March 15, 1999
Open Letter to Members of Parliament
The global economy is careening out of control. Mexico, Thailand, South Korea, Indonesia, Russia, and Brazil have fallen and we are all asking "who's next?". Collapsing currencies leave total devastation in their wake. Skyrocketing prices, massive business closures and soaring unemployment create widespread social, economic and political havoc and result in human suffering and environmental degradation around the world.
Canada has not been spared. Speculators went after our dollar in a crushing attack from which we are only now beginning to recover. Exports plummeted and people were thrown out of work as markets and prices collapsed globally. Canadian exports to South East Asia plummeted $5.7 billion in the first nine months of 1998 compared with the same period the year before. Analysts predict the worst is yet to come, as crisis begets crisis, with no end in sight.
Currency speculators, people who gain wealth without productive work, are gambling with futures-our futures. Leading thinkers around the globe are calling for measures to control speculative capital which has become a global "wrecking ball", knocking over one economy after another. From prominent politicians and leading economists to the speculators themselves, the chorus for controls on international financial transactions is a growing and loud one.
We, the undersigned, join in that chorus, and call on all Members of Parliament to stand up in the House on March 23, 1999 and vote YES to controlling currency speculators. We urge you to vote YES to enacting a Tobin tax in concert with international partners. We urge you to vote YES to private members motion, M-239.
With a strong mandate from the House of Commons and the people of Canada, the federal government will confidently advance the Tobin tax as one of many measures essential to reshaping global financial markets along more equitable and sustainable lines. If we fail to challenge the assumption that unfettered markets perform efficiently, in the face of overwhelming evidence to the contrary, we surrender our economy, our political sovereignty and ultimately our democracy.
We recognize that many in the financial sector will strongly oppose any actions that would impede the unrestricted flow of capital. We further recognize that continued inaction on this issue is unacceptable to any Canadian concerned with protecting and increasing jobs and social security, ensuring the stability of currencies and maintaining economic productivity both domestically and internationally.
The Tobin tax will not stop all speculative activity, in fact, it was never designed to. The tax will be avoided to a certain extent, as all taxes are. Technical and administrative challenges to implementation exist, but are clearly outweighed by the cost of the status quo and are not insurmountable. The Tobin tax is but one critical element of what must be a coordinated international strategy to restructure financial markets to protect citizens, nations and their economies from market panic.
This motion and the actions resulting from its passage represent an opportunity for Canada to reclaim some of the democratic authority that many Members fear we may have lost as a result of economic globalization. It represents an opportunity for Canadians to participate in building a more democratic and equitable global economy, one that serves the needs and interests of all of its citizens.
We urge you to vote "Yes" to motion M-239.
Canada must take the first step to initiating an international debate on the Tobin tax by declaring its support for, and intention to act on this motion. Unfettered markets have failed us, democracy must not.
Sincerely,
Prominent Individuals and Faculty from 19 universities and colleges:
| Gregory Albo Professor of Political Science York University Margaret Atwood Writer
John Alexander Boan Professor Emeritus of Economics University of Regina Andrew Brook Professor of Philosophy Carleton University William K. Carroll Professor of Sociology University of Victoria Ken Collier Professor of Economics Athabasca University Raj Dhruvarajan Associate Professor of Economics University of Manitoba Ricardo Grinspun Professor of Economics York University Eric Helleiner Associate Professor of Political Studies Trent University John Loxley Professor of Economics University of Manitoba David Macdonald Former Secretary of State and Ambassador to Ethiopia J. McDonald Chair, First Nations Studies and Anthropology University of Northern British Columbia Alex N. McLeod Professor Emeritus of Economics York University Linda McQuaig Journalist W. Robert Needham Director of Canadian Studies University of Waterloo Paul Phillips Professor of Economics University of Manitoba Joseph K. Robert Emeritus Professor of Political Science University of Regina Hon. Douglas Roche O.C. Senator Edward H. Shaffer Professor Emeritus of Economics University of Alberta Donald Swartz Associate Professor of Public Administration Carleton University Frank James Tester Associate Professor of Social Work University of British Columbia Robert X. Ware Professor of Philosophy University of Calgary Todd Whitcombe Associate Professor of Chemistry University of Northern British Columbia Ian Wood Editor Monetary Reform Margot Young Associate Professor of Law University of Victoria |
