In the 1970s Professor James Tobin proposed a very modest tax on currency transactions to make much speculative movement of funds unprofitable and the world financial system less volatile. Heikki Patomaki makes an up-to-date case for the Tobin tax, and explains how to implement it. He argues that global financial markets undermine the real economy of production and employment, cause de-democratization by transferring accountability away from national parliaments, and redistribute wealth in favour of the well-off. The Tobin tax, if implemented with other regulatory measures, would be emancipatory. It would control global finance, bolster state autonomy and influence the politics of globalization towards democratic control, social responsibility and justice. The main obstacle is lack of political will. Dr. Patomaki argues that a group of countries could initiate the system, and develops the idea of a Tobin tax organization (TTO) which would implement and supervise the process.