Accounting For Crises A Marxist History Of American Accounting Theory C 1929 2007

Author : Rob Bryer
Publisher : World Scientific
Page : 481 pages
File Size : 41,8 Mb
Release : 2023-07-07
Category : Business & Economics
ISBN : 9789811267086

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Accounting For Crises: A Marxist History Of American Accounting Theory, C.1929-2007 by Rob Bryer Pdf

Historians have not convincingly explained modern capitalism's two major economic crises, the Great Depression of the 1930s, and the Global Financial Crisis (GFC) of 2008-2009. Accounting for Crises offers a new explanation, why both began and were more severe in the USA ('America'), based on an accounting interpretation of Marx's theory of crises. It explains their origins in capitalists' control of accumulation, which reveals important overlooked roles for Irving Fisher's accounting theory. This theory, by allowing discretion in accounts, in the context of falling rates of profit, encouraged 'swindling', overstating reported profits, and understating their risk, which facilitated and aggravated both crises. Framed by Fisher's theory, during the 1920s American accounting theorists justified discretion, which Creating the 'Big Mess' (the companion volume) concluded it management used to conservatively smooth earnings. Accounting for Crises shows that Fisher's theory , also underlays the popular new theory of investment that justified valuing shares using reported earnings, which encouraged their manipulation and legitimized 'speculation'. This, it argues, underlays America's exceptional late-1920s stock market boom, the 1929 Great Crash, and the depth and length of its Great Depression. Prominently associated with the boom, Fisher became unpopular after the crash, his name disappearing from public debate. Nevertheless, the book concludes, his theory hindered economic recovery, weakened 1930s reforms, undermined accounting regulation from the late-1930s, and following his rehabilitation from the late-1950s, underlies the Financial Accounting Standards Board's conceptual framework, which by allowing off-balance-sheet accounting for securitization-SPEs, fostered the 2007 'credit crunch' that triggered the 2008-2009 Global Financial Crisis (GFC).

Author : Rob Bryer
Publisher : World Scientific
Page : 491 pages
File Size : 46,5 Mb
Release : 2021-07-15
Category : Business & Economics
ISBN : 9789811240409

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Creating The "Big Mess": A Marxist History Of American Accounting Theory, C.1900-1929 by Rob Bryer Pdf

Creating the 'Big Mess' and its sequel Accounting for Crises use Marx's theory of capitalism to explain why there is no generally accepted theory of financial accounting, and explore the consequences, by studying the history of American accounting theory from c.1900 to 2007. The answer, Creating the 'Big Mess', is first that while late-19th century British accounting principles, founded on the going-concern concept, provided an objective basis for holding management accountable to shareholders for its stewardship of capital, and were accepted by the nascent American profession, they are inchoate. Second, Irving Fisher's economic theory of accounting, based on the assertion that present value is the accountants' measurement ideal, which is subjective, framed early-20th century American accounting theory, which undermined British principles, making them incoherent. In an unregulated, pro-business environment, leading theorists, particularly Henry Rand Hatfield and William A. Paton, Jr., became authorities for management discretion, creating the 'big mess' Hatfield saw in late-1920s American accounting. Accounting for Crises examines the roles of Fisher's theory in promoting the speculation leading to the 1929 Great Crash, aggravating the Great Depression, hindering accounting regulation from the 1930s, producing the Financial Accounting Standard Board's conceptual framework, and facilitating the 2007-2008 Global Financial Crisis.

Author : Ranald Michie
Publisher : World Scientific
Page : 376 pages
File Size : 44,6 Mb
Release : 2023-03-21
Category : Business & Economics
ISBN : 9789811270741

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War On Wealth, The: Fact And Fiction In British Finance Since 1800 by Ranald Michie Pdf

This book addresses the divide that exists between the reality of finance and the image it projects. A functioning financial system is an essential feature of a modern economy, providing it with money, credit, capital, and investments. Conversely, those who provide this essential service are neither respected nor trusted. The causes and consequences of this divide is explored using the British experience from 1800 to the present, drawing upon a mixture of factual evidence and contemporary fiction. Nothing of this scale has been attempted before and this is the product of 50 years of research.

