK political institution currently openly debating the tax is the House of
Lords EU Sub-Committee on Economic and Financial Affairs and International
Trade, a part of the the upper, and weaker, chamber of parliament. While it actively
seeks to engage the public, having invited written and oral submissions before it, it
does not legislate. Instead, the power to decide on the tax exists in the closed Treasury
working in concert with the equally closed Bank of England or Financial Services
Authority. Thus the institutional supply is low. Moreover, since the work of the House
of Lords generates very little publicity and there are few political agents calling for
the tax, the only demand is driven by the public advocacy campaigns. As a result, the
UK can be considered to be at the most risk of pure capture (A), or at least, as with
the G20, of capture with concessions (C).
Diagram 1: Levels of capture in G20, EU and UK
Here, this analysis is based on relatively subjective views, but it would be possible to
research these elements in greater detail to provide a more robust approach. For example,
quantitative analysis could be performed on the responses to the participation invites of the
European Commission and the House of Lords, or freedom of information requests could be
used to produce data on the time G20 leaders spend with bank representatives and the time
they spend with NGO representatives. In the absence of quantitative research, the explanation
above is a broadly accurate estimate of the state of regulatory capture.
In sum, the theoretical analysis of power and regulatory capture suggests that the UK is in the
weakest position, facing the likelihood of pure regulatory capture; the G20 is in a weak
10
11. Joseph Mitchell Global Economic Governance paper @j0e_m
position, but the significant demand from some of its members may result in capture with
concessions; and the European Commission appears to be the institution least likely to be
captured by private interest. These theoretical results are reflected in reality: the G20 is yet to
completely refute the idea of the tax in the way that has occurred in the UK, and the
European Commission is the only institution to actually propose the tax. In its conclusion,
this essay argues that this regulatory capture presents serious problems for global politics
beyond the financial transactions tax.
6. Conclusion
This essay has described the evolution of the financial transaction tax and how inconclusive
economic arguments cannot be used to determine its worth. It found similar problems with
the political debates on the subject. It argued that the best explanation for the discourse
around the tax and its absence at a global or regional level is that political institutions are at
considerable risk of regulatory capture in the face of the extensive power exercised by
financial institutions. Finally, it is worth noting that the tax is important not just on its own
merits, but as a symbol of the state of global governance. Below, both the results of
realisation and non-realisation are briefly imagined.
If the tax were to be implemented at the global or European levels, different results can be
imagined. The first, perhaps the most unlikely, would see the European Commission lead the
rest of the world in adopting a transaction tax. This would make the financial transactions tax
the first global tax and would have symbolic importance for global governance. It could blaze
a trail for other taxes, including, most importantly, a global carbon tax. The discussions on
the expenditure of the tax revenue might result in calls for greater democratic representation
in global politics - no taxation without representation - and help to construct a global identity.
A second, more realistic scenario is that the commission‘s adoption of the tax in the Eurozone
(i.e. without the UK) would show an impressive appetite for risk-taking in regard to the
global economy – an effort at real political leadership in a context in which most political
action is reactive rather than proactive. This would also indicate the lack of regulatory
capture at the European level and inspire an idea that emerging global economic governance
is able to match the power of global finance.
If the idea were to be abandoned, these effects would be reversed. The lack of a financial
transaction tax would show that there are considerable limits between global ideals and
global reality, and that the sovereign state is still the foundation of global governance, such
that truly global political action is rare. This would suggest that global reform opportunities
are fewer, not only in terms of dealing with global financial crises, but also in the other policy
realms in which global leadership is lacking. It would show that the private sector is the most
powerful actor at the global level, unimpeded, even supported, by national governments, in
securing its self-interest.
This issue is not only recognised in academia. From Zuccotti Park to Bay Street to
Paternoster Square, protestors around the world have called for better democratic oversight
11
12. Joseph Mitchell Global Economic Governance paper @j0e_m
and regulation of the power of global capital. The traditional international monetary
institutions, and their modern leaders in the G20, seem unable to respond. The financial crisis
presents a moment of opportunity in which change to the global system should be considered
possible. It is why grand coalitions of NGOs and faith groups formed to promote the financial
transactions tax. It is why the European Commission made a full legislative proposal for the
tax. But the idea whose time had come may be running out of time. There is a risk that the
world is about to let a crisis go to waste.
12
13. Joseph Mitchell Global Economic Governance paper @j0e_m
7. Works cited and bibliography
Bagehot, 2011, The moment, behind closed doors, that David Cameron lost his EU argument last
night, Bagehot‘s notebook, The Economist online, December, 9. Available at
http://www.economist.com/blogs/bagehot/2011/12/britain-and-eu-1.
Cooper, A., 2011, The G20 Returns to Crisis Committee — with Positive and Negative Implications,
CIGI Commentaries, November, 4. Available from http://www.cigionline.org/publications/.
Dettmer, M., Reiermann, C., and Reuter, W., 2009, G-20 Nations Divided Over How to Fix World
Economy, Der Spiegel, September, 22. Available at
http://www.spiegel.de/international/world/0,1518,650449,00.html.
Eurobarometer, 2011, Europeans and the crisis: European Parliament Eurobarometer (EB Parlemeter
75.2) Summary, June, 22. Available at
http://www.europarl.europa.eu/aboutparliament/en/00191b53ff/Eurobarometer.html?tab=201
1_2.
European Commission, 2011a, Report on Consultation on Financial Sector Taxation, April. Available
from http://ec.europa.eu/taxation_customs/common/consultations/tax/index_en.htm.
European Commission, 2011b, Proposal for a Council Directive on a common system of financial
transaction tax and amending Directive 2008/7/EC, available from
http://ec.europa.eu/taxation_customs/resources/documents/taxation/other_taxes/.
