Turner Plan on ‘Socially Useless’ Trades Make Bankers See Red – Bloomberg.com

To reduce the appetite for speculative risk, Turner is promoting a levy on financial transactions to divert money to the poor and support efforts to address climate change. The so-called Tobin tax is named after the late U.S. economist James Tobin, a Nobel laureate who proposed a surcharge on currency trading to deter speculation.

“I believe in markets; I believe in enterprise,” says Turner, who numbers Franklin D. Roosevelt and British economist John Maynard Keynes among his personal heroes. “But I have always believed that market economies will not of themselves combine that with environmental sustainability or with a reasonably just and good society. I believe that capitalism needs to be saved from itself.”

via Turner Plan on ‘Socially Useless’ Trades Make Bankers See Red – Bloomberg.com.

via Turner Plan on ‘Socially Useless’ Trades Make Bankers See Red – Bloomberg.com.

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