Global Economy

Working Towards an Equitable and Stable World Economy

World Federalists advocate for various reforms to international economic systems and principles to promote notions of world economic sustainability, stability and equality. Recent challenges and developments such as the 2008 global financial crisis and a growing focus on the provision of global public goods across international institutions have introduced new interest areas for world federalists. The WFMC advocates for reforms that will establish a more equitable and less volatile global economy.

HOW DO WE PROMOTE A MORE EQUITABLE, SUSTAINABLE, & STABLE WORLD ECONOMY?

Reforming World Economic Institutions

This dimension of world federalism deals with reforms to central international economic institutions such as the International Monetary Fund, World Bank, World Trade Organization, and Economic and Social Council along with other UN-directed projects and efforts.

James Tobin

Supportive of World Federalism

Nobel-laureate economist James Tobin proposed a tax on international currency transactions at a small fraction of one percent in order to make exchange rates more stable. His proposal came to be known as the ‘Tobin tax’, leading to many variations over the following years in the form of currency transaction taxes, financial transaction taxes, and financial activity taxes. In addition to the benefit of reducing the economic effects of incidents like the global financial crisis of 2008 by disincentivizing hyper-speculative trading, the proceeds of the tax are estimated to amount to at least 20 times the current UN budget. Interested mainly in the stability benefits of a Tobin tax, when asked how its proceeds could be directed, the economist simply replied: “Give it to the UN”.

WORLD ECONOMY BLOG POSTS

WFMC Toronto Branch Zoom events

The Economics of Kindness: A Ten-Year Transition to a New Ecological Civilization September 15 20217pm EDT As part of a series of World Federalist discussions on better global governance, Toronto...

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Stand Up for A More Equitable & Stable World Economy

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