More exact terms, however, apply to different scopes of tax. == Tobin's original proposal == Tobin suggested his currency transaction tax in 1972 in his Janeway Lectures at Princeton, shortly after the Bretton Woods system of monetary management ended in 1971.
Prior to 1971, one of the chief features of the Bretton Woods system was an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold.
Then, on August 15, 1971, United States President Richard Nixon announced that the United States dollar would no longer be convertible to gold, effectively ending the system.
More exact terms, however, apply to different scopes of tax. == Tobin's original proposal == Tobin suggested his currency transaction tax in 1972 in his Janeway Lectures at Princeton, shortly after the Bretton Woods system of monetary management ended in 1971.
By the late 1990s, the term Tobin tax was being, contrary to its original use, used to apply to all forms of short term transaction taxation, whether across currencies or not.
By the 2010s the Basel II and Basel III frameworks required reporting that would help to differentiate them.
and economic thought was tending to reject the belief that they could not be differentiated, or (as the "Chicago School" had held) should not be. == Recent proposals == In March 2016 China drafted rules to impose a genuine currency transaction tax and this was referred to in financial press as a Tobin tax This was widely viewed as a warning to curb shorting of its currency the
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