Introducing a 0.05% Financial Transactions Tax as an Instrument of Global Justice and Market Efficiency

2013 ◽  
Vol 4 (1) ◽  
pp. 153-167
Author(s):  
Ross P. BUCKLEY
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
Global Justice ◽  
Developed Countries ◽  
Robin Hood ◽  
Revenue Estimates ◽  
Development Goals ◽  
The Rich ◽  
The Developed Countries ◽  
Financial Transactions

A financial transactions tax (FTT) is a tax on wholesale capital market transactions, which civil society has long advocated for on grounds of social justice. 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 percent are around US$500 billion per annum. One-quarter of this revenue stream can 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. Thus, as an instrument of justice, the potential of an FTT is great—but, most of all, such a tax will enhance the operations of contemporary financial markets substantially. This paper explores the potential of such a tax, the arguments for and against it, and its feasibility.

A Study on the Economic Benefits of Globalization: Focusing on the Poverty and Inequality between the Rich and the Poor

2009 ◽  
Vol 12 (2) ◽  
pp. 191-214 ◽  
Author(s):  
Sang-Hyup Shin
Keyword(s):  
Developing Countries ◽  
Global Economy ◽  
Developed Countries ◽  
Economic Benefits ◽  
Global Poverty ◽  
The Poor ◽  
Poverty And Inequality ◽  
The World ◽  
The Rich ◽  
The Developed Countries

Globalization is now well recognized by many as an inescapable feature of the world today. In particular, in the middle of global economic crisis globalization is one of the hot issues drawing much attention from countries around the world. There are contradictory perspectives on globalization. There are many sweeping statements that assert that economic globalization is increasing global poverty and inequality between the rich and the poor in the world. There are also many others who insist that the poverty and inequality issues have been resolved in some sense through globalization. In order to find the answer to the question, firstly the meaning of globalization was fully explained. Based on the understanding of globalization, the questions such as how globalization has contributed to reduce the economic gap between the developed and the developing countries, and to reduce the poverty by analyzing the economic growth, the number of people living below the absolute poverty line and so on were analyzed. The reasons why globalization is a good opportunity for some countries while some other countries get not something from the globalization was also discussed in this research. We found that globalization has contributed to reduce global poverty and to increase the welfare of both the developed and developing countries. However globalization has impacted different groups differently. Some have benefited enormously, while others have borne more of the costs. The developed countries could get more economic benefits from the less developed countries through globalization. This means, inequality between the rich and the poor countries still remained as a serious threat in the global economy. And even among the developing countries globalization has impacted differently. The trends toward faster growth and poverty reduction are strongest in developing economies that have integrated with the global economy most rapidly, which supports the view that integration has been a positive force for improving the lives of people in developing countries There are two main reasons for the inequality existing between the developed and developing countries. The fist one is the difference of economic size and power between the developed countries and the developing countries started to exist from the late 18th century. The second one is the differences in the management skill in taking advantage of the globalization.

IS THE LIFE BOAT ETHIC APPROPRIATE?

PEDIATRICS ◽  
1975 ◽  
Vol 56 (1) ◽  
pp. 81-81
Keyword(s):  
Developing Countries ◽  
Raw Materials ◽  
Developed Countries ◽  
The Rich ◽  
The Developed Countries ◽  
The Cost ◽  
Moral Legacy

Recent statements argue that we in the developed countries are in effect in a lifeboat, well supplied with resources, while many other countries are in other lifeboats without resources such as food. They argue that we should withhold these resources or risk future destruction from depletion of our own resources. As grim as this policy seems, it has many advocates today. What should the passengers on the rich lifeboat do? In answer Callahan argues that we cannot turn away from the needs of the developing countries no matter how seductive that course may seem now. For one thing, we are dependent on raw materials from them. But, more important, he points out that to bequeath a civilization of morality to our children is an even greater need, and we cannot do that by selfish isolation. "If we are to worry about our duty to posterity, it would not hurt to ask what kind of moral legacy we should bequeath. One in which we won our own survival at the cost of outright cruelty and callousness would be tawdry and vile."

