Abstract
James Tobin's proposal to tax international financial transactions was vividly discussed recently. The debate subsided abruptly, hindered if not stopped by an attempt at political censorship. The main reason for the proposal's unpopularity is that Keynesian ideas, more government influence and raising money for international projects run counter to presently ruling neoliberalism. Drawing on the excellently summarizing book edited by ul Haq et al. (1996) [ul Haq, M., Kaul, I. and Grunberg, I. (1996) The Tobin Tax: Coping with Financial Volatility. Oxford University Press, New York], this paper discusses the pros and cons, concluding that there is a strong case for the Tobin tax. The discussion must also be revived not to allow censorship to prevail.
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