James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored endogenous variables, the well-known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.
Anti-globalization movement
Although they may not recognize themselves as antiglobalists and are pro-capitalism, some economists who don't share the neoliberal approach of international economic institutions have strongly influenced the movement. Amartya Sen's "Development as Freedom" (Nobel Prize in Economics, 1999), argues that third world development must be understood as the expansion of human capability, not simply the increase in national income per capita, and thus requires policies attuned to health and education, not simply GDP. James Tobin's (winner of the Nobel Prize in Economics) proposal for a tax on financial transactions (called, after him, the Tobin tax) has become part of the agenda of the movement. Also, George Soros, Joseph E. Stiglitz (another Economic Sciences Nobel prize winner, formerly of the World Bank, author of Globalization and Its Discontents) and David Korten have made arguments for drastically improving transparency, for debt relief, land reform, and restructuring corporate accountability systems. Korten and Stiglitz's contribution to the movement include involvement in direct actions and street protest.