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On the Attac

A new European alternative to globalization

By David Moberg

As financial crisis swept across Asia in 1997, an editor at the prestigious French monthly magazine Le Monde Diplomatique wrote that the free movement of investment capital around the world was undermining democracy and “causing universal insecurity.” But there was an alternative. As Nobel Prize-winning American economist James Tobin proposed back in the ’70s, a tiny tax on financial transactions could… return to article

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