Magazine
Latest Issue

Quashing speculation

The international financial markets are suffering another wobble. Ruth Kelly asks whether we should consider a "Tobin" tax on foreign currency speculation - or does George Soros have a better idea?

By Ruth Kelly   March 1998

The Tobin Tax: Coping with Financial Volatility Edited by Mahbub ul Haq, Inge Kaul and Isabelle Grunberg Oxford University Press 1996, £17.50

The faces of the world’s international financiers grow longer by the day. The rout on the exchanges in southeast Asia is thought to pose a serious risk to global economic growth in 1998. The speculators have claimed a succession of victims: the European exchange rate mechanism in 1992; the Mexican peso, which crashed by 70 per cent in the winter of 1994-95; now the once mighty Asian tigers. In the words of George Soros, “the international financial system…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect