Summary The debate about the Tobin tax, and other financial transaction taxes (FTTs), gives rise to strong views both for and against. Unfortunately, little of the popular debate refers to the now considerable body of evidence about the impact of such taxes. This review attempts to synthesise what we know from the available theoretical and empirical literature about the impact of FTTs on volatility in financial markets. We also review the literature on how a Tobin tax might be implemented, the amount of revenue that it might realistically produce, and the likely incidence of the tax. We conclude that, contrary to what is often assumed, a Tobin tax is feasible and, if appropriately designed, could make a significant contribution to revenue without causing major distortions. However, it would be unlikely to reduce market volatility and could even increase it.

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rural livelihoods. Food systems research has a vital role in furthering understanding of how climate change is exacerbating existing conflict risk. This research is thus crucial to inform the transformation of food systems to support peace and security, and, therefore, assist policy makers, donors, and international organisations in taking scientifically sound, informed decisions.We declare no competing interests.

The severity of the climate challenge requires a change in the climate response, from an incremental to a more far-reaching and radical transformative one. There is also a need to avoid maladaptation whereby responses to climate risk inadvertently reinforce vulnerability, exposure and risk for some sections of society. Innovative technological interventions are critical but enabling social, institutional and governance factors are the actual drivers of the transformative process. Bringing about this transformation requires inter- and transdisciplinary approaches, and the embracing of social equity. In this Perspective, we unpack what this means for agricultural research and, based on our collective experience, we map out a research agenda that weaves different research components into a holistic and transformative one. We do not offer best practice, but rather reflections on how agricultural research can more readily contribute to transformative adaptation, along with the personal and practical challenges of designing and implementing such an agenda.

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