Regulatory Corporatism

In 'Regulatory Corporatism: Lord Turner and the Tobin Tax' financial analyst Miles Saltiel attacks the idea of a 'Tobin tax' on financial transactions, calling it "misguided", "unfounded" and "incoherent". As well as being unrealistic – such a tax could only be implemented after widespread international agreement – Saltiel says the Tobin tax is a distraction from the reforms the financial sector really needs. Indeed, by guaranteeing government a bigger slice of banks' profits, it would encourage politicians to accept the too-big-to-fail, near-monopolies that have emerged in the banking sector over the last economic cycle.

[gview file="http://www.adamsmith.org/sites/default/files/images/stories/Saltiel-Briefing.pdf"]