Tobin Tax

Philip Ferguson plf13 at it.canterbury.ac.nz
Thu Mar 14 13:46:45 MST 2002


Sabri:
>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,
>
>Sabri




People who pronounce themselves in favour of the method of legislative
reform in place of and in contradistinction to the conquest of political
power and social revolution, do not really choose a more tranquil, calmer
and slower road to the same goal, but a different goal.  Instead of taking
a stand for the establishment of a new society, they take a stand for the
surface modification of the old society.
- Rosa Luxemburg, 1900.


It seems to me a little more of the spirit of Rosa and a little less
championing of reformism wouldn't go amiss.    Putting a wee tax on
financial transactions is not going to do anything to harm capitalism.

Phil



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