Tobin, or not Tobin? That is the question. The answer seems to be the latter, judging from the slings and arrows that finance ministers have aimed forcefully at the idea.
When Gordon Brown, British prime minister, unexpectedly popped up at the weekend’s meeting of G20 finance ministers and floated the possibility of a “Tobin tax” on financial transactions, it represented something of a volte-face on his part. But the largely hostile reaction from other countries and his own rapid backtracking suggested that he had either misread his audience or was bashing bankers for domestic political ends.
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