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Beyond the Tobin Tax: Global Democracy and a Global Currency

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  • Myron Frankman

    (McGill University Department of Economics and Centre for Developing Areas Studies in Montreal)

Abstract

The twin phenomena of erratic changes in foreign exchange rates and massive international flows of funds have been important elements in the instability of the world economy since the breakdown of the Bretton Woods system. The much-discussed Tobin Tax proposal on foreign exchange transactions is one response to these disturbances, but it addresses symptoms, not causes. James Tobin recognizes that a world currency with supporting institutions would be preferable. A world of competing currencies imposes a uniform policy template on countries in much the same way that the nineteenth-century gold standard did. The case is made here that a global currency not only offers a solution to the current impasses but also is a necessary component in the shaping of a global democracy, which will restore scope for diversity to the world's constituent parts.

Suggested Citation

  • Myron Frankman, 2002. "Beyond the Tobin Tax: Global Democracy and a Global Currency," The ANNALS of the American Academy of Political and Social Science, , vol. 581(1), pages 62-73, May.
    • Handle: RePEc:sae:anname:v:581:y:2002:i:1:p:62-73
    DOI: 10.1177/000271620258100107
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    References listed on IDEAS

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    3. Mr. Eduardo Borensztein & Mr. Andrew Berg, 2000. "Full Dollarization: The Pros and Cons," IMF Economic Issues 2000/004, International Monetary Fund.
    4. Morris Goldstein (ed.), 1999. "Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 50, October.
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    Cited by:

    1. Martha A. Starr, 2006. "One World, One Currency: Exploring The Issues," Contemporary Economic Policy, Western Economic Association International, vol. 24(4), pages 618-633, October.

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