Author : Patricia Genoe McLaren,Albert J. Mills,Terrance G. Weatherbee
Publisher : Routledge
Page : 414 pages
File Size : 54,6 Mb
Release : 2015-05-15
Category : Business & Economics
ISBN : 9781135918453

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The Routledge Companion to Management and Organizational History by Patricia Genoe McLaren,Albert J. Mills,Terrance G. Weatherbee Pdf

The field of management and organizational history has reached a level of maturity that means an overview is long overdue. Written by a team of globally renowned scholars, this comprehensive companion analyses management and organizational history, reflecting on the most influential periods and highlighting gaps for future research. From the impact of the Cold War to Global Warming, it examines the field from a wide array of perspectives from humanities to the social sciences. Covering the entire spectrum of the field, this volume provides an essential resource for researchers of business and management.

Author : Peter H. Jones
Publisher : BRILL
Page : 272 pages
File Size : 47,5 Mb
Release : 2021-04-06
Category : Political Science
ISBN : 9789004398320

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The Falling Rate of Profit and the Great Recession of 2007-2009 by Peter H. Jones Pdf

In The Falling Rate of Profit and the Great Recession of 2007-2009, Peter H. Jones develops a new non-equilibrium interpretation of the labour theory of value Karl Marx builds in Capital. Applying this to US national accounting data, Jones shows that when measured correctly the profit rate falls in the lead up to the Great Recession, and for the main reason Marx identifies: the rising organic composition of capital. Jones also details a new theory of finance, which shows how cycles in the profit rate relate to stock market booms and slumps, and movements in the interest rate. He discusses the implications of the analysis and Marx and Engels’ work generally for a democratic socialist strategy.

Author : Andrew Kliman
Publisher : Lexington Books
Page : 264 pages
File Size : 54,6 Mb
Release : 2007
Category : Political Science
ISBN : 0739118528

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Reclaiming Marx's Capital by Andrew Kliman Pdf

Attempts to reclaim Marx's Capital from the myth of inconsistency. This book is intended for non-specialist readers, and shows that the inconsistencies are actually caused by misinterpretation; the temporal single-system interpretation eliminates all of the alleged inconsistencies.

Author : Jonathan Nitzan,Shimshon Bichler
Publisher : Routledge
Page : 853 pages
File Size : 46,8 Mb
Release : 2009-06-02
Category : Political Science
ISBN : 9781134022298

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Capital as Power by Jonathan Nitzan,Shimshon Bichler Pdf

Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of ‘capital as power’ and a new history of the ‘capitalist mode of power’.

Author : Max Horkheimer
Publisher : A&C Black
Page : 313 pages
File Size : 54,9 Mb
Release : 1972-01-01
Category : Philosophy
ISBN : 9780826400833

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Critical Theory by Max Horkheimer Pdf

These essays, written in the 1930s and 1940s, represent a first selection in English from the major work of the founder of the famous Institute for Social Research in Frankfurt. Horkheimer's writings are essential to an understanding of the intellectual background of the New Left and the to much current social-philosophical thought, including the work of Herbert Marcuse. Apart from their historical significance and even from their scholarly eminence, these essays contain an immediate relevance only now becoming fully recognized.

Author : William Andrew Paton
Publisher : Unknown
Page : 532 pages
File Size : 40,8 Mb
Release : 1922
Category : Accounting
ISBN : UCAL:$B332889

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Accounting Theory by William Andrew Paton Pdf

Author : Norbert Götz,Georgina Brewis,Steffen Werther
Publisher : Cambridge University Press
Page : 371 pages
File Size : 47,7 Mb
Release : 2020-07-23
Category : History
ISBN : 9781108493529

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Humanitarianism in the Modern World by Norbert Götz,Georgina Brewis,Steffen Werther Pdf

A fresh look at two centuries of humanitarian history through a moral economy approach focusing on appeals, allocation, and accounting.