Manfred Bienefeld Professor of Public Administration Carleton University Ronald G. Bodkin Professor of Economics University of Ottawa Steven Burns Professor of Philosophy Dalhousie University John Coates Associate Professor St. Thomas University Ken Dennis Associate Professor of Economics University of Manitoba Graeme Gibson Writer Terry Heaps Associate Professor of Economics Simon Fraser University Colin Leys Emeritus Professor of Political Studies Queen's University. Vaughan Lyon Professor Emeritus of Political Studies Trent University Rianne Mahon Associate Dean of Graduate Studies Faculty of Graduate Studies and Research Carleton University Joan McFarland Professor of Economics St. Thomas University Alex C. Michalos Professor and Chair of Political Science University of Northern British Columbia Costas A. Nicolau Associate Professor of Economics University of Manitoba James Prentice Professor Emeritus of Physics University of Toronto Dave Robinson Professor of Environmental Studies University of Northern British Columbia Gideon Rosenbluth Professor Emeritus of Economics University of British Columbia David Suzuki Sustainable Development Research Institute University of British Columbia Brian Tennyson CEO The Centre for International Studies at the University College of Cape Breton Avril Torrence Professor of English Mount Royal College Donald M. Wells Associate Professor of Labour Studies and Political Science McMaster University James Winter Professor of Social Sciences University of Windsor Charlotte Yates Associate Professor of Labour Studies and Political Science McMaster University
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Non-governmental organizations representing over 2,750,000 Canadians:
| Dr. Seymour Treiger Director All About Us Canada Foundation
Leslie Bruce Chairperson Bluegreen Society Bruce Campbell Executive Director Canadian Centre for Policy Alternatives Peggy Teagle Executive Director Canadian Consortium for International Social Development Bob White President Canadian Labour Congress Judy Darcy National President Canadian Union of Public Employees Ronald Fournier President Clearinghouse Group Lia A. Daborn Executive Director Conservation Council of New Brunswick Melanie Macdonald Executive Director CUSO Duff Conacher Coordinator Democracy Watch Jim Marshal Co-chair Ecumenical Coalition for Economic Justice Herb Barbolet Executive Director FarmFolk/CityFolk Society Mike Nickerson Executive Director Guideposts for a Sustainable Future Joe Gunn Chair, Inter-Church Committee on Human Rights in Latin America William F. Ryan S.J. Coordinator Jesuit Centre for Social Faith and Justice Laurie Rektor Executive Director National Anti-Poverty Organization Christopher Schenk Research Director Ontario Federation of Labour Patricia Hartnagel Chairperson Project Ploughshares Edmonton Blaise Salmon President RESULTS Canada Elizabeth May Executive Director Sierra Club of Canada Françoise David Présidente Fédération des femmes du Québec Mary Ellen King, S.S.A. Congregational Leader The Sisters of Saint Anne William Saunders President Vancouver & District Labour Council Linda Morgan President, Women's International League for Peace and Freedom, BC Branch Warren Allmand President, International Centre for Human Rights and Democratic Development |
Robert David President Alternatives Buzz Hargrove President CAW Joe Gunn Co-Director, Social Affairs Office, Canadian Conference of Catholic Bishops Betty Plewes President-CEO Canadian Council for International Co-operation Sam Gunsch Managing Director, Canadian Parks And Wilderness Society-Edmonton Gérald Larose President Confédération des syndicats nationaux Peter Bleyer Executive Director Council of Canadians Jim Fulton Executive Director David Suzuki Foundation Fabien Laboeuf Executive Director Development and Peace Jean Arnold Executive Director Falls Brook Centre Cliff Wallis President Friends of the Oldman River Michael O'Sullivan Executive Director Humane Society of Canada Rev.Rodger Talbot Chair of the Board Inter-Church Coalition on Africa Marvin Frey Executive Director Mennonite Central Committee of Canada Cory Ollikka President National Farmers Union Rieky Stuart Executive Director Oxfam Canada Jennifer Katz Douek Coordinator, Quebec Public Interest Research Group, Concordia University Roger Peters President Saskatchewan Environmental Society Derek MacCuish Programme Coordinator Social Justice Committee of Montréal Dennis Howlett National Coordinator Ten Days for Global Justice Elaine Nickerson President, Tusket River Environmental Protection Association Steven Shrybman Executive Director, West Coast Environmental Law Association Pari Johnston President World Interaction Mondiale |