Tobin tax is feasible says Nobel winner

Nobel prize winning economist Joseph Stiglitz has said a Tobin tax on financial transactions is both necessary and possible.

Speaking in Istanbul he backed an idea first floated in the UK by Financial Services Authority chairman Lord Turner.

He was widely criticised for the proposal, but backing from one of the world’s most respected economists will add credence to introducing the new tax.

The Daily Telegraph reported that Stiglitz said modern technology meant that a Tobin tax was now a feasible idea.

Stiglitz is quoted saying: “The financial sector polluted the global economy with toxic assets and now they ought to clean out.”

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