FSA’s Turner is right to push for a Tobin tax
An asymmetry has gradually developed between the real and the financial sectors in mature economies since the late 1970s. The real sector has performed indifferently, at times even getting worse. Aggregate profitability has recovered from the lows of the early 1980s, but remains depressed compared with previous periods.
The financial sector, meanwhile, has expanded without precedent. Measured by financial asset holdings as proportion of GDP, it has more than doubled in the USA and Germany, and
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