Word: tobin
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Dates: during 2000-2009
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There's nothing like financial Armageddon for reviving the work of an old economist. Amid the recessionary doom and gloom, the world has channeled Adam Smith, dusted off John Maynard Keynes and revisited Eugene Fama. In recent days, it's been James Tobin's turn. Close to four decades since the Yale economist proposed a levy on foreign-exchange transactions - or a "Tobin tax," as the suggestion became known - the idea is enjoying a new lease of life. At a meeting of G-20 finance ministers last weekend, British Prime Minister Gordon Brown suggested the group of leading countries consider...
...slapping an additional fee on each transaction, the tax "would naturally drive [investors] toward those that are more sensible, more profitable, more rational," suggests Julian Jessop, chief international economist at the consultancy Capital Economics in London. What's more, even a modest levy on the world's financial markets - Tobin first proposed a 1% charge on currency deals, before advocating even lower rates - would generate hundreds of billions of dollars in revenue. (See pictures of London during the financial crisis...
Ashley also participates in a weekly discussion at Christ Church Cambridge, led by Harvard Reverend Robert M. Tobin...
...have to accept responsibility for not having done more in creating a culture where the natural world is respected,” said Tobin. “We have to repent...
...language about belonging to something larger, voluntary relinquishment of privilege, and understanding resources and materials in terms of something other than the individual have long been there in the Christian faith,” Tobin said...