James Tobin (March 5, 1918 – March 11, 2002) was an American economist. Outside academia, Tobin became widely known for his suggestion of a tax on foreign exchange transactions, now known as the "Tobin tax". This was designed to reduce speculation on currency markets, which he saw as unproductive. He also suggested that the money gained from the tax could be used to fund projects for the benefit of Third World countries, or to support the United Nations.