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Contents

Page

I. Introduction 1

II. Why Global Taxes? 2

1. Intragenerational and Intergenerational perspectives 3

2. The atmosphere as an illustration of a global resource 4

III. Schemata to Illustrate the Constraining Influence of a Global Factor 6

IV. Global Environmental Taxes 10

1. A Pigouvian global tax on airlines and shipping 11

2. International tradeable permits? 12

3. ^ A global carbon tax 15

a. Appropriate tax base 15

b. Indicators of growth in energy consumption 15

c. The case for a minimum global carbon tax 16

V. International Financial Transactions as a Global Tax Base 18

1. Efficiency issues 18

2. Impact on market volatility 19

3. Distribution and incidence effects 19

4. Revenue productivity 19

5. Design and implementation 20

VI. Issues in International Law and Tax Administration 21

1. International law and treaties 21

2. Administration and implementation 23

VII. Concluding Remarks 24

Diagrams 1, 2, and 3 8

Diagrams 4, 5, and 6 14

References 26

Annex Draft Agenda for U.N. Meeting on "New and Innovative Sources of

Financing Development" and List of Participants 29