Input Subsidies to Agriculture: Case of Subsidies to Fertiliser Industry across Countries

2007 ◽  
Vol 11 (3) ◽  
pp. 35-58 ◽  
Author(s):  
Sunil Ashra ◽  
Malini Chakravarty
Keyword(s):  
Developing Countries ◽  
Developed Countries ◽  
Point Of View ◽  
Farm Production ◽  
Long Run ◽  
Short Run ◽  
Food Subsidies ◽  
The Rich ◽  
Uncertain Future ◽  
The Developed Countries

The fertiliser industry in developing countries is facing challenge and uncertain future due to their commitments to the WTO. This is part of the reason that the developing countries are pushing for reducing of subsidies given by the developed countries to their agriculture which is much bigger making the subsidies to agriculture becoming a contentious issue in the WTO negotiations. Some of the subsidies are accepted in the WTO context whereas the others are not. In India the farm sector subsidies are given in the form of irrigation, electricity, fertilisers etc. By far the fertiliser and food subsidies are the most significant amounting to about US$9.3 billion in 2004 (less than 0.5 percent of GDP). Thus, while from the WTO point of view, it is not necessary to reduce fertiliser subsidy in India. However, because of the WTO commitments, quantitative restrictions in this sector had to be removed by the end of March 2001 in India. Cheaper imports have been threatening the domestic industry specially the units that do not use gas as feedstock. In the short run domestic companies may enjoy the protection of differential subsidy in some form or the other. But in the long run they will have to compete on a stand-alone basis. This paper examines the experience and impact of fertiliser subsidy across various countries and shows that it is a common tool to promote farm production. But the evidence shows that the fertiliser subsidy tends to benefit the rich farmers more than the poor farmers. The study examines the different approaches used by the policymakers to reach the targeted farmers. In this context the paper records the evidence from some countries where the fertiliser industry has come forward and complemented the policymakers' efforts to meet this objective and in the process ensured their better future.

scholarly journals Two epochal turns of inequality, their significance, and their dynamics

2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Göran Therborn
Keyword(s):  
Developed Countries ◽  
Industrial Society ◽  
The South ◽  
Global Inequality ◽  
Protest Movements ◽  
Digital Revolution ◽  
Extreme Poverty ◽  
The North ◽  
The Rich ◽  
The Developed Countries

AbstractAt the end of the twentieth century, two historical turns of economic inequality happened. Among the developed countries of the Global North, the secular trend of decreasing intra-national inequality turned into its opposite. At about the same time, the long period of global inequality began to bend down, among households as well as among nations, a turn less noticed but more significant than the reduction of extreme poverty in the South. The foundation of the former turn was the beginning of de-industrialization in the North, and the coming of a post-industrial society, very different from the one predicted. The paper analyzes the trigger of the turn and the central dynamics of the new inequality in the rich North, financialization, and the digital revolution. It then tries to answer two questions about the global turn: Was the decline of global inequality causally connected to the increase of Northern intra-national inequality? Will there be a development of industrial societies in the South? The answer to both is no. What lies ahead is more likely a global convergence of intra-national unequalization, albeit with both different and similar dynamics, as the decline of extreme poverty in the South is leading to inequality increases comparable to those of the North. Post-industrialism has no egalitarian dialectic like that of industrial capitalism, but the dynamics of the twenty-first century inequality are likely to be confronted not only with popular protest movements but also with an emergent scholarly and intellectual Egalitarian Enlightenment.

scholarly journals Climate Change, Sustainable Development and Developing Countries

2020 ◽  
Vol 9 (1) ◽  
pp. 45
Author(s):  
Asa Mugenyi
Keyword(s):  
Climate Change ◽  
Sustainable Development ◽  
Developing Countries ◽  
Sustainable Development Goals ◽  
Developed Countries ◽  
Address Climate Change ◽  
Development Goals ◽  
The Developed Countries ◽  
Combat Climate Change ◽  
International Conventions

This Article addresses the issue whether climate change is a myth or a reality. Can if affect development of developing countries? This article is a qualitative research on the need of developing countries to strike a balance on the options of choosing whether to pursue sustainable development goals only or addressing climate change and its effects or both. Developing countries are affected by climate change just like the developed countries. If they were to ignore it this would affect their sustainable development goals. However to address climate change, their pursuit of sustainable development is affected. Resources that would be used in achieving the goals of sustainable development are diverted to combating the effects of climate change. Developing countries lack the technology and finances to combat climate change on their own. They need developed countries to assist them. However this assistance is not forthcoming. Therefore there is a need to strike a balance between what goals to pursue. We look at Uganda as an example of a developing country that is affected by climate change and how it has coped briefly. We look at the international conventions that deal with climate change including the Paris Agreement and we see how they impact on developing countries’ pursuit of sustainable development goals. Are the conventions adequate?

What Do We Owe the Global Poor?

