Accounting for the "railway mania" of 1845 - a great railway swindle?
Article Abstract:
The function of accounting in the social, political, and economic contexts relating to early U.K. railway financing is examined. Most economic historians believe that an irrational stock market mania financed the early U.K. railways, followed by the inevitable crash which ruined many of the original investors. An alternative explanation implied by Marx in 'Capital', that these events were part of a railway swindle in which accounting was implicated, is explored. This work is re-examined to assess the validity of the swindle hypothesis since its acceptance would have major implications for accepted views of the nature of capitalism and accounting in the mid-nineteenth century. The conflicting views of economic historians, accounting historians, and the swindle hypothesis lead to the conclusion that the latter is consistent with the evidence available.
Publication Name: Accounting, Organizations and Society
Subject: Business
ISSN: 0361-3682
Year: 1991
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The aura of accounting in the context of a crisis: Germany and the First World War
Article Abstract:
In the literature, accounting reports have been shown as ideological, conflict-resolving practices in capitalist society. This theme is explored through a theorizing of the conflict-enhancing potential of accounting, especially in a crisis situation, by using insights from critical theory. Accounting is understood to possess an aura in the context of the hegemony of capitalist society which can engender consequences disturbing rather than stabilizing for a prevalent capitalistic order upon its transformation. This is illustrated by analyzing developments in Germany up to the First World War's aftermath. The theoretical analysis hopefully serves to enhance the social analysis of accounting.
Publication Name: Accounting, Organizations and Society
Subject: Business
ISSN: 0361-3682
Year: 1991
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The transformation of business finance into financial economics: the roles of academic expansion and changes in U.S. capital markets
Article Abstract:
Following the Second World War, society's emphasis on science, scientific methods and mathematical theory led to the development of certain 'scientific approaches' to business, economics and finance as fields of study. These development are traced historically through the post-war period and related to the development of capital markets. It is demonstrated that the emphasis on scientific methods applied to business education at U.S. colleges and universities and the un-scientific development of capital markets that was occurring simultaneously shaped financial economics as an academic discipline.
Publication Name: Accounting, Organizations and Society
Subject: Business
ISSN: 0361-3682
Year: 1986
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