James Tobin

Sabri Oncu soncu at pacbell.net
Wed Mar 13 21:19:21 MST 2002

> Many comrades are probably familiar with the
> anti-globalization group called ATTAC, which
> is based in Europe and which is supported by the
> Mandelistas. In fact, ATTAC stands for "Action for
> a Tobin Tax to Assist the Citizen". Tobin died
> yesterday. He was an establishment economist, who
> was appalled that any segment of the left would
> claim him as his own. The Tobin Tax, while not an
> unprincipled demand, was hardly designed to
> challenge capitalism.

No doubt Tobin did not design it to challenge capitalism but to
save it, Louis. But if there is any truth to Marx's M-M' phase of
capital accumulation, and I think there is, such disturbances
like the one Tobin unintentionally designed are among many
potential ways to hurt it. Reasons like this are why I support
the reformists: the more we hurt their ability to accumulate
capital the better, in my humble opinion, of course.

May Tobin sleep in peace,


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