2005 ◽  
Vol 19 (1) ◽  
pp. 47-54 ◽  
Author(s):  
Debra Satz
Keyword(s):  
Human Rights ◽  
Global Justice ◽  
Developed Countries ◽  
Fundamental Principle ◽  
Human Beings ◽  
Causal Contribution ◽  
Wide Range ◽  
World Poverty ◽  
The Developed Countries ◽  
Negative Duty

In his provocative book World Poverty and Human Rights, Thomas Pogge employs two distinct argumentative strategies. The first is ecumenical: Pogge makes powerful arguments for redressing world poverty that aim to appeal to persons with divergent views regarding its causes, and also for the nature and extent of our obligations to the global poor. This is an extremely important part of his book: World Poverty and Human Rights argues that on any reasonable moral theory and across a wide range of views of the ultimate causes of world poverty, we will be seen to have obligations to the world's poor. Pogge's ecumenical argument shows that one does not have to accept a principle of global equality of resources in order to conclude that we have a general obligation to aid other human beings in severe need. I will discuss this strategy of argument at the end of my essay.In his second and main argumentative strategy, Pogge defends a distinctive normative and empirical perspective. For, at the heart of the book is the thesis that we in the developed countries have special obligations to end world poverty because we have significantly contributed to its existence. Pogge argues for a causal contribution principle, which holds that we are morally responsible for world poverty because and to the extent that we have caused it.Pogge also argues that our obligations not to harm others apply universally and are stronger than the obligations we have to provide aid. In fact, on Pogge's view global justice involves solely this negative duty—a duty not to inflict harm on others. The central innovation of the book is to defend a normative premise typically associated with libertarianism—that we have strong duties not to harm but only weak duties to benefit people we have not harmed—and conjoin it with an empirical claim to generate an argument for radical global redistribution.Although there is much else of interest in World Poverty and Human Rights, particularly Pogge's specific policy proposals to diminish global poverty, the causal contribution thesis and the identification of a duty not to harm as the fundamental principle of justice arguably form its intellectual core and central innovations. In this comment, I will critique both Pogge's use of the causal contribution principle as well as his attempt to derive all of our obligations to the global poor from the need to refrain from harming others.

scholarly journals Stroke Rehabilitation in Nigeria: Challenges and Opportunities

2021 ◽  
Vol 11 (2) ◽  
pp. e21013
Author(s):  
Auwal Abdullahi ◽  
Keyword(s):  
Stroke Rehabilitation ◽  
Sustainable Development Goals ◽  
Developed Countries ◽  
Democratic Governance ◽  
Neurological Rehabilitation ◽  
Rehabilitation Professionals ◽  
Challenges And Opportunities ◽  
Development Goals ◽  
The Developed Countries ◽  
Poor Infrastructure

Stroke rehabilitation offers opportunity for people with impairments and disabilities secondary to stroke. In this regard, there are many advances particularly in the developed countries. Whereas, in the developing countries such as Nigeria there are still many challenges such as lack of guidelines to guide clinicians and other stakeholders, dearth of the neurological rehabilitation professionals, inadequate training of the existing rehabilitation professionals, poor infrastructure, and lack of policies for stroke rehabilitation. However, there are also opportunities as well such as increased national and global focus on non-communicable diseases, partnership with stakeholders in national and global health, leveraging on democratic governance, leveraging on Sustainable Development Goals (SDGs), and leveraging on the systems through which communities deal with stroke. When these opportunities are harnessed, they can help to improve stroke rehabilitation in the country. Additionally, tackling the challenges headlong can help to improve stroke rehabilitation in Nigeria.

The Use of ‘Mobile Phones’ in Changing the Banking Regulatory Landscape in Africa

2019 ◽  
Vol 27 (2) ◽  
pp. 308-330
Author(s):  
Norman Mugarura
Keyword(s):  
Financial Markets ◽  
Mobile Phones ◽  
Financial Services ◽  
Small Businesses ◽  
Developed Countries ◽  
Data Generation ◽  
Bank Account ◽  
Intelligence Sharing ◽  
Mobile Phone Usage ◽  
Regulatory Landscape

The widespread mobile phone usage across Africa and in other regions where the number of telephone subscribers has now exceeded the number of bank account holders has changed the ease with which banks and other financial services are regulated. Bearing this in mind, the article articulates that mobile phones can be used to plug the gaps in the regulation of the banking and financial markets, not only in Africa but also in other regions. It is worth noting that the data on mobile phones have been used to enhance the ability of oversight institutions to generate information and plug regulatory gaps, especially in the economies of less developed countries. Some countries lack the capacity for robust data generation and as a result have utilised mobile phones to fix the gaps in the regulation and delivery of financial services. Mobile phones have been utilised to effect payment to workers and to pay household bills, and are used by small businesses to effect international business transactions and even to prevent crime through intelligence-sharing and by using forensics on mobile phones to prosecute criminals.

