Laura ffrench-Constant, "Assessing Normative Justifications of the Tobin Tax"

This article examines theoretical arguments about the Tobin Tax, a proposal to tax foreign exchange transactions. Thus, challenging assumptions that it has been conflated with global justice, by analysing different justifications of the policy proposal. A normative approach is used, to remedy under-exploration of the theoretical aspects of the proposed tax. A Nagelian inspired argument is suggested in support of the tax, despite Nagel appearing hesitant of global justice. The concept "feasibility" is analysed as a means of justification. However, associated ‘dynamic duties’ are found to be an insufficient basis for justification of an institutional proposal. Instead, the tax can be persuasively justified in virtue of duties of reciprocity, drawn from the very definition of financial markets and a global reinterpretation of Nagel. The article points to the need for precision when discussing the concept ‘feasibility’ and also, more detailed analysis of policy proposals heralded as contributions to global justice. 

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