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0.05 Percent as an Instrument of Global Justice and Market Efficiency

18 Pages Posted: 14 Jul 2013  

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Date Written: July 11, 2013

Abstract

A financial transactions tax is a tiny tax on wholesale capital market transactions. Civil society has long advocated for it on social justice grounds. This so-called Robin Hood Tax would take from the rich and give to the poor. Revenue estimates for a global FTT of 0.05% are in the order of US $500 billion per annum. One-fourth of this revenue stream could achieve the first six Millennium Development Goals relating to poverty, health and education. Even if the developed countries retain all of the revenue raised, the impost would see financial services institutions making a fairer contribution to the societies in which they operate. So as an instrument of justice, the potential of a FTT is great – but the reasons to implement such a tax that are more likely see it brought into existence are that it will enhance the operation of contemporary financial markets substantially. This article explores the potential of this tax, the arguments for and against it, and its feasibility.

Suggested Citation

Buckley, Ross P., 0.05 Percent as an Instrument of Global Justice and Market Efficiency (July 11, 2013). UNSW Law Research Paper No. 2013-42. Available at SSRN: https://ssrn.com/abstract=2293539 or http://dx.doi.org/10.2139/ssrn.2293539

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

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