Tobin Tax Conference, October 2001
HALIFAX INITIATIVE
INTERNATIONAL CONFERENCE
Currency Transactions Taxes:
From Feasibility to Implementation
October 4-6, 2001
Vancouver, BC, CANADA
The citizens-led anti-globalization movement is in its ascendancy, yet risks its credibility if it is unable to articulate an agenda of alternatives to the current economic paradigm. At NGO conferences around the world over the last two years, debate has expanded beyond a critique of the existing economic paradigm and systems to the articulation of the "world we want". One critical component of an emerging vision of global equity and justice, supported by a growing number of non-governmental organizations, unions, Parliamentarians and academics around the world, is the currency transactions tax or CTT.
Halifax Initiative intends to contribute to the development of a viable alternatives agenda by hosting an international conference, "Currency Transactions Taxes – From Feasibility to Implementation" in Vancouver in October, 2001. The conference will bring together leading members of the academic, non-governmental, institutional and political communities from around the world to evaluate, critique, debate and discuss the use of currency transactions taxes to control destabilizing currency speculation and to develop multifaceted political and public engagement strategies.
The conference is an attempt to broaden the dialogue beyond the narrow range of banking, institutional and political actors and interests currently represented in discussions to reshape the "global financial architecture" in the wake of the Asian, Russian, Brazilian and subsequent financial crises. As such, this conference is part of a growing movement toward popular education, coalition-building and the democratization of global economics which is being carried out by activists, citizens, academics and Parliamentarians around the world.
The global movement in support of currency transactions taxes is at a pivotal point in its development, as the issue moves further into mainstream political and social thinking. By bringing together acknowledged world leaders including economists, political scientists, grassroots and international organizations, union leaders, multilateral institutional representatives, and elected officials from countries around the world, the conference is designed to catalyse a new phase of activities leading to the adoption and implementation of currency transactions taxes. A final conference declaration will be produced reflecting areas of consensus as well as an agenda for further research and development.
CONFERENCE GOALS
"Currency Transactions Taxes – From Feasibility to Implementation" will provide a forum to:
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Raise public awareness on how the increasingly globalized financial system contributes to economic inequity and educate on an alternative means to regulate capital in the name of social justice and environmental protection;
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Analyze, debate and discuss the most current thinking on currency transactions taxes among the leadership of the currency transactions tax movement with emphasis on addressing questions of feasibility and issues associated with implementation;
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Develop shared and complementary global strategies to advance the public and political debates on the means to control currency speculation;
Encourage and enhance collaboration among NGOs, trade unions, academics and Parliamentarians dealing with the pressing issues of economic globalization, development and social justice
BACKGROUND ON THE HALIFAX INITIATIVE
The Halifax Initiative is a Canadian coalition of thirteen human rights, development, social justice, labour and faith groups committed to the democratisation of economic decision-making as a means to achieve poverty eradication, environmental sustainability and an equitable redistribution of wealth.
The coalition achieved its most significant victory when, on March 23, 1999, the Parliament of Canada became the first in the world to pass a motion on the Tobin Tax. The motion, "that in the opinion of the House, the government should enact a tax on financial transactions in concert with the international community," passed by a resounding 2 to 1 margin, with all party support. Parliamentarians and the media recognized the significant role the coalition had played in raising public awareness and educating officials in the lead up to the vote.
The second significant achievement occurred at the Social Summit in June, 2000, as Canada led the successful proposal to undertake a UN-sponsored study on financing for development which will include research on the use of a currency transactions tax. One hundred and sixty governments supported the initiative.
