On the Currency Transaction Tax
A text on the Currency Transaction Tax (CTT), the problems raised as regards its feasibility and possible solutions.
The Currency Transaction Tax (CTT) means a lot of different things to many different people depending on the perspective one brings to it. In the ‘Another World is Possible’ Movement we can discern two specific strands: i) against the domination of capital and the severe damage the currency trade can cause; ii) the redistributive benefit that can be achieved through deriving taxation revenue from the vast amounts of currency traded ($2,000 billion each day). Stamp Out Poverty - a network of more than 50 UK charities, trade unions and faith groups - has concentrated over the last year on focusing specifically on the revenue-raising potential of the CTT to increase financing for development. To get a clear answer over the issue of feasibility of a tax on foreign exchange transactions, Stamp Out Poverty asked a leading financial advisory firm in the City of London, Intelligence Capital, to investigate whether a very low tax on Sterling transactions could be implemented, how such a levy could be plumbed into the international financial system and whether this could be achieved without a relocation of sterling currency trading. Their report ‘A Sterling Solution’ was published in November 2005. It demonstrates how it is not necessary for a currency transaction tax to be universally implemented: it could be introduced unilaterally by any country or currency zone that wished to do so.
An incisive critique of and proposal for the Asian Development Bank.
Guttal Shalmali, February 2005
This synthesis report presents the various papers written by participants in the International Regulations Workshop and attempts to draw out the key points and recommendations of each paper and the agreements and disagreements that emerged in the exchange.
Walden Bello, December 2005
A proposal to replace the Bank with a substantially shrunk global institution that makes long-term, low interest loans but is more democratic and transparent, among other changes.
Robin Broad, February 2005
A proposal for a radically disempowered IMF, turned into just another actor co-existing with and being checked by other international organizations, agreements and regional groupings. De los Reyes and Bello argue for international regional institutions to supplant the IMF as a regulator of global finance.
Walden Bello, August 2005
A proposal on regulating corporate behavior through public institutions at the international level.
Sarah Anderson, March 2005
An assessment of the role and impact of the WTO and its failure to address the needs of developing countries.
Aileen Kwa, June 2005
A proposal for a new international financial architecture with an International Board of Arbitration for Sovereign Debt.
Oscar Ugarteche, March 2005