European Commission, 2011c, Executive Summary of the Impact Assessment, Commission Staff
Working Paper SEC 2011 1103 Final, September 28, 2011, available from
http://ec.europa.eu/taxation_customs/resources/documents/taxation/other_taxes/.
France24, 2011, Sarkozy reiterates call for financial transactions tax, France24.com, November 4.
Available at http://www.france24.com/en/20111104-sarkozy-tax-financial-transactions-
summit-france-cannes-eurozone-euro-debt-uk.
Fuchs, D., 2005, The Commanding Heights: The Strength and Fragility of Business Power in World
Politics, Millennium - Journal of International Studies, vol. 33 no. 3 771-801.
G20, 2009, Leaders Statement. The Pittsburgh Summit September 24 –25 2009. Available at
http://www.g20.org/Documents/pittsburgh_summit_leaders_statement_250909.pdf.
G20, 2011, Cannes Summit Final Declaration: Building Our Common Future: Renewed Collective
Action for the Benefit of All 4 November 2011. Available at
http://www.g20.org/Documents2011/11/Cannes%20Declaration%204%20November%20201
1.pdf.
Gates, B., 2011, Innovation with Impact: Financing 21st Century Development, available from
http://www.thegatesnotes.com/.
Hansard, 2011, HC1534v, uncorrected, House Of Commons, Oral Evidence Taken Before The
Treasury Committee, Independent Commission On Banking Final Report, 23 November.
Available at http://www.publications.parliament.uk.
House of Lords, 2011a, European Union Economic and Financial Affairs and International Trade
Sub-Committee, Financial Transaction Tax, Oral and written evidence. Available from
www.parliament.uk.
House of Lords, 2011b, Unrevised transcript of evidence taken before The Select Committee on the
European Union, Economic and Financial Affairs and International Trade (Sub-Committee
A), Inquiry on Financial Transaction Tax, Evidence Session No. 2, Tuesday 29 November
2011. Available from www.parliament.uk.
IMF, 2010, A Fair and Substantial Contribution by the Financial Sector: Final Report For The G-20,
June. Available at www.imf.org/external/np/g20/pdf/062710b.pdf.
13
14. Joseph Mitchell Global Economic Governance paper @j0e_m
Jones, S., 2011, Hedge fund chief backs transaction tax plans, Financial Times, November, 27.
Available from www.ft.com.
Kay, J., 2010, A good crisis gone to waste, Prospect, August, vol. 186. Available at
www.bresserpereira.org.br/terceiros/2011/11.08.Crisis_gone_to_waste_John_Kay.pdf.
Keynes, J.M., 1936, The General Theory of Employment, Interest and Money. New York: Harcourt
Brace and Company.
Matheson, T., 2011, Taxing Financial Transactions: Issues and Evidence, IMF Working Paper, Fiscal
Affairs Dept., WP11/54, March. Available at
www.imf.org/external/pubs/ft/wp/2011/wp1154.pdf
Mattli, W., and Woods, N., 2009, The Politics of Global Regulation, Princeton: Princeton University
Press.
Neate, R., 2012, France plans Tobin tax on financial transactions, The Guardian, Jan. 30. Available at
http://www.guardian.co.uk/business/2012/jan/30/france-tobin-tax-nicolas-sarkozy
Osborne, G., Fix this euro crisis with the smack of firm government, Evening Standard, Nov, 14,
2011. Available at http://www.thisislondon.co.uk/standard/article-24009665-fix-this-euro-
crisis-with-the-smack-of-firm-government.do
Peston, R., 2010, How to curb bonuses, BBC News Blogs, available at
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/12/how_to_curb_bonuses.html
Prospect, 2009, How to tame global finance, Issue 126, August, 27. Available at
http://www.prospectmagazine.co.uk/2009/08/how-to-tame-global-finance/
PWC, 2011, The financial transactions tax: where are we now?, November 2011. Available at
www.pwc.no/no/publikasjoner/bank-finans-nyhetsbrev/fs-tax.pdf
Reuters, 2009, Merkel sees no deal on "Tobin tax" at G20, September 21, available from
www.reuters.com.
Reuters, 2011, Schaeuble says Tobin tax opposition is "parochial", October 17, available from
www.reuters.com.
Rogow, G., 2009, Rise of the (Market) Machines, Wall Street Journal, June, 19. Available at
http://blogs.wsj.com/marketbeat/2009/06/19/rise-of-the-market-machines/.
Simms, A., 2001, The Robin Hood Tax, new economics foundation in association with War on Want,
September. Available at http://www.neweconomics.org/publications/the-robin-hood-tax.
Tobin, J., 1978, A proposal for international monetary reform, Eastern Economic Journal, vol. 4,
issue 3-4, pages 153-159.
Skidelksy, R., 2009, Keynes: Return of the Master. London: Penguin.
Von Reiermann, C., and Schießl, M., 2001, ‗Die missbrauchen meinen Namen‘, Der Spiegel,
September, 3. Available at http://www.spiegel.de/spiegel/print/d-20017795.html.
Wellcome Trust, 2011, House of Lords European Union Committee, Subcommittee A, Response by
Wellcome Trust, November. Available from http://www.wellcome.ac.uk/About-
us/Policy/Consultation-responses/index.htm.
WHO, 2010, The role of innovative financing mechanisms for health, World Health Report
Background Paper #12. Available from http://www.who.int/.
Wrobel, M., 1994, Financial transactions taxes: the international experience and the lessons for
Canada. Available at http://publications.gc.ca/collections/Collection-R/LoPBdP/BP/bp419-
e.htm.
Wroughton, 2011, G20 fails to endorse financial transaction tax, Reuters.com, November 4, available
from www.reuters.com.
14