James Tobin (1978) proposed a tax on all conversions of currency, which would be applied world-wide and at the same rate, in proportion to the size of the transaction. Tobin’s aim was to discourage currency speculations, in addition to raising revenue for development. McCulloch and Pacillo (2010) U. of Sussex, Economics Dept 16-2010, conclude that, ‘contrary to what is often assumed, a Tobin Tax is feasible and, if appropriately designed, could make a significant contribution to revenue without causing major distortions. However, it would be unlikely to reduce market volatility and could even increase it’.