Paul Lachine

مشكلة توبين

كمبريدج ــ يفكر زعماء أوروبا جدياً الآن في فرض ضريبة توبين، والتي تقضي بفرض ضريبة صغيرة على المعاملات المالية، وبالتالي إضعاف التداول. ولكن هل تحقق هذه الضريبة الغرض الذي يرجوه أنصارها؟

إن الشعبية التي تتمتع بها هذه الضريبة (التي أسميت على اسم جيمس توبين رجل الاقتصاد الحائز على جائزة نوبل، والتي كان المقصود منها الحد من تقلب أسعار الصرف في سوق العملات) تعكس عداوة واسعة النطاق تستهدف القطاع المالي، ولكنها تتجاوز بشوط بعيد أية فوائد حقيقية قد تترتب على فرض هذه الضريبة. ورغم هذا فإن المسؤولين الرسميين المنتخبين يرون أن ضريبة توبين جذابة للغاية، لأنها من الممكن أن تخفف من حدة الانتقادات وأن تحول الانتباه بعيداً عن المشاكل الأساسية، ولكنها تشل حركتهم على المستوى السياسي، التي تحيط بالسياسة الاقتصادية، وخاصة الموازنات والديون والنمو البطيء.

إن ضريبة توبين لها فوائد بالفعل، حتى ولو لم تتمكن من معالجة القدر الكافي من المشاكل التي تبتلي الأسواق المالية اليوم. ذلك أن فرض ضريبة على معاملات الأوراق المالية من شأنه أن يشجع السندات الأطول أجلا. فهي تُفرَض على السيولة، والتي يعتقد الكثيرون أنها متوفرة بشكل مفرط. وهي تشجع التحليل الأساسي لعمليات أي شركة، ويأمل بعض أنصارها أن تعمل ضريبة توبين على دفع الشركات إلى التركيز بشكل أكبر على القيمة البعيدة الأمد.

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