Author : Chris Harman
Publisher : Haymarket Books
Page : 426 pages
File Size : 47,9 Mb
Release : 2010
Category : Business & Economics
ISBN : 9781608461042

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Zombie Capitalism by Chris Harman Pdf

We've been told for years that the capitalist free market is a self-correcting perpetual growth machine in which sellers always find buyers, precluding any major crisis in the system. Then the credit crunch of August 2007 turned into the great crash of September–October 2008, leading one apologist for the system, Willem Buiter, to write of "the end of capitalism as we knew it." As the crisis unfolded, the world witnessed the way in which the runaway speculation of the "shadow" banking system wreaked havoc on world markets, leaving real human devastation in its wake. Faced with the financial crisis, some economic commentators began to talk of "zombie banks"–financial institutions that were in an "undead state" and incapable of fulfilling any positive function but a threat to everything else. What they do not realize is that twenty-first century capitalism as a whole is a zombie system, seemingly dead when it comes to achieving human goals.

Author : Richard Mattessich
Publisher : Routledge
Page : 640 pages
File Size : 41,5 Mb
Release : 2007-11-15
Category : Business & Economics
ISBN : 9781135980580

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Two Hundred Years of Accounting Research by Richard Mattessich Pdf

This is the first and only book to offer a comprehensive survey of accounting research on a broad international scale for the last two centuries. Its main emphasis is on accounting research in the English, German, Italian, French and Spanish language areas; it also contains chapters dealing with research in Finland, the Netherlands, Scand

Author : Guiglelmo Carchedi,Michael Roberts
Publisher : Haymarket Books
Page : 507 pages
File Size : 55,7 Mb
Release : 2018-10-01
Category : Business & Economics
ISBN : 9781608461882

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World in Crisis by Guiglelmo Carchedi,Michael Roberts Pdf

Most mainstream economists view capitalism’s periodic breakdowns are nothing more than temporary aberrations from another wise unbroken path toward prosperity. For Marxists, this fundamental flaw has long been acknowledged as a central feature of the free market system. This groundbreaking volume brings together Marxist scholars from around the world to offer an empirically grounded defense of Marx’s law of profitability and its central role in explaining these capitalist crises. Gugliemo Carchedi has worked at the United Nations in New York and has taught at the University of Amsterdam. Michael Roberts has worked as an economist for over thirty years in the city of London financial center.

Author : Hillel Ticktin
Publisher : Routledge
Page : 182 pages
File Size : 45,8 Mb
Release : 2013-09-13
Category : Business & Economics
ISBN : 9781317985624

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Marxism and the Global Financial Crisis by Hillel Ticktin Pdf

The book discusses the nature of Marxist theory of crisis and applies it to the global financial crisis which began in 2007. Is the contemporary crisis simply the usual periodic upturn and downturn or is there something more fundamental? Is there a structural crisis of capitalism, from which there is no immediate solution? Is capitalism managed and does it have a strategy? Is the financial crisis representative of a failure in capitalism itself to subject banks and other financial institutions to the overall economy? The book discusses Marx’s view on crises, as well as ideas on money and finance. It considers the different modern Marxist ideas on the causes of crises – falling rate of profit, disproportionality and underconsumption. It goes into detail as to the nature of the present crisis, its course and causes in a spirited and independent manner. Apart from the United States, it considers the situation in the two countries, in which protests erupted: Iran and Greece. They are taken as examples of the effect of the crisis on the country, the society and the economy as well as its politics. This book was originally published as a special issue of Critique.

Author : Guglielmo Carchedi
Publisher : BRILL
Page : 316 pages
File Size : 45,7 Mb
Release : 2010-12-17
Category : Political Science
ISBN : 9789004188556

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Behind the Crisis by Guglielmo Carchedi Pdf

Drawing on modern philosophy of science, epistemology, economics and sociology, this work retraces Marx’s original multi-disciplinary project and develops its foundations into a modern Marxist paradigm capable of understanding the present crisis and of challenging contemporary capitalism.