The Robin Hood Tax

It’s been nearly 40 years since American economist and Nobel laureate, James Tobin, proposed a tax on foreign exchange transactions. Tobin saw danger ahead unless there was a reduction in speculation in international currency markets. He envisaged that this tax might go towards supporting the United Nations or funding projects of benefit to developing countries.

It was known as the Tobin Tax.

Now there’s a campaign up and running for the introduction of a Tobin-like tax called The Robin Hood Tax. The campaign was launched last month in the U.K.

Listen to Phillip Adams interview Peter Singer and Ross Buckley on ABC Radio National’s Late Night Live.

[audio:http://mpegmedia.abc.net.au/rn/podcast/2010/03/lnl_20100330_2218.mp3]

…we should be doing more to help the world’s poor, those in extreme poverty in particular, and of course you would want an equitable way [of raising money]…that came across the board, that we all contributed and that it was a reliable source of income for dealing with global poverty, and I think a tax like this can do this in a reasonable and painless way…that’s actually beneficial for financial markets so it seems like a dream come true almost. A real win-win.

~ Peter Singer: The Ira W. DeCamp Professor of Bioethics at Princeton University, and laureate professor at the Centre for Applied Philosophy and Public Ethics (CAPPE) at the University of Melbourne.

Ben Kingsley and Bill Nighy also feature in two comical clips worth taking a look at, see http://robinhoodtax.org.au/.

Also see the article ‘Robin Hood tax’ takes from the banks to give to the worthy published in The Age earlier this year.

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How can we use this tax?

We have plenty of reasons! Below is an example of how practical management of money can change lives.

For a number of years, IWDA has partnered with Kantha Shakthi (Strength of Women), an organisation who works for the social, economic and political empowerment of women in Sri Lanka.

This program mobilises women into small banking groups enabling access to savings, credit, and labour sharing, then works through this structure to provide training in self-employment, skills development, awareness raising, and social and emotional support to women members. Kantha Shakthi members campaign for women’s rights issues such as domestic violence, peace building and political representation, at community and national levels.

The social mobilisers who have been working in Balangoda district for over 10 years were able to make significant contributions in supporting the capacity development of the social mobilisers working in Tsunami-affected areas in the south.

Here is the Australians for Robin Hood Tax Youtube video

Tags: Events/Campaigns/Press Releases, Kantha Shakthi

This entry was posted on Thursday, April 15th, 2010 under Economic Justice.