scholarly journals SUSTAINABLE DEVELOPMENT GOALS CHALLENGES AND STRATEGIES FOR SOUTH ASIAN COUNTRIES

2021 ◽  
Vol 9 (2) ◽  
pp. 464-474
Author(s):  
Muhammad Reehan Hameed ◽  
Hafsah Batool ◽  
Arman Khan ◽  
Iftakhar Ahmed ◽  
Naeem Ur Rehman
Keyword(s):  
Sustainable Development ◽  
South Asian ◽  
Sustainable Development Goals ◽  
Developed Countries ◽  
World Health ◽  
Asian Countries ◽  
The World ◽  
Asian Economies ◽  
Development Goals ◽  
The Developed Countries

Purpose of the study: Sustainable Development Goals (SDGs) proposed by the United Nations (UN) in 2015 comprising a universally acceptable worldwide development agenda which each country of the world has to achieve till 2030. The purpose of this study is to examine the socio-economic and political transformational challenges confronted to South Asian Countries (SA) i.e. Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, in achieving the targets of Sustainable Development Goals (SDGs). Methodology: The study uses different statistics of World Bank, International Monetary Fund (IMF), World Health Organizations (WHO), and Food and Agriculture Organization (FAO) to give a comprehensive picture of South Asian economies and the challenges which they are currently facing for achieving the targets of Sustainable Development Goals (SDGs). In our preliminary analysis, the methodology highlighted the issues of South Asian Countries such as poverty (SDG 1), healthy lives and well-being (SDG 3), inclusive and equitable quality education (SDG 4), sustained, inclusive, and sustainable economic growth, full and productive employment and decent work for all (SDG 8)". Principal Findings: The statistics presented regarding South Asian economies exhibit a dismal picture. At present, the attainment of these stipulated goals seems impossible and remains elusive if some serious measures have not been taken. The role of DCs and the world community as a whole is significant in this regard. To save the planet from extreme poverty, hunger, malnutrition, equitable access to modern technology, improved education and health for all human beings, the developed countries should give at least one percent of their GNP in the form of development assistance to poor countries. The study suggests that good governance that could undertake and implement structural reforms is necessary to deal with the challenges confronting to South Asian countries in achieving the targets of these stipulated goals. More importantly, the Developed Countries (DCs) started to implement their strategies to view SDGs' targets. Now it is a dire need that DCs should assist the Under Developed Countries (UDCs) and help them from their experience in identifying the transformational challenges which they possibly have to face in achieving SDGs' targets. Otherwise, it looks impossible for the UDCs to come up with these targets till 2030. Applications of this study: The study highlighted some key challenges that South Asian countries face to achieve the targets of Sustainable Development Goals (SDGs). The study outcomes can prove very much helpful for South Asian countries for achieving these targets and devising thriving economic policies generous to attaining their targets till 2030.  Novelty/Originality of this study: This study gives a brief picture of the current position of the South Asian countries where they stand regard to Sustainable Development Goals' targets. Moreover, the results and policy recommendations presented at the end of the study provides help to deal with the challenges that are big hindrances in achieving the targets of these SDGs.

scholarly journals Mercados Financeiros Internacionais: Uma Aplicação da Análise de Componentes Principais em Dados Dependentes

2018 ◽  
Vol 15 (3) ◽  
pp. 359
Author(s):  
Edson Zambon Monte
Keyword(s):  
Financial Markets ◽  
Financial Integration ◽  
Principal Component ◽  
Developed Countries ◽  
Subprime Crisis ◽  
Contagion Effect ◽  
Asian Countries ◽  
Integration Pattern ◽  
Review Period ◽  
The Developed Countries

This study analyzed the analyze the integration pattern (co-movements) of the international financial markets of 25 countries, in the period from 1997 to 2015, by means of the principal component analysis, applied to the residuals of the VAR-GARCH model. The results showed that, in the subprime crisis period, there was a substantial increase of the integration between the countries, in terms of co-movements of the financial indexes (“contagion effect”), especially for the developed countries. During the review period, Asian countries reached the second position with regard to the percentage of explanation of the variability of returns indices and it the growth of China's participation was observed. Even over time, the economic, political and geographical features seem to be crucial in terms of financial integration